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Cryptocurrency State and Local Government Financial Services Industry

Fenwick & West LLP

Congress Enacts Comprehensive Stablecoin Legislation: Key Provisions and Implications of the GENIUS Act

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On July 18, President Donald Trump signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), creating the first federal framework for U.S. dollar stablecoins. ...more

Whiteford

Client Alert: Jurisdictional Win Shields Businesses From Texas State Securities Board Overreach

Whiteford on

The Texas State Office of Administrative Hearings (SOAH) set aside an Emergency Cease Order issued by the Texas State Securities Board (TSSB) against Billionico Academy, Auratus, and related respondents in Texas State...more

Orrick, Herrington & Sutcliffe LLP

Pennsylvania enacts new law regulating cryptoasset transactions

On June 27, the governor of Pennsylvania approved a new law, SB 202, amending the state’s money transmitter act, which provides for the regulation of money transmission for a fee either via checks or other methods, to also...more

Troutman Pepper Locke

CSBS Issues Guidance on Virtual Currency and Tangible Net Worth

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On June 26, the Conference of State Bank Supervisors (CSBS) released new guidance regarding the treatment of virtual currency in the calculation of a licensee’s tangible net worth under the Money Transmission Modernization...more

Orrick, Herrington & Sutcliffe LLP

Connecticut provides new laws for seizure and forfeiture of virtual currency and virtual currency wallets

On June 23, the governor of Connecticut approved SB 6990 to establish new laws and amend existing ones regarding the seizure and forfeiture of virtual currency and virtual currency wallets in Connecticut. The new law states...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – June 2025

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Orrick, Herrington & Sutcliffe LLP

Maryland enacts law regulating virtual currency kiosk operators

On April 22, the governor of Maryland approved SB 305 (the “Act”) which enacts new regulations for the virtual currency kiosk industry in Maryland. The Act requires virtual currency kiosk operators to register their kiosks...more

Steptoe & Johnson PLLC

Pennsylvania Joining the United States in Proposing a Bitcoin Strategic Reserve: Implications for the Energy Industry

Steptoe & Johnson PLLC on

On November 19, Pennsylvania Representative Mike Cabell (R-117) introduced legislation to form the Pennsylvania Bitcoin Strategic Reserve, aiming to diversify the state’s financial holdings by allocating up to 10% of its...more

Troutman Pepper Locke

NY DFS Amendments to Cybersecurity Regulations

Troutman Pepper Locke on

On November 1, New York Governor Kathy Hochul announced that the state’s Department of Financial Services (NY DFS) has amended its Cybersecurity Regulations to “enhance cyber governance, mitigate risks, and protect New York...more

Morgan Lewis

New York Attorney General Proposes Comprehensive and Restrictive Digital Assets Bill

Morgan Lewis on

New York Attorney General Letitia James introduced on May 5, 2023 a proposed bill that, if enacted, would significantly tighten regulation over digital asset market participants and exchanges. While the New York State...more

Sheppard Mullin Richter & Hampton LLP

CFPB and State Regulators Hone in on Interest-Bearing Crypto Accounts

On November 22, the CFPB denied a crypto lending institution’s petition for an order modifying a pending civil investigative demand (“CID”) that the Bureau issued to the institution in December of 2021. The CFPB issued the...more

Sheppard Mullin Richter & Hampton LLP

California Regulator Seeks Comment on Future Crypto Guidance

On June 1, the California DFPI began formally seeking input from the public to assist in developing guidance and regulatory clarity for Blockchain and Crypto companies as directed by Governor Newsom’s Executive Order (which...more

Sheppard Mullin Richter & Hampton LLP

New York’s Superintendent of Financial Services Addresses BitLicense Delays

This January, Adrienne A. Harris was confirmed as superintendent of New York’s Department of Financial Services, which administers New York’s BitLicense program, among others.  In a March 28 interview, Harris discussed the...more

Sheppard Mullin Richter & Hampton LLP

Virginia Approves Bill Allowing Banks to Offer Cryptocurrency Custody Services

On March 3, Virginia passed a new bill (HB 263) permitting banks in the Commonwealth to provide its customers with crypto custody services “so long as the bank has adequate protocols in place to effectively manage risks and...more

Morrison & Foerster LLP

Louisiana Becomes Second State To Require Virtual Currency Licensing

Developments in virtual currency regulation have been top-of-mind with recently announced initiatives from the New York Department of Financial Services. Companies engaging in virtual currency activity should also, however,...more

Orrick - On the Chain

Wyoming, the “Equality State,” Seeks to Level the Playing Field for Digital Assets Businesses

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In its continued effort to establish itself as the go-to jurisdiction for digital asset businesses, Wyoming, through its Department of Audit, Division of Banking, recently published a digital asset custody regime for its...more

Polsinelli

BitBlog Weekly Summary: Digital Asset Regulations in New York State

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This week saw two items of note in the regulation of digital assets and both came out of the state of New York. The Return of the Empire State - A New York State Supreme Court ruled that it has personal and subject...more

Ballard Spahr LLP

Utah’s new regulatory sandbox

Ballard Spahr LLP on

Utah Governor Gary Herbert signed H.B. 378, Regulatory Sandbox, into law on March 25, 2019.  This bill created the nation’s third regulatory sandbox program for fintechs, after Arizona, which enacted sandbox legislation in...more

Carlton Fields

State Regulations On Virtual Currency And Blockchain Technologies

Carlton Fields on

As of this inaugural publication, there exists no uniformity with respect to how businesses that deal in virtual currencies (also known as “cryptocurrencies”) such as Bitcoin are treated among the states. For these...more

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