On October 30, 2023, President Biden announced a sweeping new Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence (EO). The EO signals an “all-hands-on-deck” approach, with...more
11/3/2023
/ Algorithms ,
Artificial Intelligence ,
Biden Administration ,
Corporate Counsel ,
Executive Orders ,
Innovative Technology ,
Machine Learning ,
NIST ,
Reporting Requirements ,
Risk Management ,
Technology Sector
The Federal Reserve Board has proposed a new rule for public comment that would significantly lower the cap on interchange fees that debit card issuing banks (issuers) may charge a merchant’s bank (an acquiring bank) for...more
The firm is pleased to distribute the Q3 2023 edition of All Eyes on AI: Regulatory, Litigation, and Transactional Developments, which closely follows the evolving regulatory landscape for artificial intelligence (AI) in the...more
10/26/2023
/ Algorithms ,
Artificial Intelligence ,
Automation Systems ,
Biden Administration ,
Copyright ,
Cybersecurity ,
Department of Homeland Security (DHS) ,
Equal Employment Opportunity Commission (EEOC) ,
EU ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Innovative Technology ,
Legislative Agendas ,
Machine Learning ,
Microsoft ,
Patent Infringement ,
Privacy Laws ,
UK
The legal landscape for marijuana-related businesses (MRBs) has seen significant change and challenges in recent years. Despite the legalization of marijuana for medical or recreational use in various states, it remains a...more
10/19/2023
/ Agribusiness ,
Banking Sector ,
Banks ,
Cannabis Products ,
Cannabis-Related Businesses (CRBs) ,
Controlled Substances Act ,
Dispensaries ,
Financial Institutions ,
Financial Services Industry ,
Marijuana Cultivation ,
Marijuana Related Businesses
In this most recent issue, we discuss a number of federal banking agency updates, including the long-awaited Final Interagency Guidance on Third-Party Relationships and the Federal Reserve Bank of New York’s report on the...more
8/23/2023
/ Banking Sector ,
Banks ,
Cryptoassets ,
Cryptocurrency ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
OCC ,
UK
The head of the Federal Reserve’s New York Innovation Center (NYIC), Per von Zelowitz, joined Wilson Sonsini partner Jess Cheng for a conversation on the central bank’s payments innovation initiatives regarding the future of...more
The Board of Governors of the Federal Reserve System (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the Agencies) issued the long-awaited...more
M&A transactions involving financial services providers—including tech-based providers or “fintechs”—raise a host of unique questions based on the types of services they provide, which are often highly regulated and may...more
6/16/2023
/ Acquisitions ,
Anti-Money Laundering ,
Banking Sector ,
Banks ,
Cybersecurity ,
Data Privacy ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Foreign Investment ,
Mergers ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Agencies
In keeping with its recent focus on the crypto asset industry, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced an agreement last week with crypto asset trading platform Poloniex, LLC...more
In this latest issue of the firm’s Focus on Fintech newsletter, our attorneys discuss the dissolution of Silicon Valley Bank and Signature Bank and the increased scrutiny on banking activity, as well as a number of updates...more
As marketplaces have become digital and more technology platforms are integrating payment solutions into the customer experience, there has been increased interest among technology companies in potentially becoming money...more
With the announcement of charges against and a settlement with two subsidiaries of a prominent crypto exchange, Kraken, the U.S. Securities and Exchange Commission (SEC) appears to have a new target within the blockchain...more
The last few years had started to see a convergence between crypto and banking, with bitcoin appearing to rapidly grow mainstream. That momentum hit a wall with the spectacular crypto market failures of 2022, including the...more
2/7/2023
/ Banking Sector ,
Banks ,
Cryptoassets ,
Cryptocurrency ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
OCC ,
Popular
On January 18, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) designated Bitzlato Limited (Bitzlato), a crypto asset exchange business incorporated in Hong Kong, as a “primary money...more
In this latest issue of Wilson Sonsini's Focus on Fintech newsletter, we discuss the FTX bankruptcy and the increased federal regulatory scrutiny of crypto assets, and new rules and innovations in the payments...more
2/1/2023
/ Banking Sector ,
Banks ,
Central Bank Digital Currency (CBDCs) ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
OCC ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury ,
UK
The consent order issued by the New York Department of Financial Services (NYDFS) to crypto asset exchange, Coinbase, serves as a reminder of regulators’ growing interest in ensuring that crypto asset companies meet their...more
Technology companies in the payments space should pay close attention to the Federal Reserve’s (the Fed’s) upcoming launch of a long-awaited new payment system, the FedNow Service. The system will change the consumer payments...more
The UK Financial Conduct Authority (FCA) recently published a discussion paper (here) summarizing its preliminary findings on the potential competition impact of Big Tech entry into retail financial services. The FCA is now...more
12/6/2022
/ Banking Sector ,
Big Tech ,
Digital Assets ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Payment Systems ,
Popular ,
U.S. Treasury ,
UK