News & Analysis as of

NYDFS Digital Assets Cryptocurrency

BakerHostetler

Weekly Blockchain Blog - April 2025 #2

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Digital Asset Companies Announce New Partnerships, Acquisitions, Products - A recent press release announced that Ripple, a U.S. fintech and digital asset infrastructure provider, has agreed to acquire Hidden Road, a prime...more

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 36

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

Orrick, Herrington & Sutcliffe LLP

NYDFS warns against risks of sentiment-based cryptoassets

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

Paul Hastings LLP

State Stablecoin Legislation

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Stablecoins, which are digital assets pegged to fiat currency or other assets, play a crucial role in crypto markets, offering price stability and facilitating transactions. Despite their growing significance, there is no...more

DLA Piper

Digital Transformation: eSignature and ePayment News and Trends - November/December 2024

DLA Piper on

Today’s ever-shifting business environment means that consumers, businesses, employers, and employees all expect to transact digitally. To remain efficient and competitive, companies must digitally transform their businesses....more

Troutman Pepper Locke

Will Resiliency Carry the Digital Asset Sector Through 2024: State-Level Developments — The Crypto Exchange Podcast

Troutman Pepper Locke on

In the third episode of this four-part series, Ethan, Addison, and Trey discuss several state-level developments that occurred in the digital asset sector during 2023. The group discusses the inception of New York Department...more

Jenner & Block

[Ongoing Program] CLE Relay – Session 3 – Hot Topics in Fintech and Crypto - June 7th, 10:00 am - 11:00 am PDT

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This session will provide a survey of key issues and trends impacting the fintech and digital assets community as well as the future opportunities and challenges presented for these financial products and services. It will...more

Orrick, Herrington & Sutcliffe LLP

NYDFS introduces guidelines for coin-listing and delisting policies in virtual currency entities

On November 15, NYDFS announced new regulatory guidance which adopts new requirements for coin-listing and delisting policies of DFS-regulated virtual currency (VC) entities, updating its 2020 framework for each policy. After...more

BakerHostetler

Crypto Products Launch for Custody, Tokenization, Staking; Crypto Adoption Report Published; DFS Proposes New VC Guidance; NFT...

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Financial Firms Launch Crypto Products for Custody, Tokenization and Staking - In a recent press release, BitGo announced its plans “to create the first Bitcoin-only trust company” by partnering with Swan Bitcoin, a leading...more

WilmerHale

New York Attorney General James Proposes Landmark Digital Asset Law

WilmerHale on

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

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

Latham & Watkins LLP

New York Attorney General Proposes Stringent Crypto Bill

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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

Katten Muchin Rosenman LLP

NY Attorney General Proposes to Increase Obligations on Crypto Businesses Operating in NY or with NY Residents

Businesses engaged in certain digital currency activities from or within New York would be subject to enhanced obligations and restrictions if a bill entitled the “Crypto Regulation, Protection, Transparency, and Oversight...more

Orrick, Herrington & Sutcliffe LLP

House subcommittee examines framework for regulating stablecoins

The House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion recently held a hearing to examine stablecoins’ role in the payment system and to discuss proposed legislation for creating a...more

Orrick, Herrington & Sutcliffe LLP

NYDFS to impose supervision fees on virtual currency licensees

On April 17, NYDFS announced the adoption of a final regulation establishing how certain licensed virtual currency businesses will be assessed for supervision and examination costs. Under 23 NYCRR Part 102, licensed virtual...more

Harris Beach Murtha PLLC

Blockchain and Digital Assets: 2022 In Cryptocurrency

With 2022 now fading into the background and 2023 underway, a review of some of the 2022 highlights in cryptocurrency provides an opportunity to look at the developments of the past year with a fresh perspective – and to...more

Lowenstein Sandler LLP

New Jersey Wants Its Own BitLicense Regulation

New Jersey is poised to adopt sweeping cryptocurrency and blockchain regulations with the passage of the Digital Asset and Blockchain Technology Act (the Act). If adopted, the Act would radically change the regulatory...more

BakerHostetler

Crypto Market Data Published; Digital Assets RFI Issued; BIS Addresses DeFi; NY DFS Issues Crypto Guidance; SEC Brings Crypto...

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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

Orrick, Herrington & Sutcliffe LLP

NYDFS gives custodial guidance on crypto insolvency

On January 23, NYDFS reiterated expectations for sound custody and disclosure practices for entities that are licensed or chartered to custody or temporarily hold, store, or maintain virtual currency assets on behalf of...more

Ballard Spahr LLP

NYDFS to Virtual Currency Asset Custodians: Segregate, Don’t Integrate

Ballard Spahr LLP on

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

Harris Beach Murtha PLLC

New York Sends Clear Message Crypto Exchanges and Banks Must Meet AML Obligations

New York’s Department of Financial Services (“DFS”) recently announced a $100 million settlement with Coinbase, Inc., one of the world’s largest cryptocurrency exchanges, for Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”)...more

Orrick, Herrington & Sutcliffe LLP

Crypto platform reaches $100 million settlement to resolve alleged compliance failures

On January 4, NYDFS issued a consent order against a cryptocurrency trading platform for engaging in alleged violations of New York virtual currency, anti-money laundering, transaction monitoring, and cybersecurity...more

Latham & Watkins LLP

New York Department of Financial Services Issues Crypto Guidance for Banks

Latham & Watkins LLP on

Digital asset activities of licensed institutions must be approved and will be assessed for potential safety and soundness risks. On December 15, 2022, the New York State Department of Financial Services (NYDFS) issued...more

Harris Beach Murtha PLLC

California's Governor Vetoes Cryptocurrency Licensing

California Governor Gavin Newsom vetoed the Digital Financial Assets Law requiring companies offering services that involve investing, lending, or trading cryptocurrencies to register with the state’s Department of Financial...more

Harris Beach Murtha PLLC

California One Step Closer to Requiring Cryptocurrency Licenses

California is one step closer to joining New York in requiring cryptocurrency licenses. Governor Gavin Newsom has until September 30 to sign or veto the Digital Financial Assets Law, which would go into effect in 2025. The...more

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