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Virtual Currency › Consumer Financial Protection Bureau (CFPB) › Bitcoin

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... more +
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 -
Sheppard Mullin Richter & Hampton LLP

Connecticut Banking Commission Releases Advisory on Money Transmission

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On July 20, 2022, the Connecticut Department of Banking (the “Department”) issued a Consumer and Industry Advisory on Money Transmission (the “Advisory”). The Advisory provides general guidance on what types of activities and...more

BakerHostetler

Financial Firms Integrate Crypto Offerings; Congressmen Address Bitcoin ETFs; NFT Boom Continues; Agencies Seek Crypto Oversight;...

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Traditional Financial Firms Integrate Crypto Services, CBDC Reports Published - This week a fintech and e-commerce firm announced the integration of its payment gateway with a major U.S. financial services corporation’s new...more

Polsinelli

BitBlog Weekly Summary

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This summary covers the last two weeks which includes news about continued enforcement actions by the U.S. Securities and Exchange Commission (“SEC”) involving fraudulent digital asset transactions, dismissal of a securities...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The SEC has taken its first enforcement action against a hedge fund over its cryptocurrency investments—namely, falsely holding itself out as the “first regulated fund in the U.S. focused on crypto assets.” It also targeted a...more

Perkins Coie

Blockchain Week in Review - July 2018 #2

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U.S. Developments - Regulatory Updates - CFTC Issues Customer Advisory Urging Public to Use Caution When Buying Virtual Currencies - On July 16, 2018, the U.S. Commodity Futures Trading Commission (“CFTC”) issued...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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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

Goodwin

FinTech Flash: So You Want to Put a Bitcoin ATM in a Coffee Shop?

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This writer received three cold emails in two weeks asking for legal help around operating a Bitcoin ATM (BTM). Each groundbreaker asked: “What are the legal requirements for an operator putting a BTM in, say, a coffee shop?”...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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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

Robins Kaplan LLP

Your Daily Dose of Financial News

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The Fed held its last Open Markets Committee meeting under outgoing Chair Yellen, and it agreed to hold the benchmark rate in a range between 1.25% and 1.5%. Here’s the lowdown....more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

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SEC Division of Investment Management Letter on Cryptocurrency Related Investment Products; Joint Statement by SEC and CFTC Enforcement Directors Regarding Virtual Currency Enforcement Actions - On January 18, 2018, in a...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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AT&T has dropped plans to sell the Mate 10—the newest smartphone from China’s Huawei Technologies—just before the partnership was to be announced. AT&T gave no reasons for its abrupt reversal, but lawmakers have recently...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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DealBook’s Common Sense column takes a look at the AT&T/Time Warner deal and the “battle lines” forming for an “epic” antitrust battle, in spite of the vertical nature of the merger (the companies don’t compete in any...more

Perkins Coie

Blockchain Week in Review – September 2017 #7

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Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Wells Fargo has reportedly uncovered another trove of unauthorized accounts, according to a regulatory filing on Friday. The bank also disclosed a CFPB investigation over potential harm to customers over its practice of...more

Perkins Coie

Blockchain Week in Review – April 2017 #3

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Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Carlton Fields

Back to the Future: 2017 [Expect Focus Life Insurance – December 2016]

Carlton Fields on

- Should Your Company Purchase Bitcoin to Pay a Cyber Ransom? - NAIC Draws Line in CFPB Sandbox - NAIC’s Big Data Task Force Sets Charges for 2017 - Broker-Dealers Can Hold Customers’ Initial Checks ...more

Goodwin

Financial Services Weekly News - July 2016 #4

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Editor's Note - What Exactly Is Bitcoin? In a case featuring a sting operation beginning with meetings in a coffee shop, ice cream store and hotel lobby and ending with the sale of bitcoins to an undercover Miami Beach...more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 5.6.16

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And just as quickly as he was back on the scene, now he’s gone. With a wipe of the evidence purporting to show he invented Bitcoin and a new post entitled “I’m sorry,” Craig Steven Wright appears poised to fade back into the...more

Spilman Thomas & Battle, PLLC

Virtual Currencies and the Risks They Bring to Community Banks and the Financial Industry

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Virtual currencies are once again at the forefront of discussion about top issues facing community banks and the financial industry as a whole. The Independent Community Bankers of America (“ICBA”), a trade association...more

Manatt, Phelps & Phillips, LLP

Merchants and Processors Beware: FTC Consumer Warning About Use of Bitcoin and Other Cryptocurrencies Is a Warning to You Too

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The June 22 FTC blog posting warning consumers about the use of bitcoins and other virtual currencies should be a call to action for those accepting or facilitating the acceptance of bitcoin and other virtual currencies in...more

Manatt, Phelps & Phillips, LLP

Digital Currency Corner - What FinCEN’s Denial of Payment Processing Exemption for Virtual Currency-Related Businesses Means for...

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Why it matters - The rapid evolution of virtual and digital currencies has spawned significant activity in several federal agencies with implications potentially for traditional entities in certain cases. In addition to...more

Goodwin

CFPB Issues Consumer Advisory Concerning Risks of Virtual Currencies; Announces it Will Accept Consumer Complaints Regarding...

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The Consumer Financial Protection Bureau (the “CFPB”) issued a consumer advisory (the “Advisory”) in which it describes risks faced by consumers when engaging in transactions that involve virtual currencies. The CFPB also...more

Davis Wright Tremaine LLP

CFPB Issues Consumer Advisory on the “Wild West” of the Virtual Currency Economy

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The Consumer Financial Protection Bureau (“CFPB”) recently issued a consumer advisory summarizing the purported risks of virtual currencies, and announced that it would begin collecting complaints from the public regarding...more

Katten Muchin Rosenman LLP

Consumer Financial Protection Bureau Releases Virtual Currency Advisory

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The US Consumer Financial Protection Bureau (CFPB) released an advisory on the risks of virtual currencies. The advisory was issued two months after the Government Accountability Office requested that the CFPB look more...more

Ballard Spahr LLP

CFPB issues consumer advisory on virtual currencies and begins taking virtual currency complaints

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In conjunction with issuing a consumer advisory today on virtual currencies, the CFPB announced that it is now taking complaints about virtual currency products and services. The CFPB’s actions follows the issuance of a...more

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