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Cryptocurrency › Custodians

Latham & Watkins LLP

Banking Agencies Issue Joint Statement on Risk-Management Considerations for Cryptoasset Safekeeping

Latham & Watkins LLP on

Banking organizations safekeeping digital assets for customers must do so in a safe and sound manner and in compliance with applicable laws and regulations....more

Goodwin

Federal Stablecoin Legislation Poised to Implement Comprehensive Regulatory Framework for Payment Stablecoins

Goodwin on

The Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act”), which would comprehensively regulate stablecoins in the United States, was adopted by the U.S. Senate on June 17 by a bipartisan...more

Levenfeld Pearlstein, LLC

Who Owns Crypto Assets? Know the Risks

Levenfeld Pearlstein, LLC on

Until recently, the nature of ownership of assets on deposit with a third party was not controversial. If a local bank branch goes bankrupt, the cash or other assets deposited with the bank belonged to individual...more

Foodman CPAs & Advisors

Crypto Asset Related Activities Assessed By The FDIC

Foodman CPAs & Advisors on

On 4/5/23, the FDIC released its 2023 Spring Consumer Compliance Supervisory Highlights. The purpose of the Supervisory highlights is to provide an overview of consumer compliance issues identified through the FDIC’s...more

Lowenstein Sandler LLP

SEC Safeguarding Rule Proposal: What a Crypto Investment Adviser Needs to Know

Lowenstein Sandler LLP on

On February 15, 2023, the U.S. Securities and Exchange Commission (SEC) released a proposed rule change (the Proposed Rule) redesignating the “custody rule” (i.e., Rule 206(4)-2 of the Investment Advisers Act of 1940, as...more

Jones Day

New York Department of Financial Services Issues Guidance on Virtual Currency Custodial Services

Jones Day on

In Short - The Situation: Following a string of bankruptcies among virtual currency firms, the New York Department of Financial Services has issued guidance on the practices and procedures it expects from certain...more

Tonkon Torp LLP

Who Owns Custodied Crypto Assets? A New Bankruptcy Court Ruling Amplifies Concerns

Tonkon Torp LLP on

As we first warned last summer, crypto property held in a custodian-controlled account could become the property of that custodian in the case of a bankruptcy filing. At the time, we recommended that crypto investors avoid...more

McDermott Will & Emery

Two Ocean Trust Paves the Way for Secure Cryptocurrency Investing

McDermott Will & Emery on

THE SITUATION: In recent years, cryptocurrency has presented an exciting opportunity to invest in a new asset class—at the cost of accepting certain risks. Unlike traditional financial assets, cryptocurrency has lacked...more

Proskauer - Blockchain and the Law

SEC Responds to Wyoming’s Opinion on Custody of Digital Assets and Qualified Custodian Status

Proskauer - Blockchain and the Law on

The U.S. Securities and Exchange Commission (“SEC”) issued a statement in response to the Wyoming Division of Banking’s No-Action Letter on Custody of Digital Assets and Qualified Custodian Status....more

Sheppard Mullin Richter & Hampton LLP

Office of the Comptroller of the Currency Affirms Authority of a National Bank to Provide Cryptocurrency Custody Services

Sheppard Mullin Richter & Hampton LLP on

The Office of the Comptroller of the Currency (“OCC”) recently signaled its approval for banks to fully wade into the cryptocurrency custodian space. On in a July 22, 2020 interpretive letter, the OCC concluded that a...more

Saul Ewing LLP

Have You Forgotten to Plan for Future Management of Your Digital Assets?

Saul Ewing LLP on

Digital assets are owned by almost everyone. Unfortunately, most of us have not planned for future management of those assets by our family....more

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