Category: Virtual Currencies

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Fintech Week in Review: Week of August 2, 2019

U.S. Developments FinCEN and Others Issue Joint Statement on BSA/AML Examinations The Financial Crimes Enforcement Network (FinCEN) and several other federal banking regulators, including the Federal Deposit Insurance Corporation, National Credit Union Administration, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve, issued a joint statement on … Continue Reading

Fintech Week in Review: Week of July 26, 2019

U.S. Developments Regulatory Developments House Task Force Looks to Allow Alternative Data for Credit Scoring A newly formed U.S. House of Representatives task force, the Financial Technology Task Force, held a hearing this week to discuss a proposed bill that would allow new types of data to appear on consumer credit reports, including items like … Continue Reading

Fintech Week in Review: Week of May 6–10, 2019

CFPB Proposes Changes to Debt Collector Rules On May 7, 2019, the Consumer Financial Protection Bureau (“CFPB”) detailed a plan to update the Fair Debt Collection Practices Act. The proposed rule would reduce the number of phone calls collectors can make to debtors, while providing clarity as to how collectors can use other communication methods, … Continue Reading

Fintech Week in Review: Week of April 29 – May 3, 2019

U.S. Developments Regulatory Updates OCC Seeks Comments on Proposed Innovation Pilot Program The Office of the Comptroller of the Currency (“OCC”) is soliciting public comment on its proposed Innovation Pilot Program. Similar to state-level regulatory sandbox models, the proposed program would allow OCC-supervised financial institutions, including those working with third-party vendors, to apply to test … Continue Reading

Fintech Week in Review: Week of April 8-12, 2019

FinTech Issues Discussed at SEC Speaks Conference At Practicing Law Institute’s annual SEC Speaks conference, SEC leadership and staff showcased the agency’s 2018 successes and outlined upcoming initiatives. Highlights in the cryptocurrency and FinTech industries included the SEC’s analytical framework for digital assets, published last week by the SEC’s Strategic Hub for Innovation and Financial … Continue Reading

Fintech Week in Review: Week of April 1 – 5

U.S. Developments Regulatory Updates New Rules for Prepaid Cards, Digital Wallets, and P2P Transfer Apps Become Effective As reported in this blog last year, the U.S. Consumer Financial Protection Bureau (“CFPB”) created a final rule implementing the Electronic Fund Transfer Act (“Regulation E”) and the Truth in Lending Act (“Regulation Z”). Originally released in October … Continue Reading

Fintech Week in Review: Week of October 29 – November 2

U.S. Developments Regulatory Updates  FinCEN Issues Advisory on FATF’s Updated Recommendations On October 31, FinCEN published an advisory on the international Financial Action Task Force’s (FATF’s) updated list of jurisdictions with serious regulatory deficiencies in anti-money laundering and combatting the financing of terrorism (AML/CFT). The advisory focused on North Korea (DPRK) and Iran, and FinCEN … Continue Reading

Open Session of the U.S. Senate’s Committee on Banking, Housing and Urban Affairs Hears Joint Testimony from Heads of the SEC & CFTC

On February 6, 2018, the United States Senate Committee on Banking, Housing and Urban Affairs conducted a hearing entitled “Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission.” Hearing. The Chairman of the U.S. Securities and Exchange Commission (SEC), Jay Clayton, and the Chairman of … Continue Reading

Understanding Cryptocurrencies in Asset Management Forum held in New York, materials now available

On January 18th, Perkins Coie LLP held a forum entitled Understanding Cryptocurrencies in Asset Management in its New York office.  This forum covered how cryptocurrencies and blockchain technology are affecting the asset management industry with specifics on: Investing in Bitcoin futures and other crypto-derivatives Emerging crypto indices Overview of product development including Bitcoin ETFs and … Continue Reading

Retail Commodity Transactions Involving Virtual Currencies: An Overview of the CFTC’s Proposed Interpretation (Part 1)

On December 15, 2017, the U.S. Commodity Futures Trading Commission (the “CFTC”) issued a proposed interpretation of the term “actual delivery” as used in the provision of the Commodity Exchange Act (the “CEA”) that grants the CFTC explicit authority to oversee the marketplace for “retail commodity transactions”. This is the first blog posting in a … Continue Reading

CFTC Commissioner Quintenz Addresses ISDA’s Unlocking Value in Derivatives Markets Conference in London

Earlier today, CFTC Commissioner Brian Quintenz spoke at a conference hosted by ISDA in London. His remarks focused on the central theme of that conference – the power of technology to transform financial markets. Read the highlights from Commissioner Quintenz’s speech on our Derivatives & Repo Report.… Continue Reading

CBOE and CME Self-Certify Bitcoin Futures, Cantor Self-Certifies Bitcoin Binary Options and NFA Issues Investor Alert

It was a busy morning at the intersection of derivatives and virtual currencies. The world of virtual currencies is about to simultaneously become a lot more institutional and a lot more retail. Read an overview of what happened and some thoughts about what it means for the world of virtual currencies on our Derivatives & … Continue Reading

Blockchain and Digital Token Update: SEC Releases Investigative Report and Investor Bulletin

On July 25, 2017, the Securities and Exchange Commission (SEC) released groundbreaking materials relating to blockchain tokens. These materials provide significant and welcome insight to the SEC’s and its staff’s thinking in this area, although they leave a number of important questions unanswered. The SEC released a detailed investigative report under Section 21(a) of the… Continue … Continue Reading

Fintech Week in Review – March 10, 2017

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 Class Action to Proceed in Fair Debt … Continue Reading

Fintech Week in Review – March 3, 2017

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 FinCEN Announces Measure to Track Cash Buyers … Continue Reading

Fintech Week in Review – February 17, 2017

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 California and New York Take Divergent Approaches … Continue Reading

NYDFS Issues Revised Proposed Cybersecurity Regulation

On December 28, 2016, the New York State Department of Financial Services (NYDFS) issued a revised proposed cybersecurity regulation, Cybersecurity Requirements for Financial Services Companies.  The revised proposed regulation reflects several substantive changes made in response to over 150 public comments received by NYDFS in response to the original proposed regulation published this past September. … Continue Reading
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