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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Leaders of SEC, FinCEN and CFTC Release a Joint Statement on Digital Asset Compliance and Regulation
by: Macauley B. Venora | (October 15, 2019)
Jay Clayton, Kenneth Blanco and Heath Tarbert, the leaders of the SEC, FinCEN and the CFTC, released a joint statement highlighting compliance issues relating to digital assets and anti-money laundering requirements.
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New York’s Department of Financial Services approves the issuance and offering of the first digital asset backed by physical gold.
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The SEC's Division of Trading and Markets and FINRA Issue Joint Statement on Custody of Digital Securities
by: Matthew B. Comstock | (July 09, 2019)
The staffs of the SEC's Division of Trading and Markets and FINRA issued their first public statement on broker-dealer custody of digital securities on July 8, 2019. Among other things, the staffs discuss potential approaches for broker-dealers to carry digital securities in compliance with Rule 15c3-3 under the Exchange Act.
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FinCEN: Guidance Addressing the Regulations Applicable to Certain Business Models Involving Convertible Virtual Currencies
by: Macauley B. Venora | (May 21, 2019)
The Financial Crimes Enforcement Network released comprehensive guidance discussing money transmission regulations and how they apply to complex business models involving cryptocurrency and various cryptocurrency platforms and exchanges.
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SEC Charges Blockchain Investment Firm with Misleading Investors
by: Macauley B. Venora | (May 15, 2019)
On Monday, the SEC entered an Order Instituting Cease and Desist Proceedings against a blockchain investment firm and its CEO for making material misrepresentations to its investors.
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FinCEN: Peer-to-Peer “Exchanger” of Virtual Currency is an Unregistered Money Transmitter
by: Katherine Cooper | (April 18, 2019)
Eric Powers of Kern County, California, entered into a consent order today, April 18, 2019, with the Financial Crimes Enforcement Network for acting as an unregistered money transmitter. FinCEN determined that Powers’ purchase and sale of Bitcoin for U.S. Dollars in over 1,700 “peer-to-peer” transactions from 2012 through 2014 made him an “exchanger” of convertible virtual currency.
Other Recent Content
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The Chamber of Digital Commerce Virtual Event: It’s Time to Make Blockchain a National Priority
04/15/2021 | (04/09/2021)
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New York City Empire FinTech Conference 2021
10/19/2021 (12:00 AM - 12:00 AM) | (04/07/2021)
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Digital Asset Summit: 2021 New York City | September 14 & 15, 2021
09/14/2021 - 09/15/2021 | (03/22/2021)
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Third Time’s the Charm? Lawmakers Try Again to Clarify Cryptocurrency and Digital Asset Regulation
(03/15/2021)
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International Conference on Blockchain and Cryptocurrencies 2021
06/03/2021 - 06/04/2021 | (03/04/2021)