As we previously reported, for over a year the New York Attorney General has been seeking to enforce an investigative subpoena under New York’s expansive Martin Act against cryptocurrency exchange Bitfinex and its affiliated companies that issue the Tether stablecoin.
Continue Reading Appellate Court Greenlights NYAG’s Bitfinex Investigation
Regulatory
Senate Banking Committee Considers Digitization of Money
By Scott H. Kimpel on
Posted in Cryptocurrencies, Regulatory
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
By Scott H. Kimpel on
Posted in Cryptocurrencies, Regulatory
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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European Commission Releases First Report on Evaluation of GDPR
By Hunton Andrews Kurth LLP on
Posted in Regulatory
As recently report on the Hunton Privacy & Information Security Law Blog, the European Commission submitted its first report on the evaluation and review of the EU General Data Protection Regulation to the European Parliament and Council.…
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OCC Seeks Comment on Cryptocurrency and Distributed Ledger Technology
By Christopher Adcock on
Posted in Cryptocurrencies, Regulatory
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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Senate Subcommittee Weighs Use of Blockchain for Remote Voting
By Scott H. Kimpel on
Posted in Regulatory
Recently, staff of the US Senate’s Permanent Subcommittee on Investigations prepared a memorandum for subcommittee members in advance of its April 30 “Roundtable on Continuity of Senate Operations and Remote Voting in Times of Crisis.”…
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CFTC Announces Final Guidance on “Actual Delivery” for Digital Assets
By Chelsea Lomprey on
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
By Scott H. Kimpel on
Posted in Cryptocurrencies, Regulatory
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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SEC Wins Injunction in Telegram ICO Case
By Scott H. Kimpel on
On March 24, 2020, federal Judge P. Kevin Castel issued a long-anticipated opinion in the SEC’s ongoing efforts to block Telegram’s $1.7 billion initial coin offering. Judge Castel found that Telegram’s planned distribution of Gram tokens constitutes a securities offering under federal law for which no exemption from registration is available. He therefore granted the SEC a preliminary injunction blocking Telegram from distributing its Gram tokens to investors.…
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The Crypto-Currency Act of 2020
By Scott H. Kimpel on
On March 9, 2020, Rep. Paul Gosar (R-AZ) introduced H.R. 6154, the Crypto-Currency Act of 2020. The bill is the latest effort to provide federal oversight to the burgeoning market for crypto-assets.…
Continue Reading The Crypto-Currency Act of 2020