On June 8, 2022, New York’s Department of Financial Services released interpretive guidance on the “Issuance of U.S. Dollar-Backed Stablecoins.” The guidance applies to entities that issue stablecoins under DFS supervision, and addresses three broad topics—redeemability, reserve requirements, and monthly attestation by an independent CPA firm.
Continue Reading New York DFS Releases Stablecoin Guidance
New York Attorney General Announces Settlement with Bitfinex
As we previously reported, the New York Attorney General has been in protracted litigation with crypto exchange Bitfinex and affiliated stablecoin-issuer Tether. On February 23, 2021, the Attorney General announced a definitive settlement of the matter. The settlement cements the New York Attorney General’s intention aggressively to police the virtual currency marketplace using the expansive anti-fraud authority granted under the Martin Act
Continue Reading New York Attorney General Announces Settlement with Bitfinex
PayPal Pushes Crypto Further into the Mainstream
PayPal released a press release on Wednesday, October 21, 2020, announcing the launch of a new cryptocurrency service that will enable its users to buy, hold and sell cryptocurrencies. The press release comes on the heels of the New York Department of Financial Services announcement that PayPal was granted the state’s first “conditional BitLicense.”
Continue Reading PayPal Pushes Crypto Further into the Mainstream
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.
Continue Reading New York Announces Five BitLicense Initiatives
New York Proposes Virtual Currency Guidance
On December 11, 2019, the New York Department of Financial Services (DFS) published proposed guidance regarding adoption or listing of virtual currency by holders of a BitLicense. Specifically, under the proposed guidance, DFS seeks comment regarding two proposed changes affecting coin listings, both of which are intended to streamline and expedite the process.
Continue Reading New York Proposes Virtual Currency Guidance