News & Analysis as of September 23, 2024

Blockchain

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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 -

Implications of FinCEN’s Notice of Proposed Rulemaking on Virtual Currency Mixers

K2 Integrity on 1/29/2024

On 17 January 2024, K2 Integrity hosted a webinar on FinCEN’s Notice of Proposed Rulemaking on virtual currency mixers and the implications of this first-of-its-kind 311 designation on the virtual currency industry. Elizabeth...more

NYDFS Releases Virtual Currency Guidance for Banking Organizations

Ballard Spahr LLP on 12/23/2022

On December 15, 2022, the New York Department of Financial Services (“NYDFS”) published an Industry Letter detailing the Department’s guidance regarding banking organizations that wish to engage in virtual currency-related...more

Top Trends in Digital Assets for 2022

Foley & Lardner LLP on 8/3/2022

It's no secret that cryptocurrency markets and the larger digital assets economy have been roiled by recent instability, resulting in discussions about how regulatory initiatives, rising inflationary pressure, and public...more

No Foolish Transactions: A Few Guidelines for NFT Marketplace Participants to Mitigate Anti-Money Laundering Risks

Wilson Sonsini Goodrich & Rosati on 5/24/2022

The global NFT (non-fungible token) market now is worth dozens of billions of dollars annually. Innovators and early adopters, marketplaces, and sellers, are all eager to join this market but may have questions about how to...more

Tokenization Lawyer – 5 Reasons Why You Might Need One

Oberheiden P.C. on 5/17/2022

What is Tokenization? Tokenization is the process of converting an asset into a token on the blockchain. It operates by dividing—or fractionalizing—the ownership of an asset (whether the asset is a piece of real estate or...more

Analyze This: The NYDFS Sets Clear Crypto Transaction Monitoring Expectations

Morrison & Foerster LLP on 5/5/2022

The past year has seen a flurry of crypto-related activities by the federal financial regulators, including the issuance of reports, guidance, joint statements, and interpretive letters....more

NYDFS Stresses Use of Blockchain Analytics for AML Compliance by Virtual Currency Businesses

Ballard Spahr LLP on 5/2/2022

On April 28, 2022 the New York Department of Financial Services (“NYDFS”) issued its Guidance on Use of Blockchain Analytics, a document directed to all virtual currency business entities that either have a NYDFS Bitlicense...more

Crypto Love is a Battlefield

Nelson Mullins Riley & Scarborough LLP on 2/25/2022

The battle over blockchain technology and digital assets bears a striking resemblance to the debate over the potential of the internet in the mid-1990s. Where critics see a passing fad with little actual utility or a lawless...more

Financial Institutions Seek Involvement in Crypto Field

Barnea Jaffa Lande & Co. on 10/11/2021

While Israel’s banks are in no hurry to accept the blockchain industry and are avidly trying to keep their distance from cryptocurrencies, this is not the case elsewhere. Recently, the major global securities, derivatives and...more

The Basel AML Index 2021: Virtual Assets and Money Laundering. A Guest Blog.

Ballard Spahr LLP on 10/5/2021

Global AML Compliance Faces Challenges Relating to Regulator Expertise, the Travel Rule, Decentralized Finance, and “Regulator Shopping”...more

Crypto Adoption and AML Reports Published, NFT Market Growth Continues, Blockchain Cobalt Pilot Progresses, Crypto Exchange and...

BakerHostetler on 8/23/2021

Crypto Adoption Index Published, Regulators Address Crypto Across Globe - The 2021 Chainalysis Global Crypto Adoption Index was published on Wednesday, providing an in-depth review of cryptocurrency adoption around the...more

Cryptocurrency: Wild West or Wall Street? [More with McGlinchey, Ep. 22]

McGlinchey Stafford on 5/27/2021

Every day, the mainstream media and social media are filled with references to cryptocurrency. Depending on who you ask, it’s either simply the next way to spend your money, or it’s a haven for criminal activity. In this...more

Crypto in the Crosshairs: What Regulatory Themes Characterized 2020?

Latham & Watkins LLP on 1/29/2021

Throughout 2020, cryptocurrencies experienced incremental progress towards the mainstream as institutional investors and financial institutions made positive statements about the nascent asset class, an increasing number of...more

Blockchain Week in Review - December 2020 #2

Perkins Coie on 12/16/2020

U.S. Developments - Members of Congress Request SEC Clarity On Digital Securities Custody - On December 9, a bipartisan group of representatives penned a letter to SEC Chairman Jay Clayton regarding the issue of...more

Cryptocurrency, Legitimate Uses, and Legal Issues

Spilman Thomas & Battle, PLLC on 11/13/2020

Following the recent publication of the U.S. Attorney General's cryptocurrency enforcement framework, Spilman attorneys Corey Bonasso and Nick Mooney discuss cryptocurrencies, their legitimate uses, and some inherent legal...more

Prosecutors and Regulators Focus on Cryptocurrency Platforms and Anti-Money Laundering Requirements

A&O Shearman on 10/14/2020

Prosecutors and regulators are signaling an intent to expand accountability amongst cryptocurrency platforms under U.S. laws and regulations, including the Bank Secrecy Act (BSA). On October 8, 2020, the United States...more

Blockchain Week in Review - May 2020 #3

Perkins Coie on 5/29/2020

US Developments - Federal and State Regulatory Developments - OCC Announces a New Acting Comptroller of the Currency - On May 21, 2020, current Comptroller of the Currency Joseph M. Otting announced that he is stepping...more

An Ode to Joy- Congressional Research Service’s report on FinTech Innovation and Policy

Polsinelli on 5/13/2020

On April 28, 2020, the Congressional Research Service (CRS) published an in depth report related to Fintech, titled Fintech: Overview of Innovative Financial Technology and Selected Policy Issues....more

Virtual Currency as a Threat to National Security?

King & Spalding on 3/12/2020

In the past, sanctioned jurisdictions like Venezuela have embraced virtual currency as a way to bypass channels that involve U.S. dollars, blunting the impact of U.S. economic sanctions policies aimed at isolating those...more

Blockchain Supply Chain Pilots Expand, Securities Settlement Platform Goes Live, OCC Enters Into Consent Order With NY Bank for...

BakerHostetler on 3/2/2020

Interest in Blockchain-Based Supply-Chain Initiatives Continues to Swell - Interest in blockchain-based supply-chain initiatives continues to swell. The Indonesia Customs and Excise Department recently announced a...more

Power of the Peirce: SEC Commissioner Spends Some of Her Influence on Trying to Help Crypto Network Developers

Orrick - On the Chain on 2/19/2020

SEC Commissioner Hester Peirce continues to be one of the most vocal persons in leadership positions at federal regulators who are promoting innovation in digital currency and the blockchain....more

Navy Awards Blockchain Contract, Crypto Loyalty Programs Advance, Australia Releases Blockchain Strategy, US Warns on Crypto AML...

BakerHostetler on 2/18/2020

Blockchain Enterprise Applications Continue to Emerge Across Industries - A press release late last week announced that blockchain startup SIMBA Chain has been awarded a five-year, $9.5 million contract with the U.S. Navy...more

Ethereum Fork Successful, Solutions Target Sneakers and Browsers, EU and NY Consider Regulations, Enforcement Actions Continue

BakerHostetler on 12/16/2019

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

New York Proposed Guidance on Virtual Currencies

Sullivan & Worcester on 12/13/2019

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

Multiple Enterprise Blockchain Applications Announced, SEC and CFTC Issue Guidance and Enforcement Actions

BakerHostetler on 10/21/2019

Blockchains on Broadway, Smart Contracts Make Headway, Food Supply Chain and Health Applications Continue - The National Science Foundation has awarded SimplyVitalHealth Inc. a grant to further develop its blockchain...more

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