News & Analysis as of September 26, 2024

Virtual Currency › New Legislation

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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 -

Vermont and Pennsylvania Embrace Virtual Currency Regulation

Shipkevich PLLC on 7/31/2024

In a continuing trend across U.S. states, Vermont and Pennsylvania have shown their intent to establish more oversight over the digital currency sector. New legislative amendments to Vermont’s financial services laws include...more

Significant State Regulatory Development in the Virtual Currency Industry in California and New York

Goodwin on 4/30/2024

California enacted its own version of New York’s “BitLicense” law, the Digital Financial Assets Law (DFAL), becoming one of the first US states to implement a virtual currency-specific regulatory regime. ...more

SEC Approves 11 Spot Bitcoin Exchange-Traded Products

Perkins Coie on 1/11/2024

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

California enacts two new virtual currency laws: What market participants need to know

A&O Shearman on 11/15/2023

On October 13, 2023, California enacted two bills that significantly expand the regulation of virtual currency-related activities in California: Assembly Bill 39 (AB 39), known as the California Digital Financial Assets...more

Client Alert: California Enters the Arena of Virtual Currency Regulation

Jenner & Block on 10/25/2023

After prolonged deliberation, California has finally decided to enter the virtual currency regulatory arena by adopting two virtual currency regulatory bills into law. The California Digital Financial Assets Law (“DFAL”),...more

Blockchain+ Bi-Weekly - June 2023 #2

Polsinelli on 6/30/2023

The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more

Breaking Down the New Bitcoin Bill: An Overview of the Lummis-Gillibrand Responsible Financial Innovation Act

Shumaker, Loop & Kendrick, LLP on 6/9/2022

On January 3, 2009, the pseudonymous “Satoshi Nakamoto” mined the first bitcoin. In the years following bitcoin’s creation, the price of a single bitcoin has increased exponentially, from essentially zero to an all-time high...more

The Cryptocurrency Industry Breathes a Sigh of Relief Following President Biden’s Executive Order

McDermott Will & Emery on 3/11/2022

On March 9, 2022, US President Joe Biden signed an unprecedented executive order directing federal agencies to coordinate their approach to clarifying cryptocurrency regulations. Sighs of relief were heard across the industry...more

Virginia Approves Bill Allowing Banks to Offer Cryptocurrency Custody Services

Sheppard Mullin Richter & Hampton LLP on 3/10/2022

On March 3, Virginia passed a new bill (HB 263) permitting banks in the Commonwealth to provide its customers with crypto custody services “so long as the bank has adequate protocols in place to effectively manage risks and...more

President Biden Signs Executive Order Outlining Crypto Policy

Sheppard Mullin Richter & Hampton LLP on 3/10/2022

On March 9, President Biden signed a highly anticipated executive order outlining his administration’s cryptocurrency policy. We have previously blogged about the Biden administration’s working group on stablecoins and the...more

Sanctions Roundup: Fourth Quarter 2021

A&O Shearman on 1/24/2022

Closing the year with a renewed focus on the People’s Republic of China, the Biden Administration imposed new export restrictions on US-origin technology to Chinese tech firms to hinder the PRC’s military and security...more

Spain enacts first legislation to regulate cryptocurrencies

White & Case LLP on 11/23/2021

On 21 October this year, the Bank of Spain created the registry where service providers for both the exchange of virtual currency for fiat currency and the custody of electronic wallets must register, as a result of the...more

Virtual Currency Legal Report - July 2021 #2

Perkins Coie on 8/3/2021

U.S. Developments - Legislation - Congress Members Reintroduce Bill to Define Digital Assets - U.S. Representative Tom Emmer (MN-06) re-introduced legislation aimed at defining how regulators should classify and...more

Blockchain Week in Review - January 2021

Perkins Coie on 1/27/2021

Federal Regulation Actions Frozen Pending Review from New Administration - On January 20, 2021, newly inaugurated President Joe Biden issued a memorandum to the Heads of Executive Departments and Agencies asking current...more

Louisiana to Require Virtual Currency Business License

McGlinchey Stafford on 8/6/2020

The Louisiana Office of Financial Institutions (OFI) will require virtual currency businesses to hold a license, though the license application may not be available until 2021.[1] The Louisiana Virtual Currency Businesses...more

Proposed Washington Gambling Law Changes Aimed at Keeping State Video Gaming Industry Around

Manatt, Phelps & Phillips, LLP on 2/19/2020

In response to the Ninth Circuit’s decision in Kater v. Churchill Downs Inc., Washington State’s legislature is attempting to redefine what constitutes “illegal gambling games” within the meaning of the state’s Recovery of...more

AMF Establishes New Legal Framework for Digital Asset Service Providers in France

Jones Day on 1/2/2020

The Situation: Following the enactment earlier in 2019 of new French legislation to regulate activities related to digital assets (including cryptocurrency but excluding tokenized securities), final regulatory provisions were...more

Blockchain Week in Review - March 2019 #2

Perkins Coie on 3/19/2019

U.S. Developments - Denver to Implement Blockchain-Based Elections for Overseas Voters - Denver moves to become the second U.S. jurisdiction to implement a blockchain-based voting system for overseas voters. Active duty...more

Blockchain Week in Review - January 2019 #3

Perkins Coie on 1/24/2019

U.S. Developments - Flood of State Virtual Currency Legislation - Since the start of the new year there have been roughly nine virtual currency bills introduced or passed in four different states. Overall, the bills...more

State Regulations on Virtual Currency and Blockchain Technologies (Updated)

Carlton Fields on 1/9/2019

There exists no uniformity with respect to how businesses that deal in virtual currencies (also known as "cryptocurrencies") such as Bitcoin are treated among the states....more

Wyoming and Vermont Look to Blockchain for Economic Development

Fisher Phillips on 7/30/2018

A small number of states see blockchain technology as a way to attract new businesses to their state to spur economic development. In March 2018, Wyoming Governor Matt Mead signed sweeping legislation that makes limited...more

States Race To Embrace Blockchain Technology

Robinson+Cole Data Privacy + Security Insider on 7/24/2018

Add Connecticut, Ohio and Vermont to the list of states passing legislation focused on the potential disruptive impact of blockchain – the technology underlying cryptocurrencies such as Bitcoin. ...more

Vermont Passes New Blockchain Legislation

Blank Rome LLP on 7/10/2018

Vermont continues its play to bring blockchain business to the state. On May 30, 2018, Vermont Governor Phil Scott signed into law Senate Bill 269: An Act Related to Blockchain Business Development, which became effective...more

Blockchain Week in Review - June 2018

Perkins Coie on 7/2/2018

...On June 28, the Commodity Futures Trading Commission and the Securities and Exchange Commission announced a new Memorandum of Understanding meant to allow two agencies to further coordinate in areas of common interest. ...more

Retaining North Carolina's Booming Virtual Currency Industry

Ward and Smith, P.A. on 6/27/2018

North Carolina rightfully regards itself as a leader in innovation and as a hub for technology—it hosts Research Triangle Park and world-renowned universities, and according to the NCTech’s 2018 State of Technology Industry...more

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Virtual Currency › New Legislation

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