The tide of regulation of cryptocurrency and blockchain could be turning in the United States. Following comments by newly-confirmed Treasury Secretary (and former Federal Reserve Chair) Janet Yellen describing Bitcoin as “inefficient” and “extremely volatile,” the price of the coin
Blockchain and the Law
The "Blockchain and the Law" blog, published by Proskauer Rose LLP, focuses on legal developments and regulatory issues related to blockchain technology, cryptocurrencies, and digital assets. It covers topics such as tokenized securities, stablecoin regulation, strategic Bitcoin reserves, and the evolving legal landscape for digital finance in the United States. The blog discusses federal and state legislative initiatives, regulatory proposals by agencies like the SEC, and the implications of new laws such as the GENIUS Act. It also addresses the intersection of blockchain with financial markets, compliance, and government policy, providing insights into how legal frameworks adapt to innovations in blockchain and crypto assets.
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SEC Division of Examinations Releases Risk Alert for Digital Asset Securities
On February 26, 2020, the Security and Exchange Commission’s (“SEC”) Division of Examinations (the “Division”) published a Risk Alert, “The Division of Examinations’ Continued Focus on Digital Asset Securities.” In the Risk Alert, the Division offered insight into its…
Three Critical Questions That Will (Hopefully) be Answered by the SEC’s Lawsuit against Ripple
Late last year, the SEC filed a litigated action in the U.S. District Court for the Southern District of New York against Ripple Labs Inc. and two of its executive officers (collectively, “Ripple”), alleging that Ripple raised over $1.3 billion…
SEC Brings Charges against Individuals Behind Allegedly Fraudulent Unregistered Digital Asset Securities Offering
Crypto Asset Regulation: Is the US or UK Keeping Up Best With This Emerging Market?
One driver for the first widely adopted cryptocurrency Bitcoin was to create a store of value that existed outside of government control. It is therefore no surprise that attempts to regulate the rapidly developing crypto asset market have required great…
SEC Responds to Wyoming’s Opinion on Custody of Digital Assets and Qualified Custodian Status
The U.S. Securities and Exchange Commission (“SEC”) issued a statement in response to the Wyoming Division of Banking’s No-Action Letter on Custody of Digital Assets and Qualified Custodian Status.
in October, the Wyoming Division of Banking granted Two Ocean Trust…
Traditional Supply Chain Challenges During COVID-19 Spur Innovation in Blockchain Applications
By Wai Choy & Jonathan Mollod
Before the onset of the COVID-19 pandemic, companies were already exploring the promise of blockchain to modernize certain aspects of their supply chains. Traditional supply chains can be inefficient, data intensive and costly, often characterized by burdensome paperwork, conflicting records…
Kraken Becomes First Digital Asset Company to Receive U.S. Bank Charter
Kraken recently announced that it “is the first digital asset company in U.S. history to receive a bank charter recognized under federal and state law, and will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary…
New York Proposes Conditional BitLicense Framework
The New York State Department of Financial Services (the “NYDFS”), as a part of a series of virtual currency initiatives, proposed in June a framework for applying for and obtaining a virtual currency Conditional BitLicense. The framework is aimed…
The Office of the Comptroller of the Currency Solicits Public Comments on the “Digital Activities” of Banks
By Joshua Watts
On June 3, 2020, the Office of the Comptroller of the Currency (OCC) published an advance notice of proposed rulemaking (ANPR) to solicit public input on the “digital activities” of banks and the impact of emerging technologies on the banking…