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Virtual Currency › Consumer Financial Protection Bureau (CFPB)

Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender... more +
Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency.    less -
Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – April 2025 # 5

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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

Morrison & Foerster LLP

Not Just Fun and Games? CFPB Seeks Comments on Proposed Interpretive Rule to Place New Forms of Digital Payments, Including...

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On January 15, 2025, days before the start of the Trump administration, the Consumer Financial Protection Bureau (CFPB) published a proposed interpretive rule (Proposed Rule) seeking public comment on how the Electronic Fund...more

Troutman Pepper Locke

CFPB Renews Attempt to Regulate Crypto by Applying Reg E to Stablecoins and Other Digital Payment Mechanisms

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On January 10, the Consumer Financial Protection Bureau (Bureau) issued a notice of proposed interpretive rule (Proposed Rule). The deadline for comments is March 31, 2025. The Proposed Rule would apply the Electronic Fund...more

Wilson Sonsini Goodrich & Rosati

CFPB Takes Aim at Crypto Wallets and Gaming Platforms with Proposed "Interpretive Guidance" to Expand EFTA's Scope

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The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule on how the Electronic Fund Transfer Act (EFTA) and its implementing regulation, Regulation E, would apply to new and emerging digital payments....more

Goodwin

CFPB Proposes to Include Virtual Currency Transactions Under the EFTA

Goodwin on

The Consumer Financial Protection Bureau (CFPB) issued a proposed interpretive rule that, if finalized as written, would bring certain virtual currency products and services, such as stablecoins and digital wallets, within...more

Polsinelli

Blockchain+ Bi-Weekly; Highlights of the Last Two Weeks in Web3 Law: December 5, 2024

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The Polsinelli Blockchain+ team took a break from the usual Bi-Weekly updates for the Thanksgiving holiday, but the Web3 legal developments did not. There was a significant ruling out of the 5th Circuit, which has major...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - November 2024 # 4

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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

Hudson Cook, LLP

Pay to Play? CFPB Warns Consumers about Risks of Video Game Currency and In-Game Purchases

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The Consumer Financial Protection Bureau (CFPB) has turned its attention to in-game currencies and purchases (commonly referred to as "microtransactions or "downloadable content"). On August 28, 2024, the CFPB followed up its...more

Saul Ewing LLP

The Consumer Financial Protection Bureau vs. the Video Game Industry

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In this episode of “Lawyers With Game,” host Darius Gambino from Saul Ewing’s Video Gaming & Esports Practice chats with partner Jason McElroy from Saul’s Consumer Financial Services Litigation practice. They discuss a recent...more

Troutman Pepper Locke

CFPB Report Highlights Challenges Facing Servicemembers and Veterans, Including Student Loans and Money Transfer/Virtual Currency...

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Yesterday, the Consumer Financial Protection Bureau (CFPB or Burau) released its annual report detailing the financial challenges faced by servicemembers, veterans, and military families. In 2023, this group submitted nearly...more

Ballard Spahr LLP

CFPB Again Taking on Gaming Industry

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On August 28, 2024, the CFPB issued a consumer advisory warning that many video games and “virtual worlds” increasingly resemble traditional banking and payment systems that allow the storage and exchange of billions of...more

Morrison & Foerster LLP

All Your Sale Are Belong to Us - Mitigating IP and Payments Risk in In-Game Economies

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The digital age has ushered in innovative forms of entertainment and commerce, including through the development of in-game economies. In recent years, the digital landscape of gaming has expanded beyond mere entertainment,...more

Hudson Cook, LLP

"OVER THE LINE!"  Where Banking and Gaming Intersect, the CFPB Has Something to Say.

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The line between virtual and reality is getting thinner. Gamers pay gaming companies real currency for virtual in-game currency to buy skins, create the world they want to live in (virtually), or purchase loot that aid in...more

Husch Blackwell LLP

CFPB Levels Up: Consumer Risks in Gaming Draws Regulatory Scrutiny

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If you thought virtual reality was free from real-world regulations, think again. On April 4, 2024, the CFPB released an Issue Spotlight that dives deeply into a realm the agency had not previously traversed—video games and...more

Wiley Rein LLP

Wiley Consumer Protection Download (April 16, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Ballard Spahr LLP

CFPB Publishes Consumer Response Annual Report

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The CFPB published its Consumer Response Annual Report for 2023, which discusses the consumer complaints received by the CFPB in that year and how companies responded to those complaints. The CFPB monitors consumers’...more

American Conference Institute (ACI)

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

American Conference Institute (ACI) on

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

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - December 2023

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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

Cozen O'Connor

The State AG Report – 10.26.2023

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: • Bipartisan AGs Step Up to the Plate to Challenge Baseball...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - October 2023 # 4

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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

District Court says EFTA applies to cryptocurrency

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On February 22, the U.S. District Court for the Southern District of New York partially granted a cryptocurrency exchange’s motion to dismiss allegations that its inadequate security practices allowed unauthorized users to...more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday, January 19, 2023

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January 18, 2023- The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued an order that identifies the virtual currency exchange Bitzlato Limited (Bitzlato) as a "primary money laundering...more

BakerHostetler

Crypto Market Data Published; Settlement Pilot Announced; Reports Analyze Crypto Scams; Exchanges Seek to Prove Reserves as Users...

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New Crypto Market Data Published, Blockchain Settlement Pilot Announced - The Bank for International Settlements (BIS) recently published the results of a study “to investigate the drivers of crypto adoption” by assembling a...more

Troutman Pepper Locke

CFPB Finds Fraud and Transaction Issues Rank High Among Crypto-Asset Complaints

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On November 10, the Consumer Financial Protection Bureau (CFPB) released a new complaint bulletin, highlighting consumer complaints it has received related to crypto-assets. The bulletin suggests that fraud, theft, hacks, and...more

Sheppard Mullin Richter & Hampton LLP

Connecticut Banking Commission Releases Advisory on Money Transmission

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On July 20, 2022, the Connecticut Department of Banking (the “Department”) issued a Consumer and Industry Advisory on Money Transmission (the “Advisory”). The Advisory provides general guidance on what types of activities and...more

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