News & Analysis as of September 18, 2024

Virtual Currency › Depository Institutions

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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 -

Regulatory Actions and Legislative Proposals Signal Growing Consensus on Parameters for Stablecoins

Skadden, Arps, Slate, Meagher & Flom LLP on 7/19/2022

Recent guidance from the New York State Department of Financial Services (DFS) and a proposed bill in the U.S. Senate portend more regulatory and legislative activity to clarify the status of and requirements for stablecoin...more

CFTC Adds Another Building Block to its Digital Asset Framework

Latham & Watkins LLP on 11/19/2020

The CFTC issues stringent guidelines for FCMs seeking to custody digital assets in connection with physically delivered futures contracts or swaps. The US Commodity Futures Trading Commission’s (CFTC’s) Division of Swap...more

NYDFS Requires LIBOR Transition Plans by Early February

White & Case LLP on 1/14/2020

On December 23, 2019, the New York Department of Financial Services (NYDFS) issued an Industry Letter instructing each institution it regulates, including banks and licensed Fintechs, to make submissions describing the...more

Wyoming, the “Equality State,” Seeks to Level the Playing Field for Digital Assets Businesses

Orrick - On the Chain on 12/4/2019

In its continued effort to establish itself as the go-to jurisdiction for digital asset businesses, Wyoming, through its Department of Audit, Division of Banking, recently published a digital asset custody regime for its...more

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 7/9/2015

Federal Reserve Releases First Determination of Aggregate Consolidated Liabilities of all Financial Companies - On July 1, the Federal Reserve Board released its first determination of the aggregate consolidated...more

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