News & Analysis as of September 18, 2024

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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 -

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

Fed Provides Details of Novel Banking Activities and Cryptocurrency Supervisory Program

Troutman Pepper on 8/17/2023

On August 8, the Federal Reserve Board (Fed) issued a press release providing additional information on its Novel Activities Supervision Program (Program) to monitor novel activities in the banks it oversees. Novel activities...more

Focus on Fintech - Wilson Sonsini Quarterly Fintech Update - July 2022

Wilson Sonsini Goodrich & Rosati on 7/19/2022

Welcome to Wilson Sonsini’s Focus on Fintech quarterly newsletter. This quarterly newsletter provides ongoing analysis and commentary on regulatory developments impacting the fintech industry....more

SEC Releases 2021 Examination Priorities

Goodwin on 3/8/2021

In this Issue. The U.S. Securities and Exchange Commission (SEC) Division of Examinations released its 2021 Examination Priorities and issued a risk alert noting that “Digital Asset Securities” entail characteristics and...more

Blockchain Week in Review - January 2020 #3

Perkins Coie on 1/29/2020

U.S. Developments - Federal and State Regulatory Developments - Bill in Hawaii State Senate Addresses Digital Assets Including Authorization for Banks to Serve as Qualified Custodians - SB 2594 before the Hawaii...more

Blockchain Week in Review - January 2020 #2

Perkins Coie on 1/24/2020

U.S. Developments - U.S. Regulatory Developments - Bill Addressing Tax Treatment of Crypto Transactions Introduced to the House - On January 16, 2020, Congresswoman Suzan DelBene (WA) and Congressman David Schweikert...more

Bridging The Week - December 2019 #2

Katten Muchin Rosenman LLP on 12/17/2019

The New York State Department of Financial Services proposed a self-certification regime for the approval of new digital coins by licensed virtual currency firms similar to the process applied by the Commodity Futures Trading...more

Financial Markets and Funds - A New Captain at the Helm: The CFTC’s 16-Month Regulatory and Enforcement Agenda Under Chairman...

Katten Muchin Rosenman LLP on 10/9/2019

Katten recently hosted the "CFTC Regulatory and Enforcement Agenda" webinar. Financial Markets and Funds partners Kevin Foley, Christian Kemnitz and Carl Kennedy, and special counsel Gary DeWaal, discussed the potential CFTC...more

As Bitcoin’s Price Moves Dramatically, ETF Proposals Remain at a Standstill

Proskauer - Blockchain and the Law on 7/1/2019

On June 26, the price of bitcoin surged to a 12-month high of nearly $13,900 (up about 35% on the month) before losing more than $1,700 in a span of 15 minutes, then rebounding slightly and closing the day at around $12,800....more

New Blockchain Payments Solutions, Business Applications, Investor Opportunities, Regulations and Malware Attacks

BakerHostetler on 3/25/2019

New Blockchain Payments Solutions Announced for Banks, Merchants and the Unbanked - Early this week, a leading global technology firm launched a real-time global payments network for regulated financial institutions....more

Crypto Firms Make Inroads with State and Federal Regulators

Sheppard Mullin Richter & Hampton LLP on 10/31/2018

Over the past couple of years, the crypto industry has come under heavy scrutiny from skeptical regulators seeking to root out fraud and protect investors amid the initial coin offering boom that generated over $4 billion in...more

Blockchain Week in Review - October 2018 #2

Perkins Coie on 10/18/2018

U.S. Developments - Regulatory Updates - FinCEN Issues Advisory on Illicit Iranian Activities - On October 11, 2018, the U.S. Treasury Department Financial Crimes Enforcement Network (“FinCEN”) issued an advisory to...more

Developments in Cryptocurrency in 2018

Akin Gump Strauss Hauer & Feld LLP on 9/24/2018

• The U.S. Securities and Exchange Commission (SEC) staff made official statements regarding when a token may or may no longer be a security • The SEC continued to bring actions related to cryptocurrency offerings against...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 9/20/2018

“Pot is the new crypto,” declares Bloomberg, and if you’ve seen how the virtual currencies are faring these days, that should be a warning and not a selling point....more

Enforcing the Regulatory Landscape for Virtual Currencies: Recent Developments

McDermott Will & Emery on 9/19/2018

US regulators have stepped up their activity in terms of enforcing the regulation of virtual currencies and on September 11, 2018, issued four relevant decisions: FINRA’s first disciplinary action involving cryptocurrencies;...more

Blockchain Week in Review - June 2018

Perkins Coie on 7/2/2018

...On June 28, the Commodity Futures Trading Commission and the Securities and Exchange Commission announced a new Memorandum of Understanding meant to allow two agencies to further coordinate in areas of common interest. ...more

This Week in Congress: June 2018 #4

McGuireWoods LLP on 6/25/2018

The House and Senate convene today at noon and 3 p.m., respectively. House - Votes. Lawmakers will take up a series of homeland security and natural resources bills under suspension of the rules....more

Global Regulatory Update for Cryptocurrency and Initial Coin Offerings

Holland & Knight LLP on 5/8/2018

• The rapid proliferation of technological advancements in global financial markets has caused regulators in several countries to increase their scrutiny of investments in, and implications of, cryptocurrencies. • This...more

Chairman Clayton Asks Lawyers to Knock it Off with the Unregistered Coin Offerings

Proskauer - The Capital Commitment on 1/23/2018

In his recent remarks at the Securities Regulation Institute, SEC Chairman Jay Clayton had some stern words for market professionals, especially lawyers, involved in initial coin offerings (ICOs). He expressed concern that...more

Blockchain Week in Review – August 2017 #6

Perkins Coie on 8/21/2017

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

A Review of Initial Coin Offerings (ICOs)

Stinson - Corporate & Securities Law Blog on 7/31/2017

Given the SEC’s investigative report on initial coin offerings, I thought it would be interesting to review a small sample to see what else is really out there. I turned to coinmarketcap.com for information. In many cases the...more

When is an Initial Coin Offering a Security?

Stinson - Corporate & Securities Law Blog on 7/31/2017

As discussed in a post from last week, the SEC determined that Initial Coin Offerings can be securities. The finding stems from the SEC’s investigation into The DAO’s offering and sale of DAO Tokens (a form of virtual...more

Digital Tokens as Securities: The SEC Weighs in on the Debate

Orrick, Herrington & Sutcliffe LLP on 7/31/2017

Orrick's global Blockchain Working Group is in the camp that believes the blockchain and associated token or appcoin innovations are here to stay and have the potential to be a significant disruptive force, but we will be...more

Blockchain and Initial Coin Offerings: SEC Provides First U.S. Securities Law Guidance

Troutman Pepper on 7/28/2017

Many initial coin offerings (ICOs) have recently raised large amounts of capital without the regulatory constraints of traditional initial public offerings (IPOs) and other capital-raising strategies. On July 25, the U.S....more

Blockchain and Digital Token Update: SEC Releases Investigative Report and Investor Bulletin

Perkins Coie on 7/27/2017

On July 25, 2017, the Securities and Exchange Commission (“SEC”) released groundbreaking materials relating to blockchain tokens. These materials provide significant and welcome insight to the SEC’s and its staff’s thinking...more

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