To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more
Seven years ago, Ethereum launched and became the predominant blockchain for developers to build decentralized applications powered by smart contracts (dApps). By leveraging Ethereum's smart-contract compatibility, developers...more
9/6/2022
/ Blockchain ,
Breach of Duty ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Ethereum ,
General Partnerships ,
Legal Entities ,
Negligence ,
Phishing Scams ,
Putative Class Actions ,
Smart Contracts ,
Token Sales
On August 19, the Federal Deposit Insurance Corporation (FDIC) issued cease and desist letters to five cryptocurrency companies, demanding they refrain from making allegedly false and misleading statements about deposit...more
On June 8, the New York State Department of Financial Services (NYDFS) issued new “Guidance on the Issuance of U.S. Dollar-Backed Stablecoins,” establishing a first-of-its-kind state standards for USD-backed stablecoins...more
On May 4, following in the footsteps of President Biden’s recent executive order (Federal EO), California Governor Gavin Newsom issued his own blockchain-related executive order (CA EO), making California the first among the...more
On April 28, the Joint Chiefs of Global Tax Enforcement (the J5), a global joint operational taxation group consisting of Australia, Canada, Netherlands, United Kingdom, and the United States, issued an intelligence bulletin...more
On March 31, Idaho Governor Brad Little signed HB 583, the Digital Asset Act. The bill amends Title 28 of the Idaho Code, which governs commercial transactions generally, to include a new chapter dedicated to regulation of...more
On March 31, the Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin No. 121 (Bulletin), noting that a company safeguarding or exerting custody over cryptocurrency on behalf of its platform users must...more
On March 31, the Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin No. 121 (Bulletin), noting that a company safeguarding or exerting custody over cryptocurrency on behalf of its platform users must...more
On April 6, Senator Pat Toomey (R-PA) released a draft of his proposed stablecoin legislation titled, Stablecoin Transparency of Reserves and Uniform Safe Transactions Act, or the Stablecoin TRUST Act. Toomey, the ranking...more
On March 31, a New York federal court dismissed a proposed securities class-action lawsuit filed against Binance, the world's largest cryptocurrency exchange. The lawsuit, one of a host of similar actions brought against...more