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 first entry in a series of blog posts focused on trends and analytics derived from Murphy & McGonigle's Blockchain Litigation Database.
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The staff of the SEC’s Division of Trading and Markets has issued a no-action letter that permits Paxos Trust Company, LLC (“Paxos”) to operate a limited type of blockchain-based clearing agency. Although the no-action letter places tight limits on who and what can clear and settle securities transactions through the Paxos system, and how that settlement has to occur, this is the first time the SEC has allowed market participants to operate in regulatory sandbox.
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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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