News & Analysis as of September 24, 2024

Virtual Currency › Rulemaking Process

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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 -

CryptoLink - December 2023 Updates

Akin Gump Strauss Hauer & Feld LLP on 1/19/2024

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

NY DFS Releases Custodial Guidance on Crypto Insolvency

Sheppard Mullin Richter & Hampton LLP on 2/3/2023

On January 23, the NY DFS released updated guidance with regard to better protecting consumers in the event of virtual currency insolvency. This updated guidance applies to entities that DFS has licensed or chartered to hold...more

House Financial Services Committee Focuses on PWG Stablecoin Report

Sheppard Mullin Richter & Hampton LLP on 2/11/2022

On February 8, the House Financial Services Committee held a hearing titled, “Digital Assets and the Future of Finance: The President’s Working Group on Financial Markets” to consider legislative recommendations from the...more

OCC Chief Counsel Clarifies Bank Authority to Engage in Crypto

Sheppard Mullin Richter & Hampton LLP on 12/1/2021

On November 18, the Chief Counsel of the Office of the Comptroller of the Currency (OCC) issued a fourth interpretive letter (Letter 1179) regarding whether it is permissible for national banks and federal savings...more

President’s Working Group Releases Report on Stablecoins

Sheppard Mullin Richter & Hampton LLP on 11/9/2021

On November 1, the President’s Working Group on Financial Markets (PWG), the FDIC, and the OCC announced the release of a report on stablecoins — virtual currencies that, unlike Bitcoin, are backed by assets like gold or fiat...more

Money Transmission Licenses Required for Virtual Currency Activities in Arkansas and Florida

Sheppard Mullin Richter & Hampton LLP on 9/22/2021

Recently Florida and Arkansas made it a requirement for those engaging in virtual currency activities to obtain money transmission licenses in their respective jurisdictions. - In August, the Florida Office of Financial...more

FinCEN Proposes New Reporting, Recordkeeping and Verification Requirements for Transactions Involving Unhosted Wallets

Skadden, Arps, Slate, Meagher & Flom LLP on 1/20/2021

On January 7, 2021, the original 15-day comment period ended for a proposed rule announced by the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) that would impose new reporting, recordkeeping...more

FinCEN’s Proposed Rulemaking for Cryptocurrency – The Balance of National Security vs. Privacy

Rothwell, Figg, Ernst & Manbeck, P.C. on 1/6/2021

Just before the Christmas holidays, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued proposed rulemaking entitled “Requirements for Certain Transactions Involving Convertible Virtual...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

IRS Hints at Form 8938 Requirements for Reporting Crypto Assets Held at a Foreign Exchange

Orrick - On the Chain on 1/8/2020

With the emergence of digital assets, the question has arisen whether digital assets held in “wallets” in foreign exchanges need to be reported on Internal Revenue Service (IRS) Form 8938, Statement of Specified Foreign...more

2018 CFTC Year-In-Review

WilmerHale on 2/4/2019

For the Commodity Futures Trading Commission (CFTC or Commission), 2018 was characterized by (1) an active enforcement program emphasizing cooperation and self-reporting, (2) increasing cross-border tension over supervision...more

NYDFS Publishes BitLicense Comments

Perkins Coie on 12/5/2014

Yesterday, the New York Department of Financial Services (NYDFS) published all comments that it received on its “BitLicense” proposal. A total of 3,746 comments were submitted, many of which were written by individuals based...more

New York Proposes First State Bitcoin Regulations

Proskauer Rose LLP on 7/25/2014

One might have thought the biggest news in the digital currency world lately was Dell announcing that it was now accepting bitcoin. However, after a series of highly-publicized hearings in January, New York State rolled out...more

Proposed “Bitlicense” Regulations Published to the New York Register

Proskauer - New Media & Technology on 7/23/2014

Today’s New York State Register includes a Notice of Proposed Rule Making from the New York State Department of Financial Services (the “NYSDFS”) regarding the regulation of virtual currency (“Regulation of the Conduct of...more

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Virtual Currency › Rulemaking Process

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