Category: Regulatory and Legislative Developments

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Could Blockchain Push Syndicated Loans over the Regulatory Edge?

Banks are exploring using blockchain to increase the efficiency of trading syndicated loans. The hope is to increase the liquidity and transparency of the secondary market for loans. The risk is that their efforts will be so successful that the loans may lose their historical exemption from the registration and anti-fraud provisions of the Securities … Continue Reading

ETF Corner: SEC Requests Comment on listing of Bitcoin ETF

On October 12, 2016 the Securities and Exchange Commission (“SEC”) issued an order instituting proceedings to determine whether or not to approve or disapprove a proposed rule change filed by Bats BZX Exchange, Inc. (“Exchange”) that would permit Winklevoss Bitcoin Shares (“Shares”) issued by the Winklevoss Bitcoin Trust (“Trust”) to be listed and traded on … Continue Reading

Blockchain Week in Review – October 14, 2016

Below is a summary of some of the significant legal, regulatory and industry actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. U.S. Developments Regulatory Developments CFPB Declines to Make … Continue Reading

Blockchain Week in Review – September 30, 2016

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. U.S. Developments OCC Proposes Rollout of a Limited-Purpose FinTech … Continue Reading

SDNY Opinion re: Bitcoin

U.S. District Judge Alison Nathan of the Southern District of New York issued a decision yesterday finding that bitcoins are money under the plain meaning of Section 1960, the federal money transmission statute. In July 2015, Anthony Murgio and two others defendants were arrested and charged with operating an illegal bitcoin exchange – Coin.mx. Murgio … Continue Reading

UPDATE: California Bill Has Been Withdrawn

Last week, California legislators introduced an amended AB 1326, which substantially changed California’s proposed bill addressing procedures and regulations of digital currency businesses. After a second reading in the California Senate, this bill has been re-referred to the Committee on Banking and Financial Institutions for additional comment. See California Legislative Status on AB-1326. Industry leaders, … Continue Reading

California Legislature Fast-Tracks a Bill Creating Enrollment Procedure and Enforcement Authorization for Digital Currency Companies, Leaving Several Important Questions Unresolved

This week, at the tail-end of the legislative session, California legislators have introduced a bill (amended from a bill originally introduced in April 2015) that statutorily addresses the increasingly topical question of how to regulate the emerging crypto-currency market. The amendment, introduced on August 8, 2016, is a vast departure from the earlier iterations of … Continue Reading

Blockchain Week in Review – July 15, 2016

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. U.S. Developments Bitcoin Investment Trust and SecondMarket, Inc. Settle … Continue Reading

SEC Settles Charges With FinTech Companies in Unlawful Redemption of Bitcoin Investment Trust Shares During Distribution

The SEC announced yesterday a settlement with Bitcoin Investment Trust (BIT) and SecondMarket, Inc. (SecondMarket).  According to the Administrative Order, the SEC claims that BIT and SecondMarket redeemed BIT shares during an ongoing distribution and, therefore, violated Rules 101 and 102 of Regulation M.… Continue Reading

Financial Stability Oversight Council Identifies Distributed Ledgers as Innovative, Yet Posing Certain Risks

The Financial Stability Oversight Council (FSOC) recently published its Annual Report, providing insight into its perspective on market developments and emerging threats. The FSOC, which includes representatives from the Treasury Department, the Federal Reserve, the Commodity Futures Trading Commission and the Securities and Exchange Commission, recognized that distributed ledger systems offer opportunities to lower transaction … Continue Reading

Making Sense of the CFTC’s Enforcement Order and Settlement with Bitfinex

On June 2nd, the U.S. Commodity Futures Trading Commission (the “CFTC”) announced an enforcement order and settlement with BFXNA Inc. d/b/a Bitfinex, an online platform for exchanging and trading cryptocurrencies (the “Platform”).  This posting will summarize that order with the goal of helping our readers make sense of the current state of the law with respect to … Continue Reading

Attention FinTech and Blockchain Firms: Financial Innovation Was the Talk of the Week in Regulatory Circles

In a span of 48 hours this week, two noteworthy developments occurred on the U.S. regulatory front: A major bank regulatory agency, the Office of Comptroller of Currency (the “OCC”), published Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective; and A commissioner from the Commodity Futures Trading Commission (the “CFTC”), J. Christopher … Continue Reading

Blockchain Week in Review – January 15, 2016

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. U.S. Developments South Carolina Legislature Proposes Bill to Enact … Continue Reading

Bitcoin Weekly Updates – Did you see last week’s update?

For coverage of weekly regulatory news, be sure to visit Bitcoin Week in Review. Last week’s update discussed the Uniform Law Commission (ULC) draft version of a model law that will guide states in creating regulation for virtual currencies, a warning from Ukraine’s National Bank and the collaboration of Europol and Interpol at the Europol Cybercrime Conference.… Continue Reading

Bitcoin Weekly Updates – Don’t forget to subscribe!

For coverage of weekly regulatory news, be sure to visit Bitcoin Week in Review. This week’s update discusses the U.S. Commodity Futures Trading Commission (CFTC) settlement against TeraExchange LLC, Bitcoin Ponzi scheme perpetrator Trendon Shavers, and Australian banks’ crackdown on Australian bitcoin companies.… Continue Reading

Blockchain Week in Review – September 25, 2015

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. U.S. Developments CFTC. The U.S. Commodity Futures Trading Commission … Continue Reading

CFTC Brings First Enforcement Action Against Unregistered Bitcoin Options Trading Platform

On September 17th, the Commodity Futures Trading Commission (“CFTC”) announced an enforcement order and settlement against an unregistered bitcoin options trading platform. The order is notable for six reasons: 1) It is the first official pronouncement from the CFTC that, “Bitcoin and other virtual currencies are encompassed in the definition [of a commodity under the … Continue Reading

Blockchain Week in Review – July 24, 2015

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. Domestic Developments Florida. Anthony Murgio and Yuri Lebedev, operators … Continue Reading

Blockchain Week in Review – July 17, 2015

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. Domestic Developments North Carolina. On July 14, 2015, the … Continue Reading

FATF Issues 2015 Update on Last Year’s Virtual Currency Guidance

The Financial Action Task Force (FATF) has issued 2015 Guidance calling for a “risk-based approach” to virtual currencies.  This Guidance follows its 2014 initial Report on virtual currencies.  Since FATF’s 2014 Report, virtual currencies, the risks associated with them, and the individuals and entities using them have evolved substantially.  Law enforcement and regulatory agencies across … Continue Reading

Bitcoin Weekly Updates

For coverage of this week’s regulatory news, be sure to visit Bitcoin Week in Review. This week’s update discusses the Financial Action Task Force’s latest publication on the risks of virtual currencies, the amendments to California’s proposed digital currency bill, as well as the newsworthy virtual currency stories from the UK and Brazil.… Continue Reading

Blockchain Week in Review – July 10, 2015

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. Domestic Developments California. AB-1326, the California Senate’s proposed digital … Continue Reading

Blockchain Week in Review – June 26, 2015

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. Domestic Developments New York.  On June 24th, New York … Continue Reading
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