News & Analysis as of September 18, 2024

Virtual Currency › Cybersecurity

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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 -

OFAC Year in Review 2023 – Part 1

Morrison & Foerster LLP on 3/4/2024

2023 was another record year for U.S. sanctions and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). Most prominently, OFAC continued to impose significant additional sanctions on Russia in...more

NYDFS orders digital currency trading company to pay $8 million

Orrick, Herrington & Sutcliffe LLP on 1/22/2024

On January 12, NYDFS announced that it had entered into a consent order with a digital currency trading company after an investigation that found the company responsible for compliance failures that violated NYDFS’s virtual...more

Investigations update: Hong Kong authorities ramp up enforcement in virtual assets and other sectors

A&O Shearman on 1/11/2024

Hong Kong has seen cryptocurrencies grow in popularity, highlighting the need for appropriate licensing regimes (implemented in the form of virtual asset service providers (VASPs)), bolstered by active enforcement actions. ...more

NYDFS Issues Updated And Stricter Virtual Currency Listing Guidance – New Policy Updates Due For Approval By January 31, 2024

K2 Integrity on 11/21/2023

Following a two-month public consultation period, on 15 November 2023 the New York State Department of Financial Services (NYDFS) published its new Virtual Currency Listing Guidance (the Guidance), in accordance with virtual...more

New York’s Attorney General Proposes New Crypto Legislation in Crackdown on Industry

Troutman Pepper on 6/8/2023

New York’s Attorney General Letitia James has proposed landmark legislation entitled the Crypto Regulation, Protection, Transparency, and Oversight Act (CRPTO Act) in an attempt to tighten New York’s regulations on the...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

Crypto trading platform reaches $1.2 million settlement to resolve alleged compliance failures

Orrick, Herrington & Sutcliffe LLP on 5/12/2023

On May 1, NYDFS issued a consent order against a cryptocurrency trading platform for engaging in alleged violations of the state’s cybersecurity regulation (23 NYCRR Part 500)...more

NYDFS, crypto payment service provider resolve AML/cybersecurity violations

Orrick, Herrington & Sutcliffe LLP on 4/13/2023

On March 16, NYDFS issued a consent order against a payment service provider for allegedly failing to comply with the state’s virtual currency and cybersecurity regulations. The company was licensed to engage in virtual...more

Material Investment Management Developments and Template Annual Compliance Checklists for Registered Investment Advisers, Exempt...

Lowenstein Sandler LLP on 4/7/2023

Lowenstein Sandler’s Investment Management Group is pleased to provide you with the summaries and checklists described below. Summaries of recent legal developments with respect to: •SEC’s 2023 Examination Priorities- ...more

Don't Be Fooled – April 1st Application Deadline for New Louisiana Virtual Currency License

Hinshaw & Culbertson - Consumer Crossroads on 3/7/2023

April 1, 2023 marks the deadline to submit an application for the Louisiana Virtual Currency Business Activity License or Virtual Currency Limited Activity Registration in order to receive timely approval from the Louisiana...more

NYDFS to Crypto Custodians Proceed with Caution

Morgan Lewis - All Things FinReg on 2/10/2023

In the depth of a crypto winter, the New York State Department of Financial Services (DFS) issued guidance (the Guidance) on custodial standards for those with a BitLicense or that are registered as New York state limited...more

Louisiana Adopts Virtual Currency License

Shipkevich PLLC on 1/18/2023

Louisiana has become the first state to follow New York's lead in issuing a crypto-specific license, accepting Louisiana Virtual Currency Business Activity (VCBA) license applications as of January 1, 2023. All entities...more

US Crypto Exchange Consents to $100M DFS Settlement for AML Compliance Failures

BakerHostetler on 1/17/2023

On January 4, 2023, the New York State Department of Financial Services (“DFS”) announced that Coinbase, Inc., a major U.S. cryptocurrency exchange, will pay a $50 million penalty and invest an additional $50 million in its...more

Coinbase Agrees To Settlement With New York Regulator

Shipkevich PLLC on 1/6/2023

On January 4, 2023, the New York State Department of Financial Services issued a consent order against Coinbase, a virtual currency company. Pursuant to the consent order, Coinbase will be paying a $50 million penalty to the...more

The North Korean Crypto Threat

K2 Integrity on 10/17/2022

Executive Summary - The North Korean threat to the crypto ecosystem is the highest form of immediate risk to the crypto-economy driven by a regime that seeks to profit from its misuse to reinforce its regime and fuel all its...more

Digital Assets Defined: Consumer Protection and Cybersecurity Enter the Stage

Jones Day on 9/23/2022

In this latest White Paper on our Bill analysis, we underscore headline proposals in the Lummis-Gillibrand Responsible Financial Innovation Act (the “Bill”) regarding consumer protection standards (Title V) and cybersecurity...more

New York State Department of Financial Services Publishes First Crypto Industry Consent Order

BakerHostetler on 8/15/2022

On August 1, 2022, the New York State Department of Financial Services (“DFS” or “Department”) issued a Consent Order, imposing a $30 million fine on Robinhood Crypto, LLC (“Robinhood”), a trading platform that allows...more

Webinar Recording - Crypto Breaches: Legal & Regulatory Update

Ballard Spahr LLP on 6/23/2022

The FTC recently reported that over $650 mm worth of cryptocurrency was stolen by hackers last year. Thus far, over $320 mm in cryptocurrency has been stolen by hackers this year. Not surprisingly, this surge in crypto...more

Bipartisan Cyber Incident Reporting for Critical Infrastructure Act of 2022 Signed into Law

Pillsbury Winthrop Shaw Pittman LLP on 3/31/2022

Under the new law, critical infrastructure owners and operators will be required to report significant cyber incidents to the Department of Homeland Security’s (DHS) Cybersecurity and Infrastructure Security Agency (CISA)...more

[Event] 16th Annual Flagship Conference on U.S. Economic Sanctions Enforcement and Compliance - May 5th - 6th, Washington, DC

American Conference Institute (ACI) on 3/30/2022

ACI’s Annual Flagship Conference on Economic Sanctions Enforcement and Compliance is widely regarded as the premier conference designed for those working in global sanctions compliance, internal audits and investigations,...more

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - March 2022 # 3

Troutman Pepper on 3/15/2022

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more

Global Markets May Face Risk of Virtual Currency Abuse as Russian Actors Seek to Circumvent Sanctions

K2 Integrity on 3/14/2022

The United States, the United Kingdom, and European Union have led a broad international coalition imposing a sweeping and unprecedented range of economic and financial sanctions against Russia and Belarus in response to...more

Central bank digital currencies – the end of money as we know it?

Hogan Lovells on 1/26/2022

Retail Central Bank Digital Currencies or “CBDCs” are hot right now with estimates that as many as 80% of the world’s central banks are engaged in pilots or other activities. The Bank of England, the European Central Bank...more

Year-end Crypto Roundup — Five Key Concepts About the U.S. Government’s Recent Actions on Virtual Currency and Ransomware

Orrick, Herrington & Sutcliffe LLP on 12/30/2021

The innovative use of virtual currencies is hotter than ever, but so is a dark side of these instruments: their exploitation in ransomware schemes. This year, since January 2021, ransomware attacks have increased...more

Ringing in the New Year: Regulators and Industry Seek to Bring Stability to Stablecoins in 2022. How (Much), Remains a Question.

Proskauer - Blockchain and the Law on 12/22/2021

On December 17, 2021, the Financial Stability Oversight Council (“FSOC”) – a collaborative body formed under the Dodd-Frank Act composed of state and federal regulators and tasked with identifying risks and responding to...more

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Virtual Currency › Cybersecurity

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