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Virtual Currency › Cryptoassets

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... more +
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 -
A&O Shearman

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

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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

Wilson Sonsini Goodrich & Rosati

CFPB Takes Aim at Crypto Wallets and Gaming Platforms with Proposed "Interpretive Guidance" to Expand EFTA's Scope

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The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule on how the Electronic Fund Transfer Act (EFTA) and its implementing regulation, Regulation E, would apply to new and emerging digital payments....more

Hogan Lovells

UK embraces DLT and tokenisation: direction of travel - Redefining the frontiers of financial system efficiency

Hogan Lovells on

This articles provides some insights on the direction of travel in the UK in relation to distributed ledger technology (DLT) and digital assets, in light of recent legislative and policy developments that signal the UK’s...more

K&L Gates LLP

First JPEX Judgement by a Hong Kong Court in Favor of Customers

K&L Gates LLP on

On 29 October 2024, the Hong Kong District Court issued the judgment of the first legal action (Chan Wing Yan and Another v. JP-EX Crypto Asset Platform Ltd and Others [2024] HKDC 1628) against JPEX, which the Hong Kong...more

Polsinelli

Blockchain+ Bi-Weekly; Highlights of the Last Two Weeks in Web3 Law: November 14, 2024

Polsinelli on

After a relatively quiet October for Web3 legal developments, November has kicked off with significant activity, primarily centered around ongoing lawsuits and regulatory enforcement actions. In addition to these legal...more

DLA Piper

Blockchain and Digital Assets News and Trends - August 2024

DLA Piper on

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

A&O Shearman

Amendments to Luxembourg laws to implement MiCAR and TFR: key takeaways and impact on VASPs

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On 21 May 2024, a bill of law n° 8387 was introduced before the Luxembourg Parliament. Its objective is to amend several pieces of Luxembourg legislation to operationalise various European regulations, in particular...more

Morris James LLP

Bankruptcy Courts' Role In Shaping Crypto's Legal Framework

Morris James LLP on

Cryptocurrency is in the media's spotlight and the U.S. Securities and Exchange Commission's crosshairs. After the spectacular demise of FTX Trading Ltd. and other cryptocurrency companies, customers and creditors were left...more

Hogan Lovells

The Payments Newsletter including Digital Assets & Blockchain, March 2024

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Key developments of interest over the last month include: the UK government publishing draft legislation on payment service contract termination rule changes; the Central Bank of Ireland providing insights into its regulatory...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - December 2023 Updates

Akin Gump Strauss Hauer & Feld LLP on

On the one hand, the year ended where it began. The legislation on stabelecoins and market structure that would provide a regulatory framework for digital assets has still not been enacted into law. And Securities and...more

Perkins Coie

SEC Approves 11 Spot Bitcoin Exchange-Traded Products

Perkins Coie on

On January 10, the Securities and Exchange Commission gave the green light to 11 issuers that applied for bitcoin exchange-traded funds (ETFs). After a false announcement and a course change due to the ruling in Grayscale...more

A&O Shearman

MiCAR under the microscope - Part 3: The issuance of stablecoins under MiCAR: Scope and requirements

A&O Shearman on

The huge expansion of crypto-assets over recent years and the popularity of their underlying technology (distributed ledger technology (DLT) or blockchain) have come with their share of challenges, including a significant...more

Troutman Pepper Locke

FinCEN to Shed Light on Illicit Use of Virtual Currency Mixing Through Enhanced Record Keeping and Reporting Requirements

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The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently announced a Notice of Proposed Rulemaking (NPRM) that identifies international convertible virtual currency mixing as a class of...more

Morgan Lewis

California Becomes Latest State to Regulate Digital Assets

Morgan Lewis on

California Governor Gavin Newsom signed the California Digital Financial Assets Law (DFAL) and Senate Bill 401 on October 13, 2023, which together will regulate virtual currency activities within the state when the laws...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - October 2023 # 4

Troutman Pepper Locke on

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

Jenner & Block

Client Alert: Virtual Currency Update: NYDFS Issues Key New Guidance As It Marks Two Year Milestone

Jenner & Block on

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

Troutman Pepper Locke

Fed Provides Details of Novel Banking Activities and Cryptocurrency Supervisory Program

Troutman Pepper Locke on

On August 8, the Federal Reserve Board (Fed) issued a press release providing additional information on its Novel Activities Supervision Program (Program) to monitor novel activities in the banks it oversees. Novel activities...more

Cooley LLP

IRS Releases Guidance on Cryptocurrency ‘Staking’ Rewards

Cooley LLP on

On July 31, 2023, the Internal Revenue Service (IRS) released Revenue Ruling 2023-14, which addresses the US federal income tax treatment of cryptocurrency units (commonly referred to as coins or tokens) that are received by...more

Orrick, Herrington & Sutcliffe LLP

SEC charges companies, founder for operating an unregistered exchange

Orrick, Herrington & Sutcliffe LLP on

On July 31, the SEC filed a complaint in the U.S. District Court for the Eastern District of New York against three cryptocurrency trading platforms and their founder for allegedly conducting unregistered offerings of crypto...more

Wilson Sonsini Goodrich & Rosati

IRS Confirms That Staking Rewards Are Part of Gross Income

Wilson Sonsini Goodrich & Rosati on

On July 31, 2023, the Internal Revenue Service (IRS) released Revenue Ruling 2023-14, which provides that cryptocurrency stakers should include the value of the rewards they earn from staking in their gross income....more

Proskauer - Blockchain and the Law

New York Department of Financial Services Issues Guidance on Cryptoasset Custody in Wake of Recent High-Profile Bankruptcies

Proskauer - Blockchain and the Law on

Demand for virtual currency services, including custody services, has soared in the past several years. Like their counterparts in traditional finance, these custodians are stewards of retail and institutional customer funds...more

Latham & Watkins LLP

New York Department of Financial Services Issues Crypto Custody Guidance

Latham & Watkins LLP on

The Guidance clarifies the regulator’s expectations on safekeeping customer digital assets, and the disclosures that must accompany such arrangements. On January 23, 2023, the New York Department of Financial Services...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

Troutman Pepper Locke

State AGs Reach $24M Settlement With Cryptocurrency Company Nexo

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New York Attorney General Letitia James led a bipartisan multistate coalition to reach a $24 million settlement with cryptocurrency company Nexo for allegedly offering and selling unregistered securities and commodities. As...more

Kilpatrick

IRS Publishes Advice Concerning Cryptocurrency that has Declined in Value

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On January 13, 2023, the Internal Revenue Service (IRS) Office of Chief Counsel published Memorandum 202302011 titled “[a]pplicability of I.R.C. section 165 to cryptocurrency that has declined in value.” The Memorandum...more

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