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As a show of continued interest in the development of cryptoasset solutions, Senator Mike Crapo (R-ID), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, recently sent a letter to Acting Comptroller of the Currency Brian Brooks. Chairman Crapo’s letter requested an update on findings of the Office of the Comptroller of the Currency and information regarding next steps the OCC intends to take with respect to blockchain and distributed ledger technology.…
Continue Reading Senate Banking Committee Shows Continued Interest in Cryptoassets

Effective August 1, 2020, Louisiana adopted the Virtual Currency Business Act. In doing so it becomes the second state after New York to require certain operators of virtual currency businesses to obtain a virtual currency license in order to conduct business in the state. The Act is perhaps notable not so much for the conduct it covers, but rather the very broad classes of persons and businesses granted exemptions from regulation.…
Continue Reading Louisiana Adopts Virtual Currency Business Act

On July 22, 2020, the Office of the Comptroller of the Currency published an interpretive letter clarifying the authority of national banks to provide cryptocurrency custody services for customers. This latest guidance is just one of many recent developments coming out of the OCC focused on modernizing the regulatory framework at the national level. …
Continue Reading OCC Releases Guidance on the Authority of National Banks to Provide Cryptocurrency Custody Services

Last week, the Office of the Comptroller of Currency, the primary federal regulator of national banks, issued an advanced notice of proposed rulemaking relating to the regulation of digital activities in banking, and in particular their activities involving cryptocurrency and distributed ledger technology.…
Continue Reading OCC Seeks Comment on Cryptocurrency and Distributed Ledger Technology

On April 16, 2020, the Commodity Futures Trading Commission filed a civil enforcement action against two Florida-based crypto companies and their founder and sole owner. According to the CFTC, the Defendants raised $1.6 million from hundreds of customers by fraudulently marketing and soliciting a digital asset to be used in connection with the Defendants’ proprietary foreign exchange algorithm called ART. …
Continue Reading CFTC Files Complaint for Fraudulent Forex and Digital Asset Scheme