News & Analysis as of June 24, 2025

Virtual Currency

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

NY Department of Financial Services Issues Guidance to its Regulated Industry As a Result of the Ongoing Global Conflict

Bressler, Amery & Ross, P.C. on 6/24/2025

The New York State Department of Financial Services (the “Department”) has issued guidance (“Guidance”) to all individuals and entities regulated by the Department (“Regulated Entities”) to underscore the importance of...more

The GENIUS Act Advances in the Senate

Troutman Pepper Locke on 5/28/2025

The U.S. Senate’s proposal to regulate stablecoins, known as the GENIUS Act, has successfully cleared a significant procedural hurdle, moving closer to a full floor debate. On May 19, lawmakers voted to invoke cloture on the...more

Recent Passing of Hong Kong Stablecoins Bill

Seyfarth Shaw LLP on 5/27/2025

On May 21, 2025, Hong Kong’s Legislative Council passed the Stablecoins Bill, establishing a regulatory framework for stablecoins–cryptocurrencies whose value is tied to an external asset or commodity. This marks an important...more

United States: The Continuing Shift to Modern Money Transmission Laws

K&L Gates LLP on 5/13/2025

Within the past two months, three states have adopted the Money Transmission Modernization Act (MTMA). The governors of Virginia, Mississippi, and most recently Colorado, signed bills that implement the MTMA, and two other...more

The crypto question: Digital currency dealmaking set to boom in 2025

White & Case LLP on 5/12/2025

Dealmaking within the US and Europe is climbing as crypto assets increasingly enter the mainstream - Dealmaking in the digital currency space is flourishing, buoyed by strong industry growth, political backing and supportive...more

FINRA’s Blueprint for the Metaverse

Carlton Fields on 5/6/2025

In October 2024, FINRA released its blueprint for the securities industry’s use of the metaverse — the metaverse report. The metaverse, often framed as “the next evolution of today’s internet,” is a loosely defined term used...more

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – April 2025 # 5

Troutman Pepper Locke on 5/1/2025

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Regulatory Update: Cayman Islands VASP Licensing Regime Now in Effect

Conyers on 4/23/2025

The Cayman Islands Government has taken a significant step in the regulation of virtual asset service providers (VASPs) with the commencement of the licensing regime under the Virtual Asset (Service Providers) Act (as...more

Arkansas adds crypto kiosk provisions to its money transmission act

Orrick, Herrington & Sutcliffe LLP on 4/21/2025

On April 14, Arkansas enacted HB 1467 (the “Act”) to amend the Arkansas Uniform Money Services Act to enhance consumer protection and transparency in virtual currency transactions, particularly those through kiosks. The Act...more

Global Financial and Economic Crime Outlook: Introducing the Secretariat Economic Crime Index 2025

Secretariat on 4/10/2025

The global financial landscape is under siege by increasingly sophisticated financial and economic crimes. Money laundering, fraud, corruption, and market abuse pose ever-growing risks, compounded by rapid advancements in AI,...more

Ten things every VASP should know about the BVI Virtual Assets Service Providers Act, 2022

Carey Olsen on 4/8/2025

The Virtual Assets Service Providers Act, 2022 (the “VASP Act”) came into force on 1 February 2023. The VASP Act regulates virtual asset service providers (“VASPs”) and requires that VASPs be registered with the BVI Financial...more

Anti-Money Laundering Enforcement Risk Still Remains for Virtual Asset Services Providers

Paul Hastings LLP on 4/7/2025

Despite the Trump administration’s generally favorable stance toward cryptocurrency and blockchain innovation, virtual asset services providers (VASPs) must remain vigilant in complying with anti-money laundering (AML)...more

EU: New European Consumer Protection Guidelines for Virtual Currencies in Video Games

Sheppard Mullin Richter & Hampton LLP on 4/1/2025

On March 21, 2025, ahead of a consultation and call for evidence on the EU’s Digital Fairness Act, the Consumer Protection Cooperation (CPC) Network highlighted the pressing need for improved consumer protection in the...more

Amendments to the regulatory framework for virtual assets in the Cayman Islands

Carey Olsen on 3/31/2025

On 1 April 2025, several key updates will be made to the framework for the regulation of virtual assets in the Cayman Islands. These updates include the introduction and commencement of the VASP licencing framework for...more

Virtual Currency Regulations: Key Insights for the Payments Industry — Payments Pros – The Payments Law Podcast

Troutman Pepper Locke on 3/19/2025

In the latest episode of Payments Pros, hosts Keith Barnett and Carlin McCrory discuss the latest FinCEN and OFAC guidance on virtual currency transactions, specifically tailored for companies in the payments industry. They...more

Pixels, Pennies, and Punishments: Virtual Currency Costs Company $25M

Fenwick & West LLP on 3/13/2025

The house doesn’t always win—a federal jury awarded nearly $25 million in damages to a class of consumers in Washington State after a district court in Larsen v. PTT, LLC determined that certain “social casino” games operated...more

SEC Declares Meme Coins Are Not “Securities” In New Statement

A&O Shearman on 3/12/2025

On February 27, 2025, the Securities and Exchange Commission (the “SEC”) issued a statement to provide clarity on the application of federal securities laws to crypto assets by declaring that “meme coins” do not fall under...more

Regulations On Virtual Assets To Counter Proliferation Financing And Prevent Money Laundering

Awatif Mohammad Shoqi Advocates & Legal... on 2/17/2025

The advent and rise of cryptocurrency have been a disruptor to the traditional currency system. Even outside the virtual aspect of the currency, the concept is novel due to its accessibility and the level of anonymity...more

Key Considerations for the Prospective Blockchain Investor

Mintz Edge on 2/10/2025

Prospective purchasers of blockchain assets can now navigate through global exchanges (i.e., Coinbase or Kraken) to invest in various forms of tokens. Investments in tokens, however, are only the tip of the iceberg for those...more

Focus on Fintech – Q4 2024

Wilson Sonsini Goodrich & Rosati on 2/5/2025

In this issue of Wilson Sonsini's Focus on Fintech, our attorneys discuss updates and developments from federal regulators, including those related to artificial intelligence in financial markets, regulated securities...more

Texas PUC Finalizes Registration Rule for Large Miners of Bitcoin and Other Virtual Currencies

Winstead PC on 1/31/2025

The Public Utility Commission of Texas (PUC) has adopted 16 TAC § 25.114 (available here), requiring certain virtual currency mining facilities (VCMFs) to register as “large flexible loads” if they receive more than 75 MW of...more

Blockchain and Digital Assets News and Trends – January 2025

DLA Piper on 1/28/2025

This periodic bulletin is designed to help companies identify important legal developments governing the use and acceptance of blockchain technology, smart contracts, and digital assets. While the use cases for blockchain...more

Not Just Fun and Games? CFPB Seeks Comments on Proposed Interpretive Rule to Place New Forms of Digital Payments, Including...

Morrison & Foerster LLP on 1/24/2025

On January 15, 2025, days before the start of the Trump administration, the Consumer Financial Protection Bureau (CFPB) published a proposed interpretive rule (Proposed Rule) seeking public comment on how the Electronic Fund...more

The (Bay) State of the Model Money Transmission Modernization Act

Alston & Bird on 1/22/2025

Massachusetts has joined the growing list of states that have at least partially adopted the Model Money Transmission Modernization Act. Our Financial Services Group examines the model act, how the Bay State has adopted it,...more

CFPB Renews Attempt to Regulate Crypto by Applying Reg E to Stablecoins and Other Digital Payment Mechanisms

Troutman Pepper Locke on 1/15/2025

On January 10, the Consumer Financial Protection Bureau (Bureau) issued a notice of proposed interpretive rule (Proposed Rule). The deadline for comments is March 31, 2025. The Proposed Rule would apply the Electronic Fund...more

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Virtual Currency

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