In the fall of 2018 we posted a state-by-state summary of smart contract legislation which included an overview of legislation passed in Arizona, Tennessee and Vermont, as well as an update on legislation pending in other states at the time. Over the past few years, a multitude of states have tackled smart contract legislation with varying degrees of detail and success. Most state smart contract legislation has fallen into three broad categories: formation of exploratory committees, recognition of basic smart contract concepts and comprehensive treatment of smart contracts and related technologies.

Continue Reading An Update on State Smart Contract Legislation

In a letter released to the public on April 10, 2019, New York’s Department of Financial Services (DFS) denied Bittrex’s two separate applications to engage in a virtual currency business and to engage in money transmission activity in New York state.
Continue Reading DFS Denies Bittrex Applications for New York Virtual Currency and Money Transmitter Licenses

A vigorous competition among the states to regulate digital assets has begun to develop. Some states, such as New York, have adopted regulations that take a very proscriptive approach to regulation in the interest of consumer protection. States like Wyoming, on the other hand, see an opportunity to stimulate the local economy and take a far more permissive view of digital assets.
Continue Reading Wyoming Legislature Considers Digital Asset Legislation

Not only do operators of virtual currency businesses face a growing body of federal regulations, but they must also contend with a patchwork of state laws. Recent guidance from the Texas Department of Banking provides a thoughtful discussion of the virtual currency industry and interprets the Texas Money Services Act for operators of virtual currency businesses doing business in the state.
Continue Reading Texas Issues Updated Guidance for Virtual Currency Businesses

On Monday, October 22, 2018, Judge J. Paul Oetken of the Southern District of New York granted Alibaba Group Holding Limited’s motion for preliminary injunction in a trademark action against several foreign-based promoters and developers of a new cryptocurrency called “AlibabaCoin.” In doing so, the court considered several novel issues around personal jurisdiction and blockchain.
Continue Reading Alibaba Wins Preliminary Injunction Against Developers of Cryptocurrency “AlibabaCoin” In Trademark Dispute

A new report from the New York Attorney General summarizes the findings of its recent Virtual Markets Integrity Initiative. The NYAG concluded that crypto trading platforms vary significantly in their risk management strategies and in the ways they fulfill customer responsibilities.
Continue Reading New York Attorney General Reports on Crypto Exchanges

Recently, the International Law Section of the New York State Bar Association published its annual International Law Practicum issue featuring an extensive collection of articles discussing cryptocurrency regulation in various jurisdictions around the world.
Continue Reading New York State Bar Association Publishes Primer on International Cryptocurrency Law