Last week, the leaders of the U.S. Commodity Futures Trading Commission, the Financial Crimes Enforcement Network, and the U.S. Securities and Exchange Commission (the “Agencies”) issued a joint statement to remind persons engaged in activities involving digital assets of their anti-money laundering and countering the financing of terrorism (AML/CFT) obligations under the Bank Secrecy Act […]

The immediate suspension of the website, OhioCrypto.com, was announced by Ohio Treasurer Robert Sprague in a meeting of the State Board of Deposit in Columbus, Ohio, earlier this month. The State Board of Deposit, at the recommendation of Treasurer Sprague, has asked the Ohio Attorney General for a formal opinion on whether the payment method […]

Facebook’s move to roll out an entirely new cryptocurrency—a stablecoin known as Libra—has been the subject of speculation for years. Now, the cryptocurrency in question has emerged, and brought with it a host of new possibilities, questions, and even speculations to go along with it. Some have even suggested that Libra may ultimately pose a […]

Selecting a location for any startup company is a major step in setting up shop. States are selected on a wide range of criteria such as tax laws, overall quality of life for employees, or even—particularly for small businesses—the state in which their founders currently live. One state is proving especially friendly for those in […]

Just a year ago, the Banking Department of the Vermont Department of Financial Regulation issued a position that was to prove difficult for money transmitter operations. The position in question focused on money transmission law and noted that the law did “…not exempt a payment processor an agent of a payee from licensure.” This law […]

Rhode Island is out to be the ultimate testing ground for those working in the blockchain space, including a voucher valued at $50,000 for any entrepreneur.

We anticipate that in June the FATF will adopt a final version of its Interpretative Note, along with updated guidance to further assist countries and industry with their obligations.

Crypto exchange Bitfinex ordered by judge for documents of a $850 million misfortune and an ensuing loan from stablecoin backer Tether. Judge Cohen stated “the subject of whether these are securities…”

Cryptocurrencies are increasingly coming under government scrutiny, especially in light of a growing market for these issues following the success of bitcoin. With this increased government scrutiny has come likewise increased government action, and recently, New York Attorney General Letitia James announced a new court order obtained by her office to address the Bitfinex virtual […]

Money transmission is going to undertake some forms of change in both Michigan and California. Both have to do with what is know as an “agent of payee” and how the definition of the term. In the state of Michigan has passed through legislation in which transactions enacted by an “agent of payee” are not […]