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

A bill (Tennessee House Bill 701

Department of Financial Services Superintendent Benjamin Lawsky reportedly stated in a speech that the DFS is considering creating a special transitional BitLicense that would allow virtual currency startups meeting certain criteria to operate within a more flexible regulatory framework while their full BitLicense application is under examination. Lawsky indicated that a revised BitLicense proposal will

A Cryptsy user filed a lawsuit against the cryptocurrency exchange, alleging theft and breach of Florida consumer and investor protection laws by Cryptsy.  Among other things, the complaint alleges that Cryptsy stole bitcoins stored by the user within their platform.

Department of Financial Services (DFS) Superintendent Benjamin Lawsky reportedly clarified in a speech that the proposed BitLicense regulations issued by the DFS are intended to regulate financial intermediaries, and not users, miners or software developers. Lawsky reportedly also stated that the DFS does not intend that BitLicensees will also have to obtain money transmitter licenses,

A superior court judge will reportedly issue an opinion within the next 30 days in a case brought over a subpoena issued by the state attorney general against a team of MIT students, who developed an experimental software program allowing users to contribute computing power for mining bitcoin in return for not seeing online advertising.

Department of Financial Services Superintendent Benjamin Lawsky stated in an interview that the DFS has received thousands of comments to its proposed BitLicense regulations and expects to finalize the regulations at the end of this year or early next year.