News & Analysis as of September 21, 2024

Virtual Currency › Money Transfer

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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 -

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

2023 Statutory Update to Alaska and Florida Virtual Currency & Money Transmission Laws

Shipkevich PLLC on 1/5/2023

On January 1, 2023, updates to virtual currency and money transmission laws went into effect. Alaska: Alaska's money transmission regulations have been amended to include virtual currency in the scope of money...more

BitBlog Bi-Weekly Update - March 2020

Polsinelli on 3/4/2020

Strikeout for Bitcoin ETF - Another ETF bites the dust. On February 26th the SEC rejected the application of NYSE Acre for the approval of an exchange traded fund sponsored by the New York firm of Wilshire Phoenix to...more

Financial Crimes Enforcement Network, Treasury Department Affirm Regulatory Regime for Convertible Virtual Currencies

Dechert LLP on 5/22/2019

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued guidance on May 9, 2019, underscoring the application of the Bank Secrecy Act (BSA) and its implementing regulations relating to money...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 12/20/2017

US regulators have given passing grades to the living wills for all 8 major US banks, a reversal from the April 2016 determination that 5 of the 8 had deficiencies in their bailout-prevention plans....more

Alabama Adopts New Law Governing Virtual Currency Transactions

Robinson+Cole Data Privacy + Security Insider on 8/31/2017

This month a new law governing virtual currency and online transactions went into effect in Alabama. The Alabama Monetary Transmission Act was passed by the legislature in May and replaces the “Sale of Checks Act” which had...more

New York State Department of Financial Services Grants Virtual Currency License to Coinbase, Inc.

A&O Shearman on 2/2/2017

The NYSDFS approved the application of Coinbase, Inc., a wholly owned subsidiary of Coinbase Global, Inc., for a virtual currency and a money transmitter license. As part of its review of Coinbase’s application, NYSDFS...more

FinCEN Rulings Designate Certain Virtual Currency Businesses as Money Transmitters

Morrison & Foerster LLP on 10/30/2014

On October 27, 2014, the Financial Crimes Enforcement Network (“FinCEN”) issued two administrative rulings regarding virtual currency. The first administrative ruling concerns a proposed virtual currency trading and booking...more

Bit Bites: Latest Legal Developments in Digital Currencies

Manatt, Phelps & Phillips, LLP on 9/30/2014

When Is Bitcoin “Money” Versus a “Security”? In motions involving a high-profile criminal prosecution with ties to Silk Road and a Securities and Exchange Commission (SEC) enforcement action, two federal courts have clarified...more

Admin Rulings: FinCEN Clarifies Money Transmitter Exemptions for Virtual Currency and Payment-Related Services

Perkins Coie on 6/10/2014

On April 29, 2014, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a series of administrative rulings determining whether five different companies constitute money services...more

FinCEN Issues Five Advisory Rulings Concerning the Application of the Bank Secrecy Act’s Definition of “Money Transmitter” to...

Goodwin on 5/19/2014

The Financial Crimes Enforcement Network (“FinCEN”) published five administrative rulings (collectively, the “Rulings,” and each a “Ruling”) concerning the applicability of certain exemptions from money transmitter status to...more

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Virtual Currency › Money Transfer

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