Welcome to the inaugural edition of Hunton Andrews Kurth LLP’s AI and Emerging Technologies Newsletter, a resource focused on multidisciplinary, current topics affecting businesses in the industry. Inside, we cover a bit of what you need to know about AI in the context of contract terms and conditions, US privacy laws, insurance, employer use monitoring and workforce management, and copyright law, as well as the rise in crypto class actions. Please do not hesitate to reach out to the authors or others in our AI and Emerging Technologies practice with questions regarding these topics and new, arising issues in this space.
Continue Reading AI and Emerging Technologies Newsletter
Regulatory
G7 Leaders Agree on Guiding Principles and Code of Conduct on Artificial Intelligence
By Hunton Andrews Kurth LLP on
Posted in General, Regulatory
On October 30, 2023, the G7 leaders announced they had reached agreement on a set of International Guiding Principles on Artificial Intelligence (AI) and a voluntary Code of Conduct for AI developers, pursuant to the Hiroshima AI Process. The Hiroshima AI Process was established at the G7 Summit in May 2023 to promote guardrails for advanced AI systems at a global level.Continue Reading G7 Leaders Agree on Guiding Principles and Code of Conduct on Artificial Intelligence
California Enacts Digital Financial Assets Law
By Scott H. Kimpel on
Posted in Regulatory
On October 13, 2023, California Governor Gavin Newsom signed into law AB39, the Digital Financial Assets Law (the Act). The Act provides broad authority to California’s Department of Financial Protection and Innovation (Department) to license, regulate and examine certain businesses transacting in digital financial assets in California.
Continue Reading California Enacts Digital Financial Assets Law
New York DFS Announces New Guidance on Virtual Currencies
By Scott H. Kimpel on
Posted in Cryptocurrencies, Regulatory
On September 18, 2023, the New York Department of Financial Services (“DFS”) announced new proposed guidance for BitLicense holders and certain limited-purpose trust companies (“VC entities”) seeking to list virtual currencies on their platforms. The proposed guidance would replace existing DFS procedures and establish new protocols for listing virtual currencies that are not subject to the DFS greenlist. …
Continue Reading New York DFS Announces New Guidance on Virtual Currencies
SEC Brings First NFT Enforcement Case
By Scott H. Kimpel & Mayme Beth Donohue on
Posted in Cryptocurrencies, Regulatory
On August 28, 2023, the SEC settled enforcement charges against a Los Angeles-based media and entertainment company for conducting an unregistered offering of non-fungible tokens (NFTs). The case represents the SEC’s first foray into the NFT space.
Continue Reading SEC Brings First NFT Enforcement Case
DOJ, BIS, and OFAC Issue Inter-Agency Guidance on Voluntary Self-Disclosures of Sanctions and Export Control Violations
By Hunton Andrews Kurth LLP on
Posted in Regulatory
As reported in a Hunton Client Alert, the US Department of Justice, the US Department of Commerce’s Bureau of Industry and Security, and the US Department of the Treasury’s Office of Foreign Assets Control recently issued guidance regarding the voluntary self-disclosure by US businesses of violations of US sanctions and export control laws to these agencies.
Continue Reading DOJ, BIS, and OFAC Issue Inter-Agency Guidance on Voluntary Self-Disclosures of Sanctions and Export Control Violations
FTC Updates Endorsement Guides: Highlights Online Reviews, Social Media Tags, and Clear Disclosures
By Hunton Andrews Kurth LLP on
Posted in Regulatory
Last week, the FTC announced its long-awaited finalization of updated Endorsement Guides. These guidelines come after the FTC initially voted to publish revised guidelines in May 2022.
Continue Reading FTC Updates Endorsement Guides: Highlights Online Reviews, Social Media Tags, and Clear Disclosures
Interagency Guidance for Bank Risk Management of Third-Party Relationships
By Hunton Andrews Kurth LLP on
Posted in Regulatory
As reported in a Hunton Client Alert last week, on June 6, 2023, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency issued final guidance on managing risks associated with third-party relationships, including relationships with fintechs.
Continue Reading Interagency Guidance for Bank Risk Management of Third-Party Relationships
CFTC Wins Default Judgment Against Ooki DAO
By Hunton Andrews Kurth LLP on
On June 8, 2023, Judge William H. Orrick of the U.S. District Court for the Northern District of California granted a default judgment in favor of the CFTC against Ooki DAO, a cryptocurrency decentralized autonomous exchange.
Continue Reading CFTC Wins Default Judgment Against Ooki DAO
CFTC Staff Issues Alert on Risks of Clearing Digital Assets
By Hunton Andrews Kurth LLP on
Posted in Crypto Exchanges, Regulatory
On May 30, 2023, the Commodity Futures Trading Commission Division of Clearing and Risk issued a staff advisory on the risks associated with the Derivatives Clearing Organization clearing of digital assets.
Continue Reading CFTC Staff Issues Alert on Risks of Clearing Digital Assets