News & Analysis as of September 21, 2024

Virtual Currency › Federal Trade Commission (FTC)

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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 -

"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

CFPB Levels Up: Consumer Risks in Gaming Draws Regulatory Scrutiny

Husch Blackwell LLP on 4/18/2024

If you thought virtual reality was free from real-world regulations, think again. On April 4, 2024, the CFPB released an Issue Spotlight that dives deeply into a realm the agency had not previously traversed—video games and...more

Wiley Consumer Protection Download (April 16, 2024)

Wiley Rein LLP on 4/17/2024

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...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

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts

Skadden, Arps, Slate, Meagher & Flom LLP on 8/25/2022

A flurry of legal and enforcement activity has arisen over the last two weeks across a wide range of areas in the Web3 space, including actions by the Securities and Exchange Commission, the Office of Foreign Assets Control,...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

New Crypto Products Launch, Draft Digital Assets Bill Released, Regulators Address Stablecoins, DOJ Publishes Crypto Report, Hacks...

BakerHostetler on 6/10/2022

Fintech and Crypto Firms Announce Myriad New Crypto Product Launches - This week, a major global payments firm announced the launch of a stablecoin settlement solution that leverages technology by Fireblocks, a digital...more

Privacy Tip #334 – Crypto Scams Continue to Top the List of Scams Reported to the FTC

Robinson+Cole Data Privacy + Security Insider on 6/9/2022

It is tempting to get into the world of cryptocurrency investments. News items of early investors banking millions of dollars fuel the temptation. But it is an investment strategy that is fraught with fraud, so investors...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

Crypto: Every Regulator Wants a Piece of the Action

Troutman Pepper on 8/6/2021

Not long ago, only the tech-focused were interested in cryptocurrencies and the distributed ledger technologies that make them possible. That has changed. The wins and losses of crypto investors are now center stage, as are...more

Blockchain Week in Review - November 2019 #2

Perkins Coie on 11/25/2019

U.S. Developments - Telegram Submits Answer to SEC Complaint Regarding TON Blockchain Network - On November 12, Telegram Group Inc. (Telegram) submitted its answer and affirmative defenses to a complaint filed against...more

Video Game Industry Responds to Regulation of Pay-To-Win Microtransactions and Loot Boxes

Dickinson Wright on 9/4/2019

Controversy over certain video game features – “microtransactions,” “pay to win” and “loot boxes” – has heated up over the past few months. Because these popular features involve real money and an element of chance, some...more

Current Developments in Bank Deposits and Payment Systems (Spring 2019)

Hudson Cook, LLP on 6/10/2019

This survey summarizes several recent developments affecting bank deposits and payment systems. The U.S. department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued new guidance concerning the customer...more

The State AG Report Weekly Update May 2019 #1

Cozen O'Connor on 5/3/2019

Antitrust- FTC Sues Health Information Company Over Allegedly Monopolizing Electronic Prescription Markets- The Federal Trade Commission (“FTC”) filed a lawsuit against health information company Surescripts, LLC, over...more

Blockchain Week in Review - April 2019 #2

Perkins Coie on 4/18/2019

U.S. Developments - Blockstack Files With SEC for Regulation A+ Token Sale - Blockstack, the New York-based blockchain software provider, has announced that it intends to make a $50 million token offering that would use...more

Developments in the Law Affecting Electronic Payments and Financial Services

Womble Bond Dickinson on 1/28/2019

This survey reports on developments in the law relating to electronic payments. Part II addresses legal challenges to federal and state regulation of e-payments products. Part III discusses the amendment (again) of federal...more

Emerging Technologies Washington Update December 2018 #2

McGuireWoods Consulting on 12/17/2018

Week in Review - With the December 21 deadline looming to fund remaining areas of government for FY19, congressional Democratic leaders traveled to the White House on Tuesday to discuss the parameters of an end of year...more

Bitcoin Takes A Hit As Cryptocurrency Advertising Faces Increased Scrutiny

Foley Hoag LLP - Security, Privacy and the... on 3/23/2018

Crypto is a Greek prefix meaning “secret” or “hidden.” Unless you live under a rock, or in one of several countries like Bolivia where buying and selling it is illegal, there is nothing secret or hidden about cryptocurrency....more

Issuers of Tokens Beware: Class Action Lawsuits Are Coming

Polsinelli on 2/23/2018

Initial Coin Offerings, or ICOs, were an extremely popular way of raising capital in exchange for crypto tokens in 2017 and have led to class action litigation in 2017 and 2018. While ICOs have been around since 2013, they...more

Bitcoin, Blockchain and Consumer Protection Laws

Holland & Knight LLP on 1/10/2018

• Unsophisticated consumers eager to make a profit remain susceptible to representations by companies that are false and misleading, and constitute deceptive acts or practices in violation of the Federal Trade Commission...more

Financial Services Weekly News - January 2017 #3

Goodwin on 1/26/2017

Editor's Note - Opposition Emerges to OCC FinTech Charter. In advance of the deadline to submit comments to the Office of the Comptroller of the Currency’s (OCC) paper proposing a federal FinTech charter, the Conference...more

Financial Services Weekly News - July 2016 #4

Goodwin on 7/28/2016

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

Your daily dose of financial news - The Brief – 7.22.16

Robins Kaplan LLP on 7/22/2016

EU financial watchdog ESMA has fined rating agency Fitch Ratings Ltd. $1.5 million for reportedly violating the EU’s rules for rating agencies relating to the 12-hour requirement, internal controls, and unauthorized...more

Financial Services Report, Summer 2016

Morrison & Foerster LLP on 6/8/2016

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

Financial Services Report, Winter 2015

Morrison & Foerster LLP on 12/8/2015

BELTWAY - Finally Faster than Amazon Prime - The Federal Reserve Board recently announced that banks and other financial institutions that use its payments system will have to be able to process same-day...more

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Virtual Currency › Federal Trade Commission (FTC)

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