Tag: FinTech Industry & Regulation
Hong Kong Monetary Authority Unveils Fintech Promotion Roadmap
By Jay Lee and Beatrice Wun In a transformative step for the financial technology (fintech) industry, the Hong Kong Monetary Authority (HKMA) recently announced a new Fintech [more…]
SDNY Rules Ripple’s XRP token is NOT a Security
By Andrew Hinkes and Eden Rohrer On July 13, 2023, in a long awaited decision in Securities and Exchange Commission v. Ripple Labs, Inc., Bradley Garlinghouse and [more…]
Australia: Payments Reform – Generational Change Coming
By Daniel Knight and Simon Kiburg Earlier this month the government released a raft of documents on the future of payments regulation in Australia. These documents are: [more…]
Australia: Regulating AI in Australia – emerging issues
By Daniel Knight, Cameron Abbott, Rob Pulham, Dadar Ahmadi-Pirshahid Amid global calls for tailored regulation of artificial intelligence tools, the Australia Federal Government has released a discussion paper on the safe [more…]
SEC’s Stunning Enforcement Actions against Binance and Coinbase
By Drew Hinkes, Cliff Histed, Judie Rinearson, Eden Rohrer, Max Black In a stunning move, over the last two days, the Securities and Exchange Commission (“SEC”) has [more…]
Australia: Expanding AML requirements for digital currency exchanges
By Daniel Knight and Grace Hall The Australian Government has committed to reforming Australia’s AML/CTF regime, with proposed reforms set to impact digital currency exchange (DCE) providers. The [more…]
CFPB Raises Alarms Without Providing All the Facts
By Judie Rinearson and Jeremy McLaughlin The Consumer Financial Protection Bureau’s (CFPB) recent Consumer Alert was certainly well intentioned. Many consumers (including the authors) who hold funds [more…]
Australia: ASIC revises its IDR reporting framework – are you ready?
By Daniel Knight and Hugo Chow All holders of an Australian Financial Services License (AFSL) with a retail client authorisation will need to comply with ASIC’s internal dispute resolution [more…]
NFA Imposes New Compliance Obligations on Members Engaged in Digital Asset Commodity Activities
By Clifford C. Histed and Cheryl L. Isaac Last week, after years of silence on the issue of digital asset regulation, the National Futures Association (“NFA”) promulgated [more…]
CFTC Chair Asserts Jurisdiction Over Fiat-Based Stablecoins
By Cheryl L. Isaac and Maxwell J. Black Last week, Commodity Futures Trading Commission (“CFTC”) Chair Rostin Behnam asserted that fiat-based stablecoins (such as USD Coin (USDC), [more…]
EU/Luxembourg Update: New Blockchain/ DLT Pilot Regime for Financial Instruments Becomes Effective on March 23
By Dr. Jan Boeing and Maxime Barthez[1], Luxembourg and the EU have taken an important step forward in the area of blockchain and Distributed Ledger Technology (“DLT”). [more…]
In a Rare Decision On Abandoned Property Law, The US Supreme Court Rules Against Delaware
By Judie Rinearson, Jennifer Crowder, and Jeremy McLaughlin On February 28, 2023, the US Supreme Court issued its decision in the abandoned property lawsuit, Delaware v. Pennsylvania [more…]
AUSTRALIA: Treasury Releases Token Mapping Consultation Paper
By Daniel Knight and Oliver Herrmann New licensing requirements for crypto service providers are coming, following a series of consultations launched last week by Treasurer, Jim Chalmers. The Government approach [more…]
High-Level Summary: Solving Common Failures in NFT Licensing
By Drew Hinkes, Elizabeth Thomsen, Josh Durham As blockchain and nonfungible tokens (NFTs) are still new technologies, their legal infrastructure is still developing, creating potential vulnerabilities. Three [more…]
Crypto Platform Kraken Pays $30 Million and Ceases Staking Services to Settle SEC Charges
By Drew Hinkes, Carly Howard, and Judie Rinearson The Securities and Exchange Commission (SEC) announced a settlement with the digital assets/cryptocurrency exchange Kraken whereby Kraken agreed to [more…]
The CFPB Proposes New Credit Card Late Fee Limits
By John ReVeal On February 1, 2023, the CFPB proposed new rules to reduce the late fees that credit card issuers may charge to consumers (the “Proposed [more…]
Federal Reserve Issues Policy Statement Limiting Crypto-Activities of State Member Banks
By Grant F. Butler, Carly E. Howard, Andrew M. Hinkes The Board of Governors of the Federal Reserve (the “FRB”) issued a policy statement that interprets Section [more…]
DeFi Regulatory Alert: CFTC Files Its First Ever Oracle Manipulation Case
By Andrew M. Hinkes, Clifford C. Histed, Cheryl L. Isaac, and Maxwell J. Black The Commodity Futures Trading Commission (“CFTC”) filed a civil enforcement action this week [more…]
“Joint Statement on Crypto-Asset Risks to Banking Organizations” Will Significantly Impact Cryptocurrency Companies and Their Banking Relationships
By Grant F. Butler, Andrew M. Hinkes, Jeremy McLaughlin, Judie Rinearson The US Board of Governors of the Federal Reserve System (FRB), Office of the Comptroller of [more…]
Alaska Will Require Licensing for Crypto Money Transmitters
By Jeremy M. McLaughlin and Brenden R. Chainey On November 30, Alaska amended its money transmitter regulations to, among other things, include virtual currency transactions within the [more…]
CFTC Ordered to Serve Former Founders in Ooki DAO Case
By Andrew M. Hinkes, Clifford C. Histed, Carly E. Howard, Cheryl L. Isaac, Maxwell J. Black Following the unprecedented Ooki DAO enforcement action by the Commodity Futures [more…]
