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US Senators Introduce Comprehensive Stablecoin Bill

The bipartisan bill seeks to foster innovation and promote US dollar dominance while protecting consumers and mitigating illicit finance risks. On April 17, 2024, US Senators Cynthia Lummis from the Senate Banking...more

Can It Be a Commodity if It’s Not Fungible? Evaluating NFTs Under the Commodity Exchange Act

Understanding NFTs as commodities calls for a more nuanced analysis than what their “non-fungible” label might suggest at first glance. The appropriate regulatory characterization of cryptocurrencies and digital assets...more

NYDFS Proposes Updated Guidance on Crypto Listing

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

What’s Next for DAOs in the Wake of the Ooki Decision?

The viability of DAO structures draws attention after a judge declares that a decentralized autonomous organization is a “person” under the law. On June 8, 2023, the US District Court for the Northern District of...more

New York Attorney General Proposes Stringent Crypto Bill

The CRPTO Act is intended to increase transparency and consumer protections, and reduce conflicts of interest, through heightened disclosures and penalties. On May 5, 2023, New York Attorney General (NYAG) Letitia James...more

Blockchain Regulatory Certainty Act Would Protect Non-Custodial Crypto Services

The bipartisan bill would provide a federal safe harbor for non-custodial blockchain service providers from state money transmission and digital asset licensing laws. On March 23, 2023, US House of Representatives...more

Wyoming Stable Token Act Enacted Into Law

By authorizing the issuance of a stable token, “Blockchain Valley” leads the way in state digital asset adoption and integration. For the last few years, Wyoming has been a leader among US states at the intersection of...more

White House Issues Digital Asset Framework

The comprehensive framework, which spans multiple reports, aims to spur risk mitigation efforts and potentially a US central bank digital currency. On September 16, 2022, the White House published a fact sheet described...more

Legal Implications of the Ethereum Merge and Potential Ethereum Proof-of-Work Fork

Ethereum’s transition to proof of stake presents opportunities and pitfalls for certain digital assets and tokens built on the network. After years of development, the Ethereum blockchain appears poised to make its...more

President Biden Issues Executive Order on Digital Assets

On March 9, 2022, President Biden issued an Executive Order on Ensuring Responsible Development of Digital Assets (Order). In the face of rapid advancement in blockchain technology and its applications, the Order asserts that...more

2021 Digital Asset Regulatory Lookback (US Edition)

Popular and institutional interest in digital assets, decentralized applications, NFTs, and blockchain technology skyrocketed, and regulators sprinted to catch up. For the digital asset markets, 2021 was a banner year....more

El Salvador Christens Bitcoin as Legal Tender

A sovereign nation’s decision to adopt Bitcoin as legal tender raises interesting questions — and legal ramifications. On June 8, 2021, El Salvador’s Legislative Assembly voted to establish Bitcoin as unrestricted legal...more

ESG and Cryptocurrency: Considerations for Market Participants

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

Crypto in the Crosshairs: What Regulatory Themes Characterized 2020? [Video]

Throughout 2020, cryptocurrencies experienced incremental progress towards the mainstream as institutional investors and financial institutions made positive statements about the nascent asset class, an increasing number of...more

DOJ’s Evolving Framework for Cryptocurrency Enforcement

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

Crypto-Asset Trading Platforms: Another Regulatory Trip Around the World

Crypto-asset trading is a fast-growing part of the financial sector. Some countries have wholeheartedly embraced crypto-assets; others have been reticent to permit widespread adoption. Generally, countries have interpreted...more

From Safe Deposit Boxes to Cold Wallets, Bank Custody Evolves

The OCC greenlights bank custody of cryptoassets, opening a significant door to mainstream adoption and innovation. On July 22, 2020, the US Office of the Comptroller of the Currency (OCC) issued Interpretive Letter #1170...more

What the CFTC Interpretation of “Actual Delivery” Means for Crypto

The long-awaited guidance clarifies the application of the “actual delivery” exception to leveraged virtual currency transactions with retail purchasers. Earlier this year, the US Commodity Futures Trading Commission...more

The Yellow Brick Road for Consumer Tokens: The Path to SEC and CFTC Compliance - An Update

Developing a framework for consumer tokens - With the rapid growth in the development of blockchain technology, virtual currencies and token sales (sometimes referred to as initial coin offerings, or ICOs), token...more

Effective October 31, 2018: New NFA Virtual Currency Disclosure Requirements

The NFA will soon require CPO, CTA, FCM, and IB member firms to provide various disclosures warning investors of virtual currency spot and derivatives trading risks. New disclosure requirements warning customers,...more

The yellow brick road for consumer tokens: The path to SEC and CFTC compliance

Developing a framework for consumer tokens - With the rapid growth in the development of blockchain technology, virtual currencies and token sales (sometimes referred to as initial coin offerings, or ICOs) in 2017 and...more

Are Your Employees Trading Bitcoin? Addressing Cryptocurrencies in Compliance Policies

How should broker-dealers, investment advisers, and other registered firms in the US, UK, and Hong Kong address cryptocurrencies in their compliance programs? Originally published on bloombergbna.com on April 16,...more

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