News & Analysis as of September 20, 2024

Virtual Currency › Federal Deposit Insurance Corporation

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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 -

Blockchain and Digital Assets News and Trends - August 2024

DLA Piper on 9/3/2024

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

Focus on Fintech – Q1 2024

Wilson Sonsini Goodrich & Rosati on 5/30/2024

In this latest edition, our attorneys discuss updates and developments from federal regulators, including those related to the intersection of fintech and artificial intelligence, cryptocurrency and virtual currency updates,...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - December 2023

Troutman Pepper on 12/5/2023

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

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

Troutman Pepper on 10/25/2023

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

FDIC's Annual Risk Review Includes Crypto Risks for First Time

Cadwalader, Wickersham & Taft LLP on 8/21/2023

The Federal Deposit Insurance Corporation (“FDIC”) published its annual Risk Review this past Monday, providing an overview of banking conditions for 2022 through early 2023. The FDIC started providing Risk Reviews to the...more

CRPTO Act Cracks Down On CRYPTO

Pietragallo Gordon Alfano Bosick & Raspanti,... on 5/9/2023

Regulators have been slow walking the imposition of cryptocurrency regulation schemes despite multi-billion-dollar thefts and losses. This lack of regulation could be coming to an end…and fast, with the finance capital of the...more

States, Countries Focus on Fraud Prevention and Customer Protection in Crypto

Morgan Lewis - All Things FinReg on 2/27/2023

New York has enhanced its fraud prevention tools, while consumers can identify crypto scams using California’s scam tracker. A week after the US Securities and Exchange Commission (SEC) proposed amendments to cover...more

Bank Regulators Issue Joint Statement on Crypto-Asset Risks

Cadwalader, Wickersham & Taft LLP on 1/5/2023

On the first business day of the year, January 3, 2023, the Board of Governors of the Federal Reserve System (“the Fed”), the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency...more

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts

Skadden, Arps, Slate, Meagher & Flom LLP on 8/25/2022

A flurry of legal and enforcement activity has arisen over the last two weeks across a wide range of areas in the Web3 space, including actions by the Securities and Exchange Commission, the Office of Foreign Assets Control,...more

Crypto Trading Platforms and Bankruptcy Law: Are Clients Protected?

Tonkon Torp LLP on 7/21/2022

Cryptocurrency investors, who were already in the icy clutches of the so-called “crypto winter,” now have another reason to shiver. Insolvency issues are cropping up with some frequency among crypto companies, which is...more

Daily Financial Regulation Update -- Saturday, July 2, 2022

Paul Hastings LLP on 7/5/2022

Major Developments- Justice Department Announces Enforcement Action Charging Six Individuals with Cryptocurrency Fraud Offenses in Cases Involving Over $100 Million in Intended Losses...more

U.S. Government Steps Up Its Enforcement in the Digital Assets Space

Alston & Bird on 5/26/2022

Our Blockchain & Digital Assets Team offers a snapshot sample of significant recent developments by a panoply of federal agencies and departments that represent the expanding array of enforcement tools used by federal...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

FDIC Weighs In on Crypto Activities

Cadwalader, Wickersham & Taft LLP on 4/15/2022

Last week, the FDIC issued a Financial Institution Letter (“FIL”) related to crypto activities, following in some ways in the footsteps of the OCC in requiring notice to the regulator before engaging in crypto-related...more

FDIC Requires Reporting of Crypto-Related Activities

Katten Muchin Rosenman LLP on 4/14/2022

Any Federal Deposit Insurance Corporation (FDIC)-supervised institution that is considering engaging in crypto-related activity must now notify the FDIC of its intent and provide all necessary information to create a dialogue...more

Federal Financial Regulators Issue Warnings About Russian Sanction Evasion Attempts

Harris Beach PLLC on 3/15/2022

With the imposition of sweeping new sanctions on Russia and Belarus following the invasion of Ukraine, federal financial regulators are issuing warnings about efforts to evade these actions. On Monday, March 7, 2022, the...more

FinCEN Warns Against Evasion of Russian Sanctions

Goodwin on 3/14/2022

In this Issue. The Financial Crimes Enforcement Network (FinCEN) published an alert warning financial institutions of possible efforts to evade U.S.-imposed sanctions on Russia and Belarus; the U.S. Department of the Treasury...more

Multiple Pieces of Legislation Swirling Around Virtual Currencies

Troutman Pepper on 2/23/2022

On February 15, Representative Warren Davidson (R-OH) announced he will be introducing the “Keep Your Coins Act,” which is intended “[t]o prohibit Federal agencies from restricting the use of convertible virtual currency by a...more

Stablecoins and Beyond: 2022 Digital Asset Legislation Landscape

Troutman Pepper on 1/19/2022

Will 2022 be the year of comprehensive digital asset legislation in the U.S.?...more

Virtual Currency Legal Report: Week of January 7, 2022

Perkins Coie on 1/13/2022

U.S. Congress to Hold Oversight Hearing on the Mining of Cryptocurrency - NY DFS to Hire New Deputy Superintendent - Recent Federal Regulator Announcements Signal Changes in Senior Leadership at the SEC, CFTC, and FDIC...more

Regulators Gallop To Cryptocurrency's "Wild West"

Bilzin Sumberg on 12/16/2021

Even enthusiastic participants in the booming cryptocurrency sector have at times described it as having a distinctly “Wild West” feel at this relatively early stage of its development. Lately, though, there has been no...more

New Strides in Crypto-Asset Regulation

Morrison & Foerster LLP on 12/6/2021

On November 23, 2021, the Office of the Comptroller of the Currency (OCC) released Interpretive Letter 1179 (the “Letter”), which is the culmination of a review of prior Interpretive Letters on cryptocurrency and related...more

President’s Working Group on Financial Markets Issues Report on Stablecoins

Dechert LLP on 11/24/2021

The President’s Working Group on Financial Markets (PWG), joined by the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (OCC), released a Report on Stablecoins (Report) on November 1,...more

Federal Regulators Move To Regulate Stablecoins Through Banking Laws Plus New Legislation

Skadden, Arps, Slate, Meagher & Flom LLP on 11/17/2021

The President’s Working Group on Financial Markets (PWG), together with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), released a much-anticipated Report on...more

US Financial Regulators Release Much-Anticipated Report on Stablecoins

Mayer Brown Free Writings + Perspectives on 11/12/2021

On November 1, 2021, the President’s Working Group on Financial Markets (PWG) released its much-anticipated Report on Stablecoins (Report). The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of...more

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Virtual Currency › Federal Deposit Insurance Corporation

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