News & Analysis as of September 23, 2024

Virtual Currency › Consumer Financial Products

+ Follow

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 -

CFPB Again Taking on Gaming Industry

Ballard Spahr LLP on 9/5/2024

On August 28, 2024, the CFPB issued a consumer advisory warning that many video games and “virtual worlds” increasingly resemble traditional banking and payment systems that allow the storage and exchange of billions of...more

"OVER THE LINE!" Where Banking and Gaming Intersect, the CFPB Has Something to Say.

Hudson Cook, LLP on 5/9/2024

The line between virtual and reality is getting thinner. Gamers pay gaming companies real currency for virtual in-game currency to buy skins, create the world they want to live in (virtually), or purchase loot that aid in...more

Will Resiliency Carry the Digital Asset Sector Through 2024: State-Level Developments — The Crypto Exchange Podcast

Troutman Pepper on 5/7/2024

In the third episode of this four-part series, Ethan, Addison, and Trey discuss several state-level developments that occurred in the digital asset sector during 2023. The group discusses the inception of New York Department...more

CFPB Publishes Consumer Response Annual Report

Ballard Spahr LLP on 4/8/2024

The CFPB published its Consumer Response Annual Report for 2023, which discusses the consumer complaints received by the CFPB in that year and how companies responded to those complaints. The CFPB monitors consumers’...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - December 2023

Troutman Pepper on 12/5/2023

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - October 2023 # 4

Troutman Pepper on 10/25/2023

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

The Virtual Currency Regulation Review - September 2023

Stikeman Elliott LLP on 9/28/2023

I INTRODUCTION TO THE LEGAL AND REGULATORY FRAMEWORK - Canada currently has no comprehensive framework governing the regulation of digital assets. Securities and derivatives regulation has emerged as the main regulatory...more

Crypto As "Funds" Under the EFTA – How a Court's Recent Ruling May Impact Virtual Currency Platform Operators - The Crypto...

Troutman Pepper on 8/10/2023

In this episode of The Crypto Exchange, Troutman Pepper Partner Ethan Ostroff welcomes his colleagues Carlin McCrory and Addison Morgan to discuss a recent case in the Southern District of New York that has been in the news,...more

Top 5 Takeaways from NYDFS $1.2 Million Fine in Cybersecurity Case

Orrick, Herrington & Sutcliffe LLP on 6/6/2023

On May 1, the New York Department of Financial Services (“NYDFS” or “Department”) and a trading platform entered into a consent order to resolve deficiencies identified during examinations conducted in 2018 and 2020. The...more

NYDFS adds enhancements for detecting virtual currency fraud

Orrick, Herrington & Sutcliffe LLP on 2/24/2023

On February 21, NYDFS Superintendent Adrienne A. Harris announced enhancements to the Department’s ability to detect fraud in the virtual currency industry. The new enhancements will improve NYDFS’s ability to combat...more

NYDFS gives custodial guidance on crypto insolvency

Orrick, Herrington & Sutcliffe LLP on 1/26/2023

On January 23, NYDFS reiterated expectations for sound custody and disclosure practices for entities that are licensed or chartered to custody or temporarily hold, store, or maintain virtual currency assets on behalf of...more

Connecticut Banking Commission Releases Advisory on Money Transmission

Sheppard Mullin Richter & Hampton LLP on 8/12/2022

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

FinCEN Warns Against Evasion of Russian Sanctions

Goodwin on 3/14/2022

In this Issue. The Financial Crimes Enforcement Network (FinCEN) published an alert warning financial institutions of possible efforts to evade U.S.-imposed sanctions on Russia and Belarus; the U.S. Department of the Treasury...more

SEC Commissioner to DeFi: Follow the Law or Face Enforcement

Manatt, Phelps & Phillips, LLP on 11/12/2021

In a recent article, SEC Commissioner Caroline A. Crenshaw encouraged decentralized finance (DeFi) participants to voluntarily comply with securities law regulations, in particular those governing risk disclosure, warning...more

Biden Administration Issues Regulatory Freeze On New Agency Rules

Goodwin on 1/29/2021

In this Issue. In one of its first acts after being installed on January 20, the Biden Administration issued a regulatory freeze on new agency rules that have been adopted but are not yet effective; in one of its final acts...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 9/26/2018

Hiding somewhat in the shadows during the rise of virtual currencies over the past year or two has been blockchain, the ledger technology that undergirds bitcoin and other cryptos, and its potential application beyond digital...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 8/14/2018

Elon Musk had some explaining to do in light of his “funding secured” tweet on August 7 in the context of taking Tesla private, and he’s gone to the corporate blog to do so, arguing that his meetings with representatives of...more

U.S. Moves Ahead with Federal “Fintech Sandbox” — CFPB Announces Creation of Office of Innovation

Robinson+Cole Data Privacy + Security Insider on 7/30/2018

In an effort to promote the development of new financial technology (fintech) products, Mick Mulvaney, acting director of the Consumer Financial Protection Bureau (CFPB), announced last week the creation of the Office of...more

CFTC Releases Chairman Statement and Backgrounder on Virtual Currencies

Proskauer - Blockchain and the Law on 3/1/2018

The Commodity Futures Trading Commission (CFTC or Commission) Chairman J. Christopher Giancarlo issued a statement this week on virtual currencies. The CFTC also released a backgrounder on its oversight of and approach to...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 2/16/2018

The SEC is blocking the proposed sale of the Chicago Mercantile Exchange to a group of Chinese investors based on “unresolved questions” over the “proposed ownership structure and concerns for the regulatory agency’s ability...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 1/26/2018

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

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 12/8/2017

CFTC Statement on Self-Certification of Bitcoin Products by CME, CFE and Cantor Exchange - On December 1, 2017, the Commodity Futures Trading Commission ("CFTC") issued a Statement on the Self-Certification of Bitcoin...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 11/2/2017

Facebook may have had a difficult day on the Hill. But a 79% rise in Q3 profit—driven, ironically enough, by online ads—should help soften the blow....more

Your Daily Dose of Financial News

Robins Kaplan LLP on 1/17/2017

Ratings Agency Moody’s Corp. has agreed to pay roughly $864 million to resolve federal and state claims that it gave juiced ratings to risky MBS in the run-up to the financial crisis. Half of the total will end up in DOJ...more

Orrick's Derivatives in Review - December 2014

Orrick, Herrington & Sutcliffe LLP on 12/22/2014

The Bitcoin Marketplace and Regulatory Environment: An Overview - Startup companies and financial products focused on bitcoin continue to burgeon, resulting in various regulators recently proposing regulations, making...more

25 Results

View per page

Page: of 1

Virtual Currency › Consumer Financial Products

"My best business intelligence, in one easy email…"