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
1/5/2023
/ Anti-Money Laundering ,
Corporate Governance ,
Cryptoassets ,
Cryptocurrency ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
Financial Transactions ,
Investment Opportunities ,
Joint Statements ,
OCC ,
Virtual Currency
Last week, Martin Gruenberg, Acting Chair of the Federal Deposit Insurance Corporation (“FDIC”), gave remarks at the Brookings Institution on the Prudential Regulation of Crypto-Assets....more
Last Friday, September 16, the White House released a “Fact Sheet” that lays out a comprehensive framework around which a plethora of Federal Government agencies and departments are being tasked with addressing digital...more
Decentralized finance platforms (DeFi) are designed to operate in a decentralized manner primarily through the utilization of smart contracts. Smart contracts are simply a name given to small “if/then” statements written in...more
9/1/2022
/ Blockchain ,
Cryptocurrency ,
Cybersecurity ,
Decentralized Finance (DeFi) ,
FBI ,
Financial Services Industry ,
Investment ,
Investment Management ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Smart Contracts ,
Vulnerability Assessments
A couple of weeks ago, we reported on the FDIC and the Federal Reserve Board sending a cease and desist (“C&D”) letter to Voyager Capital to stop representing that customer funds were protected by deposit insurance. This past...more
8/29/2022
/ Cease and Desist Orders ,
Consumer Financial Products ,
Crypto Exchanges ,
Cryptocurrency ,
Deposit Insurance ,
Depository Institutions ,
Enforcement Actions ,
False Statements ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
Misleading Statements ,
Misrepresentation
Earlier this week, U.S. Sens. Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) introduced the first comprehensive legislation to establish a regulatory framework for digital assets to promote innovation, delineate...more
6/10/2022
/ Blockchain ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
FERC ,
Financial Regulatory Reform ,
Financial Services Industry ,
IRS ,
Proposed Legislation ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Smart Contracts ,
Stablecoins
This week, Acting Comptroller of the Currency Michael Hsu gave remarks to the DC Blockchain Summit titled “Crypto: A Call to Reset and Recalibrate.”
By speaking at the Blockchain Summit, Mr. Hsu may have gone into the...more
6/1/2022
/ Blockchain ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Financial Instruments ,
Financial Markets ,
Investment Products ,
Market Volatility ,
Regulatory Oversight ,
Stablecoins ,
Token Sales
Earlier last week, Department of the Treasury Secretary Janet Yellen provided testimony and responded to questions from the Senate Banking Committee regarding volatility in cryptocurrencies that are designated to be...more
5/16/2022
/ Blockchain ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Financial Products ,
FSOC ,
Policy Statement ,
Regulatory Agenda ,
Regulatory Oversight ,
Secretary of the Treasury ,
Stablecoins ,
U.S. Treasury
The Securities and Exchange Commission ("SEC") has renamed and expanded a unit within its Division of Enforcement to address protection of investors in crypto markets. The “Crypto Assets and Cyber Unit,” which also has...more
5/6/2022
/ Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Currency ,
Financial Instruments ,
Financial Regulatory Reform ,
Investment Opportunities ,
Non-Fungible Tokens (NFTs) ,
Regulatory Agenda ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Regulation