Blockchain technology utilizes a distributed digital ledger to record and track information, and can be leveraged to gain transparency and certainty in transactions ranging from cryptocurrency to supply chain tracking. This blog provides information on the legal developments surrounding implementation of blockchain technology, with an initial focus on the financial services sector.
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The SEC has announced fraud charges stemming from unregistered offerings and sales of investment plans called mining packages, which promised investors signficant returns.
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SEC Nearly Doubles Size of Enforcement’s Crypto Assets and Cyber Unit
by: Rebecca D. Kerley | (May 04, 2022)
The SEC announces an additional 20 positions dedicated to the unit responsible for bringing enforcement actions related to crypto markets and cyber-related threats.
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Comptroller of the Currency Advocates for Uniform Standards for Stablecoins
by: Michael P. McDonald | (April 28, 2022)
On April 27, 2022 the Acting Comptroller of the Currency, Michael Hsu issued a statement suggesting that the government should work together with the cryptocurrency industry and academics to develop uniform standards for stablecoins.
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IOSCO, an international association of securities regulators which and includes the SEC and CFTC in its membership, just issued a Report about DeFi which may impact future legislation and regulation
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CFTC Seeks Additional Authority and Resources to Regulate Crypto Markets
by: Sharon A. O'Shaughnessy | (February 10, 2022)
On February 9, 2022, CFTC Chair Rostin Behnam made a fresh appeal to Congress to grant his agency expanded authority to oversee crypto markets and provide $100 million in additional funds.
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Treasury Official Calls for Congressional Action to Enact Stablecoin Legislation
by: Sharon A. O'Shaughnessy | (February 08, 2022)
U.S. Treasury Under Secretary for Domestic Finance Nellie Liang testified before the House Financial Services Committee on February 8, 2022 and urged lawmakers to pass legislation to oversee stablecoin issuers.
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U.S. Treasury Releases Report Indicating That NFT Platforms May Be Subject to FinCEN Regulations
by: Sharon A. O'Shaughnessy | (February 07, 2022)
On February 4, 2022, the U.S. Treasury released a report on money laundering in the art market stating that NFT platforms may be considered virtual asset service providers by the Financial Action Task Force and may come under FinCEN’s regulations.
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