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.
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Cryptocurrencies
Louisiana Adopts Virtual Currency Business Act
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.…
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OCC Releases Guidance on the Authority of National Banks to Provide Cryptocurrency Custody Services
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. …
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Senate Banking Committee Considers Digitization of Money
On June 30, 2020, the full Senate Committee on Banking, Housing, and Urban Affairs held a virtual hearing entitled “The Digitization of Money and Payments.” The hearing focused on stablecoins and the prospects for a US central bank digital currency.…
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New York Announces Five BitLicense Initiatives
On June 24, 2020, the New York Department of Financial Services announced a series of five initiatives involving virtual currency. The announcement was timed to coincide with the five-year anniversary of the launch of New York’s BitLicense for operators of certain virtual currency businesses.…
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OCC Seeks Comment on Cryptocurrency and Distributed Ledger Technology
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.…
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Digital Dollar Project Releases White Paper on US CBDC
On May 29, 2020, the Digital Dollar Project, an organization seeking to advance the development of a United States central bank digital currency, published a detailed white paper entitled “Exploring a US CBDC.” …
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CFTC Announces Final Guidance on “Actual Delivery” for Digital Assets
On March 28, 2020, the Commodity Futures Trading Commission issued final interpretive guidance clarifying its position with respect to retail commodity transactions and the “actual delivery” exception in the context of digital assets.…
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FSB Issues Global Stablecoin White Paper
On April 14, 2020, the Financial Stability Board issued a consultative paper entitled “Addressing the Regulatory, Supervisory and Oversight Challenges Raised by ‘Global Stablecoin’ Arrangements.”…
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CFTC Files Complaint for Fraudulent Forex and Digital Asset Scheme
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. …
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