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Recently, NYDFS published an industry letter to “all virtual currency business entities licensed under 23 NYCRR Part 200 or chartered as limited purpose trust companies under the New York Banking Law,” disclosing that it is...more
TradFi/DeFi Integrations Announced, Yield-Bearing Stablecoin Launches - According to reports, Robinhood, a major U.S. financial services company, has entered into an agreement to acquire Bitstamp, a global cryptocurrency...more
Shinhan Bank America (“Shinhan”), a New York-based subsidiary of a Korean bank, faced coordinated enforcement actions on September 29 from the Financial Crimes Enforcement Network (“FinCEN”), Federal Deposit Insurance...more
The New York Department of Financial Services (NYDFS) proudly announced an “update on [its] two-year transformational initiative to strengthen NYDFS’ nation-leading virtual currency oversight” on September 18, 2023. Although...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Finance Services industry over the past week...more
Regulators are increasingly taking enforcement action against crypto asset industry participants for violating anti-money laundering (AML) and sanctions laws. Regulators are concerned about the illicit use of crypto...more
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
Reports Address Crypto Ownership, Stablecoins and Dapp Adoption - Recent reports provide new data on various areas of the digital asset market. In one report, a survey published by a cryptocurrency trading platform found...more
On January 23, 2023, the New York Department of Financial Services (NYDFS) published a short but important notice to virtual currency asset custodians containing guidance on custodial structures in order to protect customers...more
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
The New York State Department of Financial Services proposed a self-certification regime for the approval of new digital coins by licensed virtual currency firms similar to the process applied by the Commodity Futures Trading...more
Ethereum Fork Implemented, Exchanges Expand Services, New Bitcoin Network Data - The Ethereum network’s Istanbul hard fork went forward late last week with the support of node operators, miners and cryptocurrency exchanges. ...more
On July 23, the New York State Department of Financial Services (the “DFS”) issued a press release announcing the establishment of a new Research and Innovation Division (the “Division”) within the DFS....more
The New York Department of Financial Services was told by a federal court in New York that it could proceed with its lawsuit challenging plans of the Office of the Comptroller of the Currency to accept and consider...more