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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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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SEC Commissioner Does Not Anticipate Formally Introducing Direct Cryptocurrency Regulation This Year
by: Sharon A. O'Shaughnessy | (February 04, 2022)
In recent remarks, SEC Commissioner Hester Peirce forecasted that the SEC will regulate cryptocurrency through enforcement in 2022 rather than creating new rules or adjusting existing rules to accommodate digital assets.
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On January 20, 2022, the Federal Reserve Board issued a discussion paper, Money and Payments: The U.S. Dollar in the Age of Digital Transformation
by: Lisa Weingarten Richards | (January 21, 2022)
The paper “summarizes the current state of the domestic payments system..." and solicits comments from the public.
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GAO Releases Report on Use of Virtual Currencies to Facilitate Trafficking
by: Thomas P. DeFranco | (January 11, 2022)
On January 10, 2022, the U.S. Government Accountability Office (“GAO”) released a report to the public summarizing its findings on the use of virtual currencies to facilitate human and drug trafficking. These findings were based on a review of federal agency records and interviews with federal officials from a number of agencies.
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Annual Banking Report Predicts Increased Crypto Services in 2022
by: Margaret Haggerty | (December 20, 2021)
American Banker published its annual banking predictions based on survey results from 175 leaders and staff at banks and fintechs, including C-suite and senior business unit executives. Regarding cryptocurrency, nearly 40% of survey participants reported that they will be “likely/somewhat likely” to offer cryptocurrency services next year.
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