Blockchain Law Center

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.

  • OCC Approves First Crypto Bank
    by: Daniel M. Payne | (January 14, 2021)

    The Office of the Comptroller of the Currency (OCC) has conditionally approved a national bank charter for Anchorage Digital Bank NA.
  • The SEC Permits Some Broker-Dealers to Custody Customers’ Digital Asset Securities
    by: Matthew B. Comstock , Larry E. Bergmann | (January 04, 2021)

    The U.S. Securities and Exchange Commission recently issued guidance that permits broker-dealers to custody customers' digital asset securities.  A broker-dealer engaging in this activity is considered to be a "special purpose broker-dealer" and must refrain from activities in "traditional" securities.  
  • CFTC Digital Assets Primer Overview
    by: Brian M. Walsh | (December 23, 2020)

    On December 17, 2020, the Commodity Futures Trading Commission (CFTC) released a Digital Assets Primer to provide updated information to the public about emerging concepts in digital assets.
  • FinCEN Proposes New Digital Asset Rules to Target Money Laundering
    by: Daniel M. Payne | (December 21, 2020)

    On December 18, the Financial Crimes Enforcement Network (FinCEN) released a proposed rule for virtual currency transactions involving unhosted wallets.
  • FinHub Becomes a Stand-Alone Office
    by: Matthew B. Comstock , Larry E. Bergmann | (December 04, 2020)

    The SEC announced on December 3rd that its Strategic Hub for Innovation and Financial Technology, FinHub, will become a stand-alone office. 

  • Agencies Issue Joint Rule Proposing to Amend Bank Secrecy Act Regulations
    by: Macauley B. Venora | (November 02, 2020)

    The Financial Crimes Enforcement Network and the Board of Governors of the Federal Reserve are soliciting comments on a joint notice of proposed rulemaking which proposes to amend the Bank Secrecy Act to affirmatively apply Recordkeeping Rule and Travel Rule regulations to Convertible Virtual Currencies, and also proposes to reduce the monetary threshold for reporting and recordkeeping requirements. 

  • CFTC Advisory to FCMs on Accepting Virtual Currency
    by: Elizabeth Lan Davis , Brian M. Walsh | (October 24, 2020)

    In response to market participants’ request for guidance on how the customer protection provisions of the Commodity Exchange Act (“Act”) and the Regulations (“Regulations”) of the Commodity Futures Trading Commission  (“CFTC”) apply to virtual currencies deposited by futures customers or cleared swaps customers with futures commission merchants (“FCMs”), the CFTC’s Division of Swap Dealer and Intermediary Oversight (“DSIO”) issued an advisory on October 21, 2020 (“Advisory”) regarding the holding of virtual currency in segregated accounts.  The Advisory provides FCMs with its views on accepting and holding customer virtual currency assets.  The Advisory also sets forth guidance on practices to consider in developing and maintaining risk management programs in accordance with Regulation 1.11 when holding virtual currency as customer funds.  With the issuance of this Advisory, FCMs holding virtual currencies as customer funds should consider themselves on notice of these requirements and should immediately incorporate these requirements into their risk management programs.    

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