News & Analysis as of July 24, 2025

Cryptocurrency

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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 -

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

Orrick, Herrington & Sutcliffe LLP on 6/30/2025

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

Rhode Island enacts new virtual currency kiosk provisions

Orrick, Herrington & Sutcliffe LLP on 6/30/2025

On June 23, the governor of Rhode Island signed into law HB 5121 which grants Rhode Island new currency transmission laws to regulate and establish new licensing, disclosure and anti-fraud requirements for virtual currency...more

Recent Passing of Hong Kong Stablecoins Bill

Seyfarth Shaw LLP on 5/27/2025

On May 21, 2025, Hong Kong’s Legislative Council passed the Stablecoins Bill, establishing a regulatory framework for stablecoins–cryptocurrencies whose value is tied to an external asset or commodity. This marks an important...more

United States: The Continuing Shift to Modern Money Transmission Laws

K&L Gates LLP on 5/13/2025

Within the past two months, three states have adopted the Money Transmission Modernization Act (MTMA). The governors of Virginia, Mississippi, and most recently Colorado, signed bills that implement the MTMA, and two other...more

Stablecoins in the Cayman Islands

Conyers on 10/17/2024

The evolution of the cryptocurrency landscape has led to the development and rapid adoption of stablecoins globally. A stablecoin, as the name suggests, is essentially a virtual asset that is designed to maintain a stable...more

Vermont and Pennsylvania Embrace Virtual Currency Regulation

Shipkevich PLLC on 7/31/2024

In a continuing trend across U.S. states, Vermont and Pennsylvania have shown their intent to establish more oversight over the digital currency sector. New legislative amendments to Vermont’s financial services laws include...more

SEC Approves 11 Spot Bitcoin Exchange-Traded Products

Perkins Coie on 1/11/2024

On January 10, the Securities and Exchange Commission gave the green light to 11 issuers that applied for bitcoin exchange-traded funds (ETFs). After a false announcement and a course change due to the ruling in Grayscale...more

Client Alert: California Enters the Arena of Virtual Currency Regulation

Jenner & Block on 10/25/2023

After prolonged deliberation, California has finally decided to enter the virtual currency regulatory arena by adopting two virtual currency regulatory bills into law. The California Digital Financial Assets Law (“DFAL”),...more

Blockchain+ Bi-Weekly - June 2023 #2

Polsinelli on 6/30/2023

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

Breaking Down the New Bitcoin Bill: An Overview of the Lummis-Gillibrand Responsible Financial Innovation Act

Shumaker, Loop & Kendrick, LLP on 6/9/2022

On January 3, 2009, the pseudonymous “Satoshi Nakamoto” mined the first bitcoin. In the years following bitcoin’s creation, the price of a single bitcoin has increased exponentially, from essentially zero to an all-time high...more

The Cryptocurrency Industry Breathes a Sigh of Relief Following President Biden’s Executive Order

McDermott Will & Emery on 3/11/2022

On March 9, 2022, US President Joe Biden signed an unprecedented executive order directing federal agencies to coordinate their approach to clarifying cryptocurrency regulations. Sighs of relief were heard across the industry...more

Virginia Approves Bill Allowing Banks to Offer Cryptocurrency Custody Services

Sheppard Mullin Richter & Hampton LLP on 3/10/2022

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

President Biden Signs Executive Order Outlining Crypto Policy

Sheppard Mullin Richter & Hampton LLP on 3/10/2022

On March 9, President Biden signed a highly anticipated executive order outlining his administration’s cryptocurrency policy. We have previously blogged about the Biden administration’s working group on stablecoins and the...more

Spain enacts first legislation to regulate cryptocurrencies

White & Case LLP on 11/23/2021

On 21 October this year, the Bank of Spain created the registry where service providers for both the exchange of virtual currency for fiat currency and the custody of electronic wallets must register, as a result of the...more

Virtual Currency Legal Report - July 2021 #2

Perkins Coie on 8/3/2021

U.S. Developments - Legislation - Congress Members Reintroduce Bill to Define Digital Assets - U.S. Representative Tom Emmer (MN-06) re-introduced legislation aimed at defining how regulators should classify and...more

Louisiana to Require Virtual Currency Business License

McGlinchey Stafford on 8/6/2020

The Louisiana Office of Financial Institutions (OFI) will require virtual currency businesses to hold a license, though the license application may not be available until 2021.[1] The Louisiana Virtual Currency Businesses...more

AMF Establishes New Legal Framework for Digital Asset Service Providers in France

Jones Day on 1/2/2020

The Situation: Following the enactment earlier in 2019 of new French legislation to regulate activities related to digital assets (including cryptocurrency but excluding tokenized securities), final regulatory provisions were...more

Blockchain Week in Review - March 2019 #2

Perkins Coie on 3/19/2019

U.S. Developments - Denver to Implement Blockchain-Based Elections for Overseas Voters - Denver moves to become the second U.S. jurisdiction to implement a blockchain-based voting system for overseas voters. Active duty...more

Blockchain Week in Review - January 2019 #3

Perkins Coie on 1/24/2019

U.S. Developments - Flood of State Virtual Currency Legislation - Since the start of the new year there have been roughly nine virtual currency bills introduced or passed in four different states. Overall, the bills...more

State Regulations on Virtual Currency and Blockchain Technologies (Updated)

Carlton Fields on 1/9/2019

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....more

Wyoming and Vermont Look to Blockchain for Economic Development

Fisher Phillips on 7/30/2018

A small number of states see blockchain technology as a way to attract new businesses to their state to spur economic development. In March 2018, Wyoming Governor Matt Mead signed sweeping legislation that makes limited...more

States Race To Embrace Blockchain Technology

Robinson+Cole Data Privacy + Security Insider on 7/24/2018

Add Connecticut, Ohio and Vermont to the list of states passing legislation focused on the potential disruptive impact of blockchain – the technology underlying cryptocurrencies such as Bitcoin. ...more

Vermont Passes New Blockchain Legislation

Blank Rome LLP on 7/10/2018

Vermont continues its play to bring blockchain business to the state. On May 30, 2018, Vermont Governor Phil Scott signed into law Senate Bill 269: An Act Related to Blockchain Business Development, which became effective...more

Blockchain Week in Review - June 2018

Perkins Coie on 7/2/2018

...On June 28, the Commodity Futures Trading Commission and the Securities and Exchange Commission announced a new Memorandum of Understanding meant to allow two agencies to further coordinate in areas of common interest. ...more

Understanding the Effect of Wyoming’s Blockchain and Cryptocurrency Legislation

K&L Gates LLP on 6/5/2018

March was a busy month in the blockchain and cryptocurrency space for the Wyoming state government. The legislature passed, and the governor signed, five bills that many in the industry view as favorable to blockchain and...more

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