News & Analysis as of

Digital Currency Enforcement Actions Financial Services Industry

Troutman Pepper Locke

First Enforcement Action Taken by California’s Department of Financial Protection and Innovation Under DFAL

Troutman Pepper Locke on

Recently, the Department of Financial Protection and Innovation (DFPI) in California issued a consent order against Coinme Inc., a company operating digital financial asset kiosks, commonly known as Bitcoin ATMs, across the...more

DLA Piper

Blockchain and Digital Assets News and Trends – January 2025

DLA Piper on

This periodic bulletin is designed to help companies identify important legal developments governing the use and acceptance of blockchain technology, smart contracts, and digital assets. While the use cases for blockchain...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - December 2024 Updates

CryptoLink is a compilation of news stories published by outside organizations. Akin aggregates the stories, but the information contained in them does not necessarily represent the beliefs or opinions of the firm. Akin's...more

Seward & Kissel LLP

Changes? Yes. Records? Not so sure.

Seward & Kissel LLP on

On January 7, 2025, CFTC Chairman Rostin Behnam announced that he will be stepping down as Chairman on January 20th and leaving the Commission entirely on February 7th. Just before this announcement, Behnam told the Financial...more

Troutman Pepper Locke

New York AG Sues $1B Crypto Firms Allegedly Engaged in Fraudulent Schemes

Troutman Pepper Locke on

On June 6, New York Attorney General (AG) Letitia James filed suit against NovaTech Advisors, LLC, AWS Mining Pty Ltd., and several other entities, alleging the defendants orchestrated two consecutive, fraudulent...more

Polsinelli

Blockchain+ Bi-Weekly: June 2024 #2

Polsinelli on

On June 15, 2023, the Polsinelli Blockchain+ team put out our first Bi-Weekly rundown of some of the key stories in the Web3, blockchain, and crypto ecosystems curated by Polsinelli attorneys navigating the intersections of...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - February 2024 Updates

CryptoLink is a compilation of news stories published by outside organizations. Akin aggregates the stories, but the information contained in them does not necessarily represent the beliefs or opinions of the firm. Akin's...more

Ballard Spahr LLP

Blockchain Analysis and Related Expert Testimony Admissible In Criminal Trial

Ballard Spahr LLP on

It is challenging for law enforcement to track down and trace illicit activities conducted through digital currencies. The process can be very time- and resource-intensive. Further, securing charges and arrests, and...more

Faegre Drinker Biddle & Reath LLP

Crypto is Here to Stay in 2024, So Be Careful How You Talk About It

More than ever before, financial services regulators must increasingly adapt to technological advances. Perhaps no other technological advancement is more important right now than crypto currency. Crypto currency is defined...more

American Conference Institute (ACI)

[Event] 24th National Forum on Prepaid Accounts Compliance - April 8th, New York, NY

The 24th National Forum on Prepaid Accounts Compliance will address the latest developments impacting the prepaid industry and provide answers to the most pressing questions and challenges being faced by practitioners in this...more

Polsinelli

Blockchain+ Bi-Weekly - November 2023 #2

Polsinelli on

The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more

Troutman Pepper Locke

SEC Requests Leave to Appeal in Ripple Labs

Troutman Pepper Locke on

On August 9, the Securities and Exchange Commission (SEC) sent a letter to U.S. District Judge Analisa Torres requesting leave to file an interlocutory appeal in SEC v. Ripple Labs, Inc. as to the two adverse liability...more

Allen Matkins

Bill Would Authorize DFPI To Take Enforcement Actions Before A Violation Occurs

Allen Matkins on

In February, I wrote that Assembly Member Timothy S. Grayson was taking another run at enacting a Digital Financial Asset Law.  His bill, AB 39, has steadily progressed and is now pending in the Senate.  According to the...more

Sheppard Mullin Richter & Hampton LLP

New York Settles with Crypto Company, Proposes Crypto Legislation

On May 1, NYDFS settled with a cryptocurrency trading platform over the company’s cybersecurity deficiencies, resulting in a consent order and $1.2 million fine for the crypto company. NYDFS alleged “multiple deficiencies in...more

Orrick, Herrington & Sutcliffe LLP

New York AG sues crypto trading platform for failing to register

On February 22, the New York attorney general filed a petition in state court against a virtual currency trading platform (respondent) for allegedly failing to register as a securities and commodities broker-dealer and...more

Orrick, Herrington & Sutcliffe LLP

Illinois announces new consumer protections for digital assets, proposes new money transmitter licensing provisions

On February 21, the Illinois Department of Financial and Professional Regulation (IDFPR) announced several legislative initiatives to establish consumer protections for cryptocurrencies and other digital assets and provide...more

Gray Reed

IRS Continues to Hunt for Cryptocurrency Investors with John Doe Summonses

Gray Reed on

The IRS knows it has a problem, in that it knows there are far more cryptocurrency transactions than are being reported on tax returns. The IRS may also get an $80 billion increase in funding for enforcement that will help...more

BakerHostetler

New Stablecoins, Cryptocurrency Products and NFT Initiatives Launch; Ukraine Sells Donated NFT; SEC and OSC Bring Crypto...

BakerHostetler on

New Fiat-Pegged Stablecoins Launch, BIS Publishes New Findings on CBDCs - Late last week, a global fintech firm and issuer of the dollar-pegged stablecoin, USD Coin (USDC), announced that it was preparing to issue a...more

Proskauer - Blockchain and the Law

SEC Brings Charges against Blockchain-Based Trading Platform over Alleged Violations of Disclosure Rules

On January 10, 2022, the Securities and Exchange Commission (“SEC” or the “Commission”) announced it settled charges in In re tZERO ATS, LLC, No. 93938 (SEC Order Jan. 10, 2022) (“Order”)....more

Burr & Forman

China Bans Crypto Currencies and Related Services

Burr & Forman on

The People’s Bank of China (“PBOC”) announced this morning that it is banning crypto currencies and related services, including “trading, order matching, token issuance and derivatives for virtual currencies are strictly...more

BakerHostetler

Crypto Investment and Payment Products Launch, BiTA Platform Announced, SEC and OFAC Take Crypto Enforcement Actions, FCA Extends...

BakerHostetler on

Crypto Investment and Payments Products Launch, Payment Data Published - Last week Securitize announced the launch of Securitize Capital, which will serve as an investment manager of digital asset funds for institutional and...more

BakerHostetler

Financial Firms Launch New Crypto Products, NFTs Trending, Crypto Exchange Acquires Broker-Dealer, SEC, DOJ, IRS and CFTC Actions...

BakerHostetler on

US Institutional Financial Firms, and Fintech Startups, Launch Crypto Products - A major U.S. financial services corporation announced this week that it would begin to settle transactions over the Ethereum Network in USD Coin...more

Farrell Fritz, P.C.

SEC vs. Ripple Could Make Waves in Cryptocurrency Market

Farrell Fritz, P.C. on

On December 2, the Securities and Exchange Commission filed a lawsuit against Ripple Labs, Inc. and two of its executives alleging they offered and sold over $1.38 billion of digital asset XRP without registration or...more

Polsinelli

Wind of Change - The Year FinTech Came in From the Cold - Polsinelli BitBlog: Year End Edition

Polsinelli on

Digital assets and Blockchain technologies which were once described as the tools of criminals, are now a key part of efforts by traditional financial services firms to transform their businesses and innovative firms looking...more

Latham & Watkins LLP

Trends in Outsourcing Regulation and Supervision in Financial Services

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Insights from Latham’s flagship event: Managing the risk and promise of digitisation in financial services - The financial services industry is leading the way in outsourcing, with contract values in excess of US$10.7...more

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