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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SEC Issues Risk Alert Highlighting the Continued Focus on Digital Asset Securities
by: Macauley B. Venora | (March 02, 2021)
The SEC's Division of Examinations has issued a Risk Alert focused on digital asset securities and compliance guidance for financial markets participants, as well as areas of focus for future Division examinations.
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The Office of the Comptroller of the Currency (OCC) has conditionally approved a national bank charter for Anchorage Digital Bank NA.
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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.
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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.
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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.
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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.
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