In some of her first remarks on the subject of digital assets since Senate confirmation, Treasury Secretary Janet Yellen sounded an alarm on Bitcoin. In an interview with CNBC’s Andrew Ross Sorkin, Secretary Yellen described Bitcoin as frequently used “for illicit finance” and “an extremely inefficient way of conducting transactions.”
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Digital Assets
SEC and Wyoming Division of Banking Address Custody of Digital Assets
The Wyoming Division of Banking issued a No-Action Letter in October 2020 in response to a request from a Wyoming-chartered public trust company seeking the Division of Banking’s position on the ability of the company to custody digital assets as well as hold itself out as a “qualified custodian.” The NAL prompted the Staff of the Securities and Exchange Commission to issue a public statement seeking public comment on matters concerning the definition of “qualified custodian” under the Investment Advisers Act of 1940 and Rule 206(4)-2 thereunder.…
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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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FINRA Issues Regulatory Notice on Digital Assets
As part of its ongoing effort to supervise broker-dealers conducting transactions in digital assets, FINRA recently issued Notice 20-23. The Notice encourages FINRA members to continue to keep FINRA updated on a firm’s activities relating to digital assets that have not been previously disclosed.…
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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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SEC Commissioners Testify About Digital Assets
On September 24, 2019, the House Financial Services Committee held an oversight hearing entitled “Oversight of the Securities and Exchange Commission: Wall Street’s Cop on the Beat” in which each of the five SEC commissioners were called as witnesses. While the hearing covered a wide range of issues related to securities regulation and enforcement, it also touched on a number of topics of particular interest to crypto and blockchain businesses, including the application of the securities laws to digital assets.…
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California Enacts Blockchain Legislation
Recently, California Governor Jerry Brown signed into law Assembly Bill No. 2658 for the purpose of further studying blockchain’s application to Californians. In doing so, California joins a growing list of states officially exploring distributed ledger technology.…
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Recent Congressional Action Involving Digital Assets and Blockchain Technology
Interest in the crypto economy continues to grow in Congress with the introduction of roundtables, hearings and new legislation. …
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