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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 | Blockchain Law Center | (01/04/2021)
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 | Blockchain Law Center | (12/21/2020)
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 | Blockchain Law Center | (12/04/2020)
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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Agencies Issue Joint Rule Proposing to Amend Bank Secrecy Act Regulations
by: Macauley B. Venora | Blockchain Law Center | (11/02/2020)
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.
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CFTC Advisory to FCMs on Accepting Virtual Currency
by: Elizabeth Lan Davis , Brian M. Walsh | Blockchain Law Center | (10/24/2020)
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.
Other Recent Items
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Consensus by CoinDesk
05/24/2021 - 05/27/2021 | (02/19/2021)
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Why Index Funds are Important for Cryptocurrency and Blockchain Technology
02/18/2021 | (02/10/2021)
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Blockchain Africa Conference 2021
03/18/2021 - 03/19/2021 | (02/03/2021)
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CryptoLex 2021
01/12/2021 | (12/21/2020)
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DOJ Cyber Task Force Releases Report on an Enforcement Framework for Cryptocurrency Involved Criminal Activity
(10/09/2020)