Paycheck advance products that are deemed consumer loans under the CFPB’s new proposal would be subject to increased disclosure and regulatory protections....more
9/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Earned Wage Access ,
Financial Services Industry ,
Payday Loans ,
Popular ,
Proposed Standards ,
Public Comment ,
Regulation Z ,
Truth in Lending Act (TILA) ,
Wages
The Proposed Guidance would require enhanced criteria for coin-listing and delisting procedures for New York-licensed virtual currency entities.
On September 18, 2023, the New York Department of Financial Services (DFS)...more
10/6/2023
/ Bitcoin ,
Corporate Governance ,
Cryptocurrency ,
Financial Services Industry ,
Guidance Update ,
Listing Rules ,
NYDFS ,
Popular ,
Stablecoins ,
Token Sales ,
Virtual Currency
A legislative initiative in Illinois would establish licensing and consumer protection requirements for digital asset businesses serving consumers in the state.
On February 21, 2023, the Illinois Department of Financial...more
3/29/2023
/ BitLicense ,
Compliance ,
Cryptocurrency ,
Digital Assets ,
Disclosure Requirements ,
Financial Services Industry ,
FinTech ,
Popular ,
Proposed Legislation ,
Regulatory Authority ,
Regulatory Oversight ,
Securities ,
Stablecoins
While a conclusion to the much-hyped case may be approaching, market participants should be wary of doomsday prognostications.
As a new year begins, the digital assets industry is still enduring a deep and widespread crypto...more
1/20/2023
/ Aiding and Abetting ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Howey ,
Investment Contract ,
Offerings ,
Popular ,
Securities ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Securities Violations ,
Statutory Interpretation ,
Unregistered Securities
Digital asset activities of licensed institutions must be approved and will be assessed for potential safety and soundness risks.
On December 15, 2022, the New York State Department of Financial Services (NYDFS) issued...more
The plan directs the agency to develop a robust regulatory framework to prevent market misconduct, as SEC officials’ public comments keep advancements in technology high on the agenda.
On August 25, 2022, the Securities...more
9/16/2022
/ CFTC ,
Digital Assets ,
Disclosure Requirements ,
Enforcement ,
Howey ,
Popular ,
Retail Investors ,
Reves Test ,
Securities and Exchange Commission (SEC) ,
Strategic Planning ,
Technology Sector
The US Treasury opens a Pandora’s box of legal issues as it targets a decentralized finance protocol used for both licit and illicit means.
On August 8, 2022, the US Department of the Treasury’s Office of Foreign Assets...more
8/12/2022
/ Blockchain ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Economic Sanctions ,
Ethereum ,
Foreign Policy ,
Money Laundering ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Ransomware ,
SDN List ,
U.S. Treasury
Gary Gensler asserts the SEC’s broad powers over digital assets, and puts consumer protection at the forefront.
On August 3, 2021, Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), gave a speech on...more
8/13/2021
/ Bitcoin ,
Blockchain ,
Broker-Dealer ,
Consumer Financial Products ,
Consumer Protection Laws ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Enforcement ,
Exchange-Traded Products ,
Initial Coin Offering (ICOs) ,
Popular ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
Token Sales
For market participants pivoting toward ESG and digital assets, weighing the issues at the crossroads of these two megatrends is critical.
The huge rise in popularity of Bitcoin - and the growing interest by mainstream...more
4/13/2021
/ AML/CFT ,
Blockchain ,
Climate Change ,
Corporate Governance ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Environmental Social & Governance (ESG) ,
Paris Agreement ,
Popular ,
Risk Management
Regulators once again offered piecemeal guidance, while focusing on risks and enforcement. Meanwhile, innovation and institutional adoption took off. Last year, Latham & Watkins sounded a hopeful note that 2020 would provide...more
1/22/2021
/ Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
CFTC ,
Digital Assets ,
Enforcement Actions ,
Federal Reserve ,
FinCEN ,
No-Action Letters ,
OCC ,
Popular ,
Regulatory Requirements ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Securities Tokens ,
Token Sales
A new proposal would subject financial institutions and exchanges to onerous recordkeeping and reporting requirements for certain digital currency transactions.
In a surprise release in the waning days of the Trump...more
1/15/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bitcoin ,
Cryptocurrency ,
Digital Assets ,
Ether ,
Financial Institutions ,
FinCEN ,
Money Services Business ,
National Security ,
NDAA ,
Popular ,
Recordkeeping Requirements ,
Reporting Requirements ,
Terrorism Funding ,
Virtual Currency
The no-action letter is the first to expressly permit token transfer off-platform to non-users and conversion to fiat currency by token holders.
As crypto prices surge, we find ourselves in the midst of another crypto wave....more
US Department of Justice’s sprawling report reveals regulatory enforcement priorities for cryptocurrencies and highlights multi-agency cooperation.
On October 8, 2020, the US Attorney General’s Cyber-Digital Task Force of...more
10/20/2020
/ AML/CFT ,
Cryptoassets ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement ,
Financial Regulatory Agencies ,
Information Reports ,
Popular ,
Securities and Exchange Commission (SEC) ,
Strategic Enforcement Plan ,
Suspicious Activity Reports (SARs)
The report encourages the G20 to consider a broad set of supervisory principles when evaluating global stablecoin arrangements.
On April 14, 2020, the G20’s Financial Stability Board (FSB) published a consultation on the...more
It was a year filled with tantalizing tidbits and many loose ends.
2019 marked the 10th year since blockchain technology was released into the wild by its still unknown inventor, Satoshi Nakamoto, who mined the first bitcoin...more
1/9/2020
/ Bitcoin ,
Blockchain ,
Chain of Custody ,
Cryptocurrency ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Enforcement ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Transactions ,
Initial Coin Offering (ICOs) ,
No-Action Letters ,
Popular ,
Regulatory Agenda ,
Regulatory Standards ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Tokens ,
Token Sales ,
Unregistered Securities
The US agency has used a no-action letter to enable a sandbox-like approach to blockchain-based trade settlements.
In what may be the first regulator-approved application of blockchain technology for the settlement of US...more
The SEC issues second no-action letter for a digital token, but will “utility” token offerings reach the next level?
Gamers, rejoice! In only its second no-action letter to date for digital tokens, the SEC cleared the way...more
7/30/2019
/ Anti-Money Laundering ,
BSA/AML ,
Digital Currency ,
Ether Tokens ,
Ethereum ,
Gaming ,
Howey ,
No-Action Letters ,
Popular ,
Regulation D ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Utility Tokens