News & Analysis as of

Regulatory Oversight FinTech State and Local Government

Wilson Sonsini Goodrich & Rosati

Association of State Financial Regulators Issues Guidance on Virtual Currency for Licensed Money Transmitters

Recognizing the evolving landscape of digital finance, the Conference of State Bank Supervisors (CSBS), an association of state financial regulators, issued advisory guidance on the treatment of virtual currency held on a...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

Sheppard Mullin Richter & Hampton LLP

Pennsylvania to Require Licenses for Virtual Currency Transmitters

On June 27, Pennsylvania enacted Senate Bill 202, which significantly expands the Commonwealth’s Money Transmitter Act (MTA) to include virtual currency transmission. Under the amended law, transmitting virtual currency is...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 64: Navigating Multistate Licensing and Supervision in a Digital Era

RegFi co-hosts Jerry Buckley and Sherry Safchuk are joined by Orrick partner Jedd Bellman, former Maryland Assistant Commissioner of Financial Regulation, for a deep dive into the evolving role of state regulators in...more

Bradley Arant Boult Cummings LLP

Technology Boom in NC? What You Should Know About the Proposed Regulatory Sandbox in the Tarheel State

Technology is evolving and advancing at a dizzying pace across the globe. Emerging technologies are reimagining everything from how we interact with each other to how we interact with businesses and institutions. Given the...more

Perkins Coie

Fintech Week in Review - February 2021 #2

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California DFPI Enters MOUs with Multiple Earned Wage Access Companies- California’s Department of Financial Protection and Innovation (DFPI) has continued to expand its jurisdiction over financial service providers under...more

Ballard Spahr LLP

California Legislature Passes AB-1864 Setting the Stage for the “Department of Financial Protection and Innovation” and the...

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We previously wrote about California Governor Newsom’s 2020-2021 Budget and an accompanying trailer bill that would rename the Department of Business Oversight (“DBO”) and significantly increase its ability to oversee...more

Ballard Spahr LLP

CA and NY governors propose expansion of state consumer financial protection regimes

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The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator.  Both governors have framed their proposals as a response to what they...more

Ballard Spahr LLP

Utah’s new regulatory sandbox

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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

Ballard Spahr LLP

Wyoming creates fintech sandbox

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Earlier this year, Wyoming became the second state to create a financial technology (fintech) sandbox by enacting the “Financial Technology Sandbox Act” (Sandbox Act).  (Arizona was the first state to create a fintech sandbox...more

Perkins Coie

Fintech Regulatory Sandboxes: Update on Arizona’s Sandbox and Other Developments

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Arizona’s financial technology (“fintech”) sandbox (“Sandbox”), the first of its kind in the United States, has been open for several months and has accepted three participants. A month after the program’s launch, Arizona’s...more

Snell & Wilmer

Emerging Trends in the Regulation of Fintech and Blockchain Technology: An Update on Regulatory Sandboxes

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According to a recent study published by PricewaterhouseCoopers (“PwC”), regulatory uncertainty is the biggest barriers to wider business adoption of blockchain technology. Given this problem, it should not be surprising that...more

Ballard Spahr LLP

Arizona’s regulatory sandbox is open for play

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On August 3, 2018, Arizona began accepting applications for its regulatory sandbox that “enables a participant to obtain limited access to Arizona’s market to test innovative financial products or services without first...more

Ballard Spahr LLP

Arizona enacts “regulatory sandbox” for fintech companies

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Arizona’s Governor recently signed into law legislation that directs the state’s Attorney General to establish a “regulatory sandbox program” for the purpose of “enabl[ing] a person to obtain limited access to the market in...more

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