On November 15, at the Chainalysis Blockchain Symposium, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco spoke about the issue of “regulatory clarity,” the value of Bank Secrecy Act (BSA) data, FinCEN’s Funds Travel Rule, Stablecoins and Anonymity-Enhanced Cryptocurrencies (AECs) and opportunities for private sector engagement with FinCEN. They were his most extensive remarks since […]

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 […]

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 […]

Defining Blockchain: Blockchain Promotion Act This Monday, October 1, it was announced that members of the Energy and Commerce Subcommittees introduced the Blockchain Promotion Act of 2018 bill (H.R. 6913) to direct the Secretary of Commerce to establish a Blockchain working group. Congresswoman Doris Matsui and Congressman Brett Guthrie of the House of Representatives and members of the […]

The New York Department of Financial Services (NYDFS), the agency responsible for regulating virtual currency and BitLicenses, approved “Stablecoin” on September 10, 2018. This price-stable cryptocurrency is being offered by the Winklevoss brother’s Gemini and Paxos Trust Company, one of the exclusive few companies allowed to operate cryptocurrency in the state of New York. Cameron […]