News & Analysis as of September 22, 2024

Financial Regulatory Reform

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

First Attempt to Regulate Spot Digital Asset Activities

Cadwalader, Wickersham & Taft LLP on 4/6/2023

On March 29, the National Futures Association (“NFA”) promulgated Compliance Rule 2-51, setting forth Requirements for Members and Associates Engaged in Activities Involving Digital Asset Commodities, which includes both...more

California Governor Orders Agencies to Create Transparent Regulatory Framework for Blockchain and Digital Assets

Jones Day on 5/11/2022

California's governor issued an executive order requiring state agencies, led by the Department of Financial Protection and Innovation, to create a "transparent" regulatory framework for blockchain technologies and digital...more

Breakthrough in Italian Cryptocurrency Regulation: Statutory Registration for Providers and Exchangers

Jones Day on 3/17/2022

The Italian Ministry of Economy and Finance ("MEF") issued a new decree ("Decree") requiring that virtual asset/currency service providers promptly enroll in a soon-to-be established special section of the register held by...more

U.S. Federal Banking Regulators Announce Plan for Crypto-Asset Policy Initiative

Jones Day on 11/29/2021

The interagency "policy sprints" are designed to give banks guidance on how to navigate crypto-assets moving forward. On November 23, 2021, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance...more

China Bans Crypto Currencies and Related Services

Burr & Forman on 9/24/2021

The People’s Bank of China (“PBOC”) announced this morning that it is banning crypto currencies and related services, including “trading, order matching, token issuance and derivatives for virtual currencies are strictly...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 11/1/2018

As promised, the Fed on Wednesday announced “one of the most significant rollbacks of bank rules” since the White House changed hands in the form of a draft proposal that would loosen capital and liquidity requirements for...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 4/13/2018

In what can only be deemed a major reversal, the White House has reportedly ordered its economic adviser and trade representative to study rejoining the Trans Pacific Partnership, just a year after yanking the US out of deal...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 2/5/2018

A look at the big-time Wells Fargo/Fed settlement of last Friday night, which saw the Fed blasting the bank’s board for oversight failures, forcing Wells to replace a full fourth of its 16-member Board, and instituting a rare...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 4/26/2017

Mega luxury brand news yesterday, as LVMH announced a series of moves that, combined with $13.1 billion, helped it take over the 70-year-old French fashion house Christian Dior....more

New York’s Proposed Regulation of Bitcoin Businesses - Polishing Up or Polishing Off?

Dorsey & Whitney LLP on 8/28/2014

Thousands of commenters on New York’s proposed virtual currency regulations have had mixed reactions. The New York Department of Financial Services (“NYDFS”) recently extended the public comment period until October 21....more

New York Proposes Virtual Currency Licensing and Regulatory Framework

Ballard Spahr LLP on 8/15/2014

The New York Department of Financial Services (DFS) recently proposed a regulatory framework for virtual currency firms. In doing so, New York is the first state to propose a specially tailored regulatory framework for...more

New York Becomes First State to Propose Virtual Currency Regulations

Davis Wright Tremaine LLP on 8/14/2014

On July 17, 2014, the New York State Department of Financial Services (DFS) became the first state agency to release proposed regulations specifically governing the crypto-currency industry. The proposed regulations were...more

New York Issues Proposed Bitcoin Regulations

Katten Muchin Rosenman LLP on 7/30/2014

On July 17, the New York State Department of Financial Services (DFS) issued proposed regulations delineating a license process for certain businesses involved in Bitcoin and other virtual currencies (Proposed Rules). The...more

Will Legal Reform Kill the Bitcoin?

McManis Faulkner on 2/25/2014

For two decades, during the 1620s and 1630s, Europe fell into the grip of “tulip mania.” At its peak in 1637, tulip bulbs were sold for more than 10 times the average worker’s annual income—enough to buy a house. Within...more

Financial Services Law - Feb 14, 2014

Manatt, Phelps & Phillips, LLP on 2/14/2014

Bit by Bit(coin), Virtual Currency Inches Toward Regulation - Has the time come to regulate virtual currency? At a recent hearing held by the New York Department of Financial Services, the answer appeared to be “yes.”...more

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