On August 19, the Federal Deposit Insurance Corporation (FDIC) issued cease and desist letters to five cryptocurrency companies, demanding they refrain from making allegedly false and misleading statements about deposit insurance.
“Based upon evidence collected by the FDIC, each of these companies made false representations — including on their websites and social media accounts —
On August 15, the Federal Reserve Board (Fed) issued final guidelines, outlining the tiered approach it will use when evaluating the growing requests from fintech firms and cryptocurrency companies for access to master accounts. The guidelines make clear that while requests from institutions with federal deposit insurance will be subject to a streamlined review, institutions
On June 20, the Louisiana Office for Financial Institutions (OFI) proposed a Rule on licensure, registration, and regulation of persons engaging, or planning to engage, in virtual currency business activity in Louisiana. The Rule follows the mandate set by Louisiana’s Virtual Currency Business Act (VCBA), effective August 1, 2020, requiring virtual currency businesses to hold
On June 6, Senators Kirsten Gillibrand (D-NY), member of the Senate Agriculture Committee, and Senator Cynthia Lummis (R-WY), member of the Senate Banking Committee, introduced a draft bipartisan bill, the Responsible Innovation Act (Act), which is Congress’s first attempt to construct an all-encompassing digital asset regulatory framework. The breadth of the Act is sweeping, and
On April 28, bipartisan lawmakers in the U.S. House of Representatives introduced legislation, allowing the Commodity Futures Trading Commission (CFTC) to oversee cryptocurrency spot markets. The legislation intends to create a framework to fill the regulatory gaps between the CFTC and Securities and Exchange Commission (SEC) digital asset marketplace and related regimes.
On June 8, the New York State Department of Financial Services (NYDFS) issued new “Guidance on the Issuance of U.S. Dollar-Backed Stablecoins,” establishing a first-of-its-kind state standards for USD-backed stablecoins issued by entities subject to regulation by the NYDFS. Informal policies have been in place since 2018, but NYDFS Superintendent Adrienne A. Harris
On June 1, the California Department of Financial Protection and Innovation (DFPI) released an invitation for comment on the DFPI’s regulatory approach to crypto asset-related financial products and services, as well as the potential regulation of such products and services under the California Consumer Financial Protection Law (CCFPL).
On May 4, Governor Gavin Newsom issued
The New York State Department of Financial Services (NYDFS) recently issued guidance on the use of blockchain analytics for all virtual currency businesses that either have a BitLicense or are chartered as limited purpose trust companies under the New York Banking Law (VC Entities), emphasizing “the importance of blockchain analytics to effective policies, processes, and
On May 4, following in the footsteps of President Biden’s recent executive order (Federal EO), California Governor Gavin Newsom issued his own blockchain-related executive order (CA EO), making California the first among the states to endorse a proactive, harmonized approach to regulate blockchain technology. The CA EO assesses how existing state and public institutions may
On April 28, the Joint Chiefs of Global Tax Enforcement (the J5), a global joint operational taxation group consisting of Australia, Canada, Netherlands, United Kingdom, and the United States, issued an intelligence bulletin (Bulletin), enumerating its perceived dangers of non-fungible tokens (NFTs).
NFTs, ERC-20, and Fungibility
Cryptocurrencies and NFTs are similar in the sense that
