According to a recent press release, the issuer of the USDC stablecoin has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, First National Digital Currency...more
On July 1, the Securities and Exchange Commission (SEC) Division of Corporation Finance issued guidance outlining disclosure expectations for crypto asset exchange-traded products, including both spot and derivative-based...more
The VASP Act defines “Virtual Assets” as digital representations of value that can be digitally traded or transferred and can be used for payment or investment purposes. Digital representations of fiat currencies (which is...more
The EU is continuing to shape the regulatory landscape in the crypto market After the Markets in Crypto-Assets Regulation (MiCA) entered into force in June 2024, a significant step took place last July with the publication of...more
FinCEN Director Ken Blanco addressed this year’s Consensus Blockchain Conference on May 13, 2020. In a set of prepared remarks, Blanco recognized the unprecedented challenges that the COVID-19 pandemic has created for...more
Key developments of interest over the last month include: Spain: The Spanish Council of Ministers has approved a draft Bill for the Digital Transformation of the Financial System, which will create a Spanish regulatory...more
The Travel Rule is an old friend for those familiar with banking regulations and anti-money laundering rules. The Rule, first issued by FinCEN in 1995 with fiat currency in mind, requires banks and nonbank financial...more