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CFTC Advisory Subcommittee Releases Report on DeFi: Issues, Findings and Recommendations

On January 8, 2024, the Digital Assets and Blockchain Technology Subcommittee (the Subcommittee) of the Commodity Futures Trading Commission’s (CFTC or the Commission) Technology Advisory Committee (TAC) presented a 79-page...more

Key Points From NY Regulators' Crypto Listing Update

On Sept. 18, the New York State Department of Financial Services issued proposed guidance for companies holding virtual currency business licenses and limited-purpose trust companies — collectively referred to as virtual...more

Crypto Currently: New York Department of Financial Services Issues Updated Expectations on the Adoption or Listing of Virtual...

On September 18, the New York State Department of Financial Services (the DFS or the “Department”) issued proposed guidance for BitLicensees and limited-purpose trust companies (collectively, VCEs) seeking to list virtual...more

New York Attorney General James Proposes Landmark Digital Asset Law

On May 5, New York Attorney General Letitia James announced a landmark legislative proposal—titled the Crypto Regulation, Protection, Transparency and Oversight (CRPTO) Act (hereinafter, the Proposal)—to tighten regulations...more

NY AG's Digital Asset Proposal Shouldn't Be Taken Lightly

On May 5, New York Attorney General Letitia James announced a landmark legislative proposal — titled the Crypto Regulation, Protection, Transparency and Oversight Act — to tighten regulations on the digital asset industry....more

Crypto Currently: New York Department of Financial Services Issues Virtual Currency Custody Guidance

On January 23, the New York State Department of Financial Services (DFS or the Department) issued guidance clarifying its expectations for New York-based virtual currency businesses regarding the custody of customer assets...more

Prudential Regulators Issue New Guidance on Crypto-Assets

On January 3, the Board of Governors of the Federal Reserve (FRB), Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) issued a Joint Statement on Crypto-Asset Risks to Banking...more

All About Web3: The Regulatory Outlook for Cryptocurrency [Audio]

Cryptocurrency continues to dominate the headlines, from starting the year at a high with major TV ads to questions in recent weeks about the stability of the market. In this episode of In the Public Interest, co-host and...more

Sanctions Update: Policymakers Worldwide Rolling Out New Measures to Increase the Economic Costs of Russia’s War Against Ukraine

Western sanctions against Russia have continued to broaden substantially into new areas of trade, especially in the energy sector. Policymakers in Washington DC, Brussels, London and other allied capitals also continue to...more

PWG Report on Stablecoins - Implications for the Regulatory Environment

On November 1, 2021, the President’s Working Group on Financial Markets (PWG) - along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) - published the Report on...more

OFAC Imposes New Sanctions to Thwart Ransomware

On September 21, 2021, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) levied its first sanctions against a Russian-operated virtual currency exchange involved in ransomware payments and published an...more

Recent OCC Actions Focus Attention on Financial Crime Controls for Cryptocurrency Custody Businesses

Two recent actions by the Office of the Comptroller of the Currency (OCC) - one enforcement action and one interpretive note - focus attention on the kinds of anti–money laundering (AML) controls needed for banks to custody...more

OFAC Identifies Digital Currency Addresses in Sanctions Designations and Provides FAQs on Digital Currency Compliance

On November 28, the Treasury Department sanctioned two Iran-based individuals for exchanging bitcoin into Iranian rials on behalf of malicious cyber actors involved in the SamSam ransomware scheme. Notably, this action marks...more

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