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Virtual Currency › Financial Products

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 -
Orrick, Herrington & Sutcliffe LLP

NYDFS gives custodial guidance on crypto insolvency

Orrick, Herrington & Sutcliffe LLP on

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

A&O Shearman

International Bodies Confirm Application of Principles for Financial Market Infrastructures to Systemically Important Stablecoin...

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The International Organization of Securities Commissions and the Committee on Payments and Market Infrastructures have published guidance on the application of the Principles for Financial Market Infrastructures to...more

Skadden, Arps, Slate, Meagher & Flom LLP

Regulatory Actions and Legislative Proposals Signal Growing Consensus on Parameters for Stablecoins

Skadden, Arps, Slate, Meagher & Flom LLP on

Recent guidance from the New York State Department of Financial Services (DFS) and a proposed bill in the U.S. Senate portend more regulatory and legislative activity to clarify the status of and requirements for stablecoin...more

Dechert LLP

New York State Department of Financial Services Issues Guidance Addressing USD-Backed Stablecoins; Proposed Responsible Financial...

Dechert LLP on

DFS Guidance - The New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris issued new DFS Regulatory Guidance (Guidance) on June 8, 2022, setting foundational criteria for USD-backed...more

Dechert LLP

Contagion

Dechert LLP on

What I know about cryptocurrency can be inscribed on a head of pin with a jackhammer.  But I know it’s a thing; I know it’s a big thing and getting bigger.  So, these past few weeks I have been reading with interest...more

Dechert LLP

Not So Stable: Stablecoin Volatility Causing Turmoil in Crypto Markets

Dechert LLP on

Introduction - Cryptocurrencies have surged in popularity in recent years. As we have reported in recent OnPoints, the swift growth and adoption of cryptocurrencies raise legal questions about everything from their...more

A&O Shearman

UK To Bring Stablecoins Used for Payments Under Regulation

A&O Shearman on

Following the call for evidence issued in January 2021, the U.K. government has confirmed that it will bring the issuing or facilitating the use of stablecoins used as a means of payment into the U.K. regulatory perimeter, in...more

Proskauer - Blockchain and the Law

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

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

Dechert LLP

President’s Working Group on Financial Markets Issues Report on Stablecoins

Dechert LLP on

The President’s Working Group on Financial Markets (PWG), joined by the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (OCC), released a Report on Stablecoins (Report) on November 1,...more

A&O Shearman

US Stablecoin Regulation: Bringing Stablecoins Into the Regulatory Fold

A&O Shearman on

On November 1, 2021, the President’s Working Group on Financial Markets (“PWG”), joined by the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”), released a report on...more

BakerHostetler

NY DFS Approves New Stablecoin Co., Blockchain Data Solutions Announced, New Cryptocurrency Regulatory and Enforcement Actions in...

BakerHostetler on

NY DFS Approves New Stablecoin Company, Crypto Financial Products Continue Growth - New York’s Department of Financial Services (DFS) recently granted a charter under New York Banking Law to a Japanese cryptocurrency firm...more

Manatt, Phelps & Phillips, LLP

Virtual Currency Gets Real Social Media Ads

Manatt, Phelps & Phillips, LLP on

Reversing course, Facebook has relaxed the advertising standards for the promotion of blockchain, cryptocurrency and other financial products on the social media site....more

Orrick, Herrington & Sutcliffe LLP

Orrick's Derivatives in Review - December 2014

Orrick, Herrington & Sutcliffe LLP on

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

Katten Muchin Rosenman LLP

NYS DFS Publishes All BitLicense Comments; California Considers Regulation

Katten Muchin Rosenman LLP on

On December 3, the New York State Department of Financial Services (DFS) published all 3,746 public comments it received on the proposed “BitLicense” regulatory framework that would cover businesses participating in “virtual...more

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