News & Analysis as of

Cryptocurrency Virtual Currency State and Local Government

Orrick, Herrington & Sutcliffe LLP

Connecticut provides new laws for seizure and forfeiture of virtual currency and virtual currency wallets

On June 23, the governor of Connecticut approved SB 6990 to establish new laws and amend existing ones regarding the seizure and forfeiture of virtual currency and virtual currency wallets in Connecticut. The new law states...more

Jenner & Block

Client Alert: California Enters the Arena of Virtual Currency Regulation

Jenner & Block on

After prolonged deliberation, California has finally decided to enter the virtual currency regulatory arena by adopting two virtual currency regulatory bills into law. The California Digital Financial Assets Law (“DFAL”),...more

Morgan Lewis

New York Attorney General Proposes Comprehensive and Restrictive Digital Assets Bill

Morgan Lewis on

New York Attorney General Letitia James introduced on May 5, 2023 a proposed bill that, if enacted, would significantly tighten regulation over digital asset market participants and exchanges. While the New York State...more

White & Case LLP

New York State Department of Financial Services Imposes $30 Million Fine in First Cryptocurrency Enforcement Action

White & Case LLP on

On August 2, in its first ever cryptocurrency enforcement action, the New York State Department of Financial Services ("NYDFS") announced it had imposed a $30 million fine on Robinhood Crypto, LLC ("RHC") for failures in its...more

Sheppard Mullin Richter & Hampton LLP

New York’s Superintendent of Financial Services Addresses BitLicense Delays

This January, Adrienne A. Harris was confirmed as superintendent of New York’s Department of Financial Services, which administers New York’s BitLicense program, among others.  In a March 28 interview, Harris discussed the...more

Sheppard Mullin Richter & Hampton LLP

Virginia Approves Bill Allowing Banks to Offer Cryptocurrency Custody Services

On March 3, Virginia passed a new bill (HB 263) permitting banks in the Commonwealth to provide its customers with crypto custody services “so long as the bank has adequate protocols in place to effectively manage risks and...more

Sheppard Mullin Richter & Hampton LLP

NYAG’s Warning to Crypto Businesses Muddies Regulatory Waters; Compliance Requirements Remain Elusive

New York’s chief law enforcement agency recently squandered an opportunity to bring much needed guidance to the digital assets space. On October 18, 2021, the Office of New York Attorney General, Letitia James (“NYAG”),...more

Woods Rogers

How does El Salvador’s Bitcoin Law Impact U.S.-based Virtual Currency Exchanges?

Woods Rogers on

In our recent article on the legal framework governing virtual currencies, we briefly discussed the distinction between money transmitters and virtual currency exchanges.  In short, transmitters are entities that convert fiat...more

Carlton Fields

State Regulations on Virtual Currency and Blockchain Technologies (Updated March 2021)

Carlton Fields on

Introduction: There exists no uniformity with respect to how businesses that deal in virtual currencies (also known as "cryptocurrencies") such as Bitcoin are treated among the states. For these proprietors, often the first...more

McGlinchey Stafford

Louisiana to Require Virtual Currency Business License

McGlinchey Stafford on

The Louisiana Office of Financial Institutions (OFI) will require virtual currency businesses to hold a license, though the license application may not be available until 2021.[1] The Louisiana Virtual Currency Businesses...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - July 2020

In this issue, we discuss the new initiatives under New York's BitLicense regime that clarify and streamline the regulatory landscape for virtual currency entities doing business within the state. We also examine the...more

Morrison & Foerster LLP

Louisiana Becomes Second State To Require Virtual Currency Licensing

Developments in virtual currency regulation have been top-of-mind with recently announced initiatives from the New York Department of Financial Services. Companies engaging in virtual currency activity should also, however,...more

Orrick - On the Chain

Wyoming, the “Equality State,” Seeks to Level the Playing Field for Digital Assets Businesses

Orrick - On the Chain on

In its continued effort to establish itself as the go-to jurisdiction for digital asset businesses, Wyoming, through its Department of Audit, Division of Banking, recently published a digital asset custody regime for its...more

Polsinelli

BitBlog Weekly Summary: Digital Asset Regulations in New York State

Polsinelli on

This week saw two items of note in the regulation of digital assets and both came out of the state of New York. The Return of the Empire State - A New York State Supreme Court ruled that it has personal and subject...more

Alston & Bird

Rhode Island Requires Licensure for Virtual Currency Business Activity

Alston & Bird on

A&B Abstract: Effective January 1, 2020, Rhode Island will regulate virtual currency under its money transmission laws....more

Carlton Fields

State Regulations on Virtual Currency and Blockchain Technologies - (Updated)

Carlton Fields on

There exists no uniformity with respect to how businesses that deal in virtual currencies (also known as "cryptocurrencies") such as Bitcoin are treated among the states. For these proprietors, often the first question asked...more

Perkins Coie

Blockchain Week in Review - January 2019 #3

Perkins Coie on

U.S. Developments - Flood of State Virtual Currency Legislation - Since the start of the new year there have been roughly nine virtual currency bills introduced or passed in four different states. Overall, the bills...more

Carlton Fields

State Regulations on Virtual Currency and Blockchain Technologies (Updated)

Carlton Fields on

There exists no uniformity with respect to how businesses that deal in virtual currencies (also known as "cryptocurrencies") such as Bitcoin are treated among the states....more

Robinson+Cole Data Privacy + Security Insider

States Race To Embrace Blockchain Technology

Add Connecticut, Ohio and Vermont to the list of states passing legislation focused on the potential disruptive impact of blockchain – the technology underlying cryptocurrencies such as Bitcoin. ...more

Blank Rome LLP

Vermont Passes New Blockchain Legislation

Blank Rome LLP on

Vermont continues its play to bring blockchain business to the state. On May 30, 2018, Vermont Governor Phil Scott signed into law Senate Bill 269: An Act Related to Blockchain Business Development, which became effective...more

K&L Gates LLP

Understanding the Effect of Wyoming’s Blockchain and Cryptocurrency Legislation

K&L Gates LLP on

March was a busy month in the blockchain and cryptocurrency space for the Wyoming state government. The legislature passed, and the governor signed, five bills that many in the industry view as favorable to blockchain and...more

Robinson+Cole Data Privacy + Security Insider

Wyoming Enacts Comprehensive Blockchain Legislation

As numerous states propose and enact legislation focused on blockchain technology and cryptocurrencies, in 2018, no state has been more aggressive in this space than Wyoming. ...more

Proskauer - Blockchain and the Law

Four Blockchain Technology Bills Proposed by New York Assemblyman

New York Assemblyman Clyde Vanel has introduced proposals in the state legislature for four laws which, if passed, could transform how the State of New York interacts with and views blockchain technology. The first...more

Robinson+Cole Data Privacy + Security Insider

Nationwide, State Legislators Push Blockchain-friendly Legislation

As previously reported, state legislatures throughout the country continue to propose legislation designed to facilitate the use of blockchain-based technology by businesses within their states....more

Carlton Fields

State Regulations On Virtual Currency And Blockchain Technologies

Carlton Fields on

As of this inaugural publication, there exists no uniformity with respect to how businesses that deal in virtual currencies (also known as “cryptocurrencies”) such as Bitcoin are treated among the states. For these...more

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