News & Analysis as of

Blockchain Comment Period

Goodwin

SEC’s ATS Re-proposal Doubles Down on DeFi and Digital Asset Regulation

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In April 2023, the SEC re-proposed amendments to Exchange Act Rule 3b-16 to expand the definition of what it means to be an exchange. When the SEC initially proposed these amendments in January 2022, there were zero direct...more

Morrison & Foerster LLP

The SEC Redefines “Exchange”: An Act in Three Parts

On April 14, 2023, the Securities and Exchange Commission (SEC) reopened the comment period on proposed amendments to Rule 3b-16 under the Securities Exchange Act of 1934 (the “Exchange Act”) (the “Amendments”). The...more

Sheppard Mullin Richter & Hampton LLP

California Regulator Seeks Comment on Future Crypto Guidance

On June 1, the California DFPI began formally seeking input from the public to assist in developing guidance and regulatory clarity for Blockchain and Crypto companies as directed by Governor Newsom’s Executive Order (which...more

Pillsbury Winthrop Shaw Pittman LLP

Commerce Requests Public Input on Digital Assets in Response to Biden’s Executive Order

Businesses connected to digital assets in any way have an opportunity to influence public policy if they submit comments by July 5, 2022. On May 19, 2022, the U.S. Department of Commerce’s International Trade...more

Womble Bond Dickinson

SEC Proposes to Redefine “Exchange” - New Definition Could Subject Blockchain Crypto Platforms to SEC Regulation

Womble Bond Dickinson on

The Securities and Exchange Commission (“SEC” or “Commission”) has released a proposal to amend Exchange Act Rule 3b-16, Regulation ATS, and Regulation SCI. Criticized by SEC Commissioner Hester Peirce as “too wide-ranging”...more

Sheppard Mullin Richter & Hampton LLP

Recent SEC Proposed Rulemaking Could Impact Blockchain Trading Platforms

On January 26, 2022, the SEC released a rulemaking proposal intended to enhance investor protections and cybersecurity for alternative trading systems that trade treasuries and other government securities. The 650 page...more

Eversheds Sutherland (US) LLP

Digital asset securities: broker-dealer custody issues

As 2020 came to a close, the issue of how digital asset securities can be custodied by US broker-dealers became clearer, at least from a regulatory standpoint. In a release issued pursuant to the Securities Exchange Act of...more

Goodwin

Federal Reserve Proposes Rules To Modernize Regulations That Implement CRA

Goodwin on

In the News. The Board of Governors of the Federal Reserve System (Federal Reserve) proposed rules to modernize the regulations that implement the Community Reinvestment Act (CRA); the Conference of State Bank Supervisors...more

Proskauer - Blockchain and the Law

The Office of the Comptroller of the Currency Solicits Public Comments on the “Digital Activities” of Banks

On June 3, 2020, the Office of the Comptroller of the Currency (OCC) published an advance notice of proposed rulemaking (ANPR) to solicit public input on the “digital activities” of banks and the impact of emerging...more

Goodwin

Financial Services Weekly News: FDIC Releases Guide To Connect Fintechs With Banks

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In This Issue. The Federal Deposit Insurance Corporation (FDIC) released a new guide to help financial technology companies and others partner with banks; the Financial Industry Regulatory Authority (FINRA) announced that it...more

Sheppard Mullin Richter & Hampton LLP

Artificial Intelligence (AI) Patents – Will the Patent Office Change the Rules?

The number of patents for inventions based on artificial intelligence, machine learning and deep learning continues to grow rapidly. Some of these inventions relate to AI technology per se, and some relate to the use of AI in...more

Sullivan & Worcester

New York Proposed Guidance on Virtual Currencies

Sullivan & Worcester on

On December 11, 2019, the New York State Department of Financial Services ("DFS") issued two proposed changes to the regime that is in place in New York for the regulation and licensing of virtual currency ("VC") businesses....more

Dechert LLP

SEC Staff Requests Comments on the Custody Rule: Non-DVP Trading and Digital Assets

Dechert LLP on

Through a March 12, 2019 letter (Letter), Paul Cellupica, Deputy Director and Chief Counsel of the SEC’s Division of Investment Management, on behalf of the Division’s staff invited industry engagement and sought information...more

Dechert LLP

Financial Services Quarterly Report - Second Quarter 2017: U.S. CFTC Takes Steps to Modernize Rules and Operations and to Reduce...

Dechert LLP on

Against a backdrop of changing markets, rapidly evolving technology and increased jurisdiction, the U.S. Commodity Futures Trading Commission (CFTC) – the regulatory agency with responsibility for oversight of the U.S....more

BakerHostetler

FINRA Seeks Comment on Blockchain

BakerHostetler on

On Jan. 18, 2017, the Financial Industry Regulatory Authority (FINRA) became the latest organization to weigh in on distributed ledger technology (DLT), also known as blockchain. Recognizing the growing interest and potential...more

A&O Shearman

European Securities and Markets Authority Seeks Views on Distributed Ledger Technology

A&O Shearman on

The European Securities and Markets Authority published a discussion paper on how distributed ledger technology (including, for example, "blockchains") applies to the securities markets. ESMA is assessing the risks posed by...more

Goodwin

European Union: ESMA Blockchain Regulation

Goodwin on

On June 2, 2016, the European Securities and Markets Authority (ESMA) issued a discussion paper seeking feedback from Fintech companies and financial institutions on the possible use of blockchain technology in securities...more

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