On April 4, 2025, the California Department of Financial Protection and Innovation (“DFPI”) issued a notice of proposed rulemaking to implement portions of the State’s Digital Financial Assets Law (“DFAL”) related to...more
4/16/2025
/ California ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Digital Assets ,
Financial Regulatory Reform ,
FinTech ,
Government Agencies ,
Licensing Rules ,
Money Transmitter ,
Proposed Rules ,
Regulatory Requirements
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
On May 5, 2023, the New York Attorney General, Letitia James, proposed a “landmark” bill to increase regulations (again) on the cryptocurrency industry, thereby supposedly protecting investors, consumers, and the broader...more
5/11/2023
/ Audits ,
Conflicts of Interest ,
Consumers ,
Crypto Exchanges ,
Cryptocurrency ,
Financial Statements ,
Investment Adviser ,
Investor Protection ,
Investors ,
Proposed Legislation ,
Proposed Regulation ,
Regulatory Oversight ,
State Attorneys General ,
Transparency
On April 24, 2023, in a bold move, Coinbase took legal action against the SEC to push for regulatory clarity in the cryptocurrency industry. The company filed a narrow action in federal court, asking the SEC to respond to its...more
Overview -
New Jersey is positioned to adopt seminal legislation that is sure to alter the regulatory dynamic for cryptocurrency-focused businesses that operate within the state. The Digital Asset and Blockchain...more
2/27/2023
/ Banks ,
Bitcoin ,
Blockchain ,
Broker-Dealer ,
Credit Unions ,
Cryptocurrency ,
Digital Assets ,
Disclosure Requirements ,
New Jersey ,
Noncompliance ,
Penalties ,
Proposed Legislation ,
Terms and Conditions ,
Trusts ,
Virtual Currency
On February 21, 2023, the Illinois Department of Financial and Professional Regulation (IDFPR) unveiled a Consumer Financial Protection and Innovation Package, consisting of two legislative initiatives that aim to protect...more
As of February 9, 2023, the Securities and Exchange Commission (SEC) has accused Payward Ventures, Inc. and Payward Trading Ltd, better known as Kraken, of failing to register the sale of their cryptocurrency...more
2/10/2023
/ Blockchain ,
Civil Monetary Penalty ,
Cryptocurrency ,
Disgorgement ,
Final Judgment ,
Investors ,
Motion To Enjoin ,
Prejudgment Interest ,
Section 5 ,
Securities ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Settlement ,
Token Sales
On January 10, 2023 by the Michigan Department of Insurance and Financial Services (DIFS), issued an order regarding two companies, West Realm Shires Services, Inc. dba FTX US (“FTX US”) and FTX Lend Inc. Both companies are...more
1/18/2023
/ Administrative Procedure Act ,
Bankruptcy Court ,
Business Operations ,
Chapter 11 ,
Compliance ,
Cryptocurrency ,
License Renewals ,
License Suspensions ,
Licenses ,
Money Transmission Act ,
Money Transmitter ,
Virtual Currency
Louisiana has become the first state to follow New York's lead in issuing a crypto-specific license, accepting Louisiana Virtual Currency Business Activity (VCBA) license applications as of January 1, 2023. All entities...more
1/18/2023
/ Anti-Money Laundering ,
Civil Monetary Penalty ,
Crypto Exchanges ,
Cryptocurrency ,
Cybersecurity ,
Filing Deadlines ,
License Applications ,
Licenses ,
Louisiana ,
Money Transmitter ,
NYDFS ,
Regulatory Requirements ,
Virtual Currency
The term “metaverse” first appeared in 1992 as an abstract concept in Neal Stephenson’s dystopian novel Snow Crash. Two decades later, the Metaverse has since evolved from a mere idea to a figment of everyday reality, as it...more
1/5/2023
/ Artificial Intelligence ,
Asset Transfer ,
Augmented Reality ,
Blockchain ,
Cryptocurrency ,
Cybersecurity ,
Data Breach ,
Digital Assets ,
E-Commerce ,
Espionage ,
Fraud ,
Hardware ,
Identity Theft ,
Intellectual Property Protection ,
Investment ,
Metaverse ,
Money Laundering ,
New Regulations ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Privacy Laws ,
Regulatory Oversight ,
Software ,
Tort ,
Virtual Reality
On November 22, 2022, the Consumer Financial Protection Bureau (CFPB) denied a petition by Nexo Financial LLC (“Nexo Financial”) to modify a Civil Investigative Demand (CID) issued on December 1 2021. In rendering its...more
On November 15, 2022, the New York Attorney General’s Office released its Fall Round-Up (“Round-Up”) describing major actions and initiatives implemented by New York Attorney General Letitia James (“AG James”) since August...more
11/22/2022
/ Cease and Desist Orders ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Financial Fraud ,
Investment ,
Investor Protection ,
NY Supreme Court ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
State Attorneys General
On November 10, 2022 the Consumer Financial Protection Bureau (CFPB) released a complaint bulletin (“bulletin”) that provides an analysis of consumer complaints the CFPB has received from October 2018 to September 2022...more
11/11/2022
/ Consumer Complaint Management ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptoassets ,
Cryptocurrency ,
Cybertheft ,
Financial Fraud ,
Financial Institutions ,
Financial Services Industry ,
Vulnerability Assessments