New FinCEN Cryptocurrency Guidance Provides Comprehensive Overview of BSA Application to Crypto Businesses

Ballard Spahr LLP

Ballard Spahr LLP

Second Post in a Two-Part Series

Some Answers — Producing Even More Questions

On May 9, 2019, the Financial Crimes Enforcement Network (“FinCEN”) published a comprehensive “interpretive guidance” (the “Guidance”) to “remind” businesses and individuals operating in a subset of the cryptocurrency markets involving “convertible virtual currencies” (“CVCs”) of the potential applicability of the Bank Secrecy Act (“BSA”) to their operations. At the outset, FinCEN explains that “[t]his guidance does not establish any new regulatory expectations or requirements.” Instead, “it consolidates current FinCEN regulations, and related administrative rulings and guidance issued since 2011” and provides illustrations of those regulations, rulings and guidance to common business models involving CVCs.

The principal purposes of the Guidance are threefold: (1) to set forth relevant FinCEN rules and requirements in a single source; (2) to demonstrate how the BSA may and does apply to innovations in the CVC markets occurring since 2011; and (3) to illustrate how these rules and requirements will be applied to future innovations in the CVC markets.

In our first post in this series, posted on the day that FinCEN issued the Guidance, we addressed recent major developments across a spectrum of regulatory, civil, and criminal enforcement cases involving cryptocurrencies, AML and money laundering – courtesy of the combined efforts of FinCEN, the New York Department of Financial Services, and the U.S. Department of Justice.  These enforcement cases underscored the need for more clear rules regarding how the BSA and other statutes can apply to cryptocurrencies.  The Guidance attempts to do just that, with partial success. It presents as a treatise on FinCEN regulation of CVCs, organized to:

  • provide definitions of key relevant concepts;
  • outline and explain current FinCEN regulations, ruling and guidance;
  • summarize the development and content of FinCEN’s money transmission regulations to CVCs and CVC businesses;
  • provide illustrations of “FinCEN’s existing regulatory approach to current and emerging business models using patterns of activities involving CVC”; and
  • localize resources to further explain applicable FinCEN rules and regulations.

The Guidance, although not exactly offering anything new, still contains a lot to unpack. It provides some significant clarity to application of FinCEN’s rules and regulations to CVC businesses and a thorough resource to address many questions involving FinCEN regulation of CVC. But, at the same time, and somewhat paradoxically, in its comprehensiveness, it reveals how almost limitless possibilities exist for individuals and entities to transact in CVC and how difficult questions of whether those activities will be regulated by FinCEN can be to answer.

What Does the Guidance Apply To?

Although the Guidance sets forth various relevant definitions from the BSA and implementing regulations, two key concepts serve as its foundation – and the foundation of FinCEN’s regulation of cryptocurrency. First, the Guidance implicates only CVCs – defined as “money transmission[s] denominated in value that substitutes for currency.” FinCEN’s asserted authority to regulate CVCs derives from the Final Rule it published in 2011 updating its authority to regulate “money services businesses” (“MSBs”) – persons or entities operating as “money transmitters.” “Money Transmitters,” in turn, are persons “that provide money transmission services” or “any person engaged in the transfer of funds.” And, “Money Transmission Services” involve “the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means.” Thus, the Guidance does not directly implicate types of virtual currency that more closely resemble securities – regulated by the Securities and Exchange Commission (“SEC”) – or commodities – regulated by the Commodity Futures Trading Commission (“CFTC”). Of course, that does not necessarily mean the BSA does not apply to such virtual currencies; it does means you choose your regulator based on the functionality of your virtual currency.

Second, application of the Guidance to a CVC enterprise will depend on the “business model” of the operation. As FinCEN reminds, “[w]hether a person is a money transmitter under FinCEN’s regulations is a matter of facts and circumstances.” As relevant in the context of the Guidance, “‘business model’ refers to the subset of key facts and circumstances relevant to FinCEN’s determination of (a) whether the specific person meets the definition of a particular type of financial institution and (b) what regulatory obligations are associated with the specific activities performed within the business model.” In other words – function is elevated over form; to FinCEN (as with the SEC and CFTC), it doesn’t matter who you are or how you describe your virtual currency or business, it only matters what you do with it. Accordingly, “differences in similar business models may lead to different regulatory applications” or “a person who is engaged in more than that one type of business model at the same time may be subject to more than one type of regulatory obligation or exemption.” For instance, the developer of a CVC platform may be exempt from BSA obligations but also might become subject to the BSA if he or she uses that platform to transmit CVC.

What Are the Relevant Regulations?

Repeatedly, the Guidance makes clear that “whether a person [corporations are legal “people”] qualifies as an MSB subject to BSA regulation depends on the person’s activities and not its formal business status.” Therefore the following factors are not dispositive as to BSA applicability: “whether the person is (a) a natural person or legal entity; (b) is licensed as a business by any state; (c) has employees or other natural persons acting as agents; (d) operates at a brick-and-mortar branch, or through mechanical or software agents or agencies; or (e) is a for profit or nonprofit service.” Instead, a person “qualifies as a money transmitter if that person’s activities include receiving one form of value (currency, funds, prepaid value, value that substitutes for currency – such as CVC, etc.) from one person and transmitting either the same or different form of value to another person or location, by any means.” And this definition holds whether a person operates on only a transactional basis – one-off transactions – or on an account basis – where the transactor is an established customer of the transmitter. Importantly, the Guidance reminds that all centralized exchanges engage in money transmission: “if a person operates a platform that facilitates the conditional exchange of value between two parties – such as the exchange of CVC against currency only when an agreed upon exchange rate and amount is met – such person will be engaged in money transmission every time” the conditions are met and the reciprocal transfer occurs.

Thus, if a person meets this standard and does not fall within a “strictly” interpreted exemption, such as for platform providers, intermediaries between BSA regulated institutions, physical transportation of currency (i.e. armored cars), or providers of prepaid access, he, she or it will be subject to the BSA and will have to meet numerous and significant obligations. Those include developing and maintaining effective anti-money laundering (“AML”) programs; conducting thorough risk assessments; registration with FinCEN; recordkeeping, reporting, and transaction monitoring obligations; and potential compliance with the “Funds Transfer Rule” and “Funds Travel Rule.”

How Does This Work?

The majority of the Guidance is dedicated to illustrating the application of the BSA to various business models involving the transmission of CVC.

Peer-to-Peer (“P2P”) Exchanges

P2P exchanges are decentralized exchanges operated and maintained by software that typically involve natural persons engaged in buying and selling CVCs. P2P could involve transferring one type of CVC for a different type of CVC or exchanging CVC for other types of value (like fiat). Unless a P2P exchanger is “a natural person engaging in such activity on an infrequent basis and not for profit or gain” such person who “engages in money transmission services involving real currency or CVCs must comply with BSA regulations as a money transmitter.”

CVC Wallets

According to FinCEN, “CVC wallets are interfaces for storing and transferring CVCs.” The guidance distinguishes between “hosted wallets” and “unhosted wallets” and provides that the regulatory treatment of either depends on a four-factor test: “(a) who owns the value; (b) where the value is stored; (c) whether the owner interacts directly with the payment system where the CVC runs; and (d) whether the person acting as intermediary has total independent control over the value.”

Hosted wallet providers are “account-based money transmitters that receive, store and transmit CVCs on behalf of their accountholders, generally interacting with them through websites or mobile applications.” Coinbase is an example of a hosted wallet provider where it acts as the host, the “account” is the wallet, and the “account holder” is the wallet owner. In this model, the value of the CVC belongs to the owner, it may be stored in the wallet or represented as an entry in the account of the host, the owner interacts directly with the host, and the host has total independent control over the value. The hosted wallet provider is a money service business that must comply with the BSA.

Unhosted wallets, on the other hand, “are software hosted on a person’s computer, phone or other device that allow the person to store and conduct transactions in CVC.” In these cases, the value is the property of the owner and is stored in a wallet and the owner interacts directly with payment systems and maintains total independent control over the value. “In so far as the person conducting a transaction through the unhosted wallet is doing so to purchase goods or services on the user’s own behalf, they are not a money transmitter.”

The Guidance also addresses multiple-signature wallets – “entities that facilitate the creation of wallets specifically for CVC that, for enhanced security, require more than one private key for the wallet owner(s) to effect transactions.” Application of the BSA to multiple-signature wallets depends on whether the wallet is custodial or non-custodial. If the wallet is unhosted, “the provider is not a money transmitter because it does not accept and transmit value.” If it is hosted, the provider will qualify as a money transmitter.

CVC Kiosks

CVC Kiosks or ATMs facilitate the exchange of CVC by either connecting a user to a separate exchange or to draw upon the user’s CVC in the possession of the owner-operator of the terminal or kiosk. If the owner-operator of a CVC kiosk accepts currency from a user and transmits the equivalent value in CVC, it qualifies as a money transmitter. If, on the other hand, the CVC kiosk links an accountholder with his or her account at a regulated depository institution solely to verify account balances or dispense currency, such kiosks are not considered money transmitters.

Decentralized Applications (“DApps”)

A DApp refers to software operating on a P2P network of computers operating a blockchain platform rather than a single computer. Generally, DApp users pay a fee in order to run a software and that fee is paid in CVC. According to FinCEN, “[t]he same regulatory interpretation that applies to mechanical agencies such as CVC kiosks applies to DApps that accept and transmit value, regardless of whether they operate for profit.” Thus, where the DApp performs money transmission, it will be subject to the BSA.

Anonymity-Enhanced CVC Transactions

Anonymity-Enhanced CVC – privacy coins – are CVCs that hide data about its user. Transactions involving privacy coins are either “(a) denominated in regular types of CVC, but structured to conceal the information otherwise generally available through the CVC’s native distributed public ledger; or (b) denominated in types of CVC specifically engineered to prevent their tracing through distributed public ledgers.” Transmitters of privacy coin are “subject to the same regulatory obligations as wen operating in currency, funds, or non-anonymized CVCs.”

Providers of Anonymizing Services

Similarly, people who accept CVCs and retransmit them in a manner designed to prvent others from tracing the transmission back to its source – “mixers” or “tumblers” – are money transmitters under FinCEN regulations. This is so because, according to FinCEN, anonymizing a CVC is not sufficiently separate from the funds transmission itself. Thus an anonymizer is engaged in the business of offering secure money transmission.

On the other hand, an anonymizing software provider is not a money transmitter because they merely provide the tools for transmitting money and are not involved in the actual money transmission.

What About Exemptions?

The Guidance also discusses certain business models that may fit exemptions from the definition of money transmission.

CVC Trading Platforms and Decentralized Exchanges

Whether or not a trading platform – a website that enables CVC buyers and sellers to find each other – meets the definition of money transmitter depends on its functionality. If a CVC trading platform only provides a forum where buyers and sellers can post their bids and offers and the parties themselves settle any matched transactions outside the platform, the platform will not qualify as a money transmitter. If, however, the platform matches transactions and acts as the CVC exchanger, it is a money transmitter.

Initial Coin Offerings (“ICO”)

An ICO is typically a way to raise funds for a project from early backers through the issuances of CVC. Whether the issuer is a money transmitter is fact-specific. The Guidance addresses only two principal forms of ICOs: (a) an ICO selling CVC to select and closed group of buyers (private pre-sale); and (b) ICOs offering digital debt or equity – future tokens – among a group of investors to finance a future project – a SAFT (Simple Agreement for Future Tokens).

For FinCEN’s purposes, the distinction is in the identity of the buyers and the immediacy of the transaction. In a private pre-sale, the buying group is a select group of preferred buyers and the value may be exchanged instantaneously or at a future date. The CVC and its application or platform may already be operational. In this case, the seller of the CVC is a money transmitter “because at the time of the initial offering the seller is the only person authorized to issue and redeem the new units of CVC.”

For SAFTs, however, how BSA regulations apply will vary because the features and permutations of the SAFT may vary. If the person involved in fundraising activity is a bank, foreign bank, or registered with the SEC of CFTC, it will not be an MSB under FinCEN regulations but will be regulated under other applicable regulations. Second, the issuer may be exempt is “the acceptance and transmission of value is only integral to the sale of goods and services different from money transmission.”


Miners might also meet the definition of money transmitter. According to the Guidance, if a miner uses mined CVC only to purchase goods and services on its own behalf, it is not an MSB. If, however, the miner engages in money transmission, it will be subject to FinCEN rules and regulations.


As noted, the the seeming breadth of the Guidance parodoxically reveals how almost limitless possibilities exist for individuals and entities to transact in CVC and how difficult the questions of whether those activities will be regulated by FinCEN can be to answer. As always, a hard and critical look at the function of a cryptocurrency and specific actions taken with regard to it will be key in determining how and to what extent the BSA applies.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ballard Spahr LLP | Attorney Advertising

Written by:

Ballard Spahr LLP

Ballard Spahr LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at:

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit
  • New Relic - For more information on New Relic cookies, please visit
  • Google Analytics - For more information on Google Analytics cookies, visit To opt-out of being tracked by Google Analytics across all websites visit This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at:

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.