On Jan. 3, 2023, the Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) (collectively, the “Agencies”) issued a joint statement (Joint Statement) that reiterates prior crypto-related guidance and highlights crypto-asset risks to banking organizations. The Joint Statement follows a year of volatility and exposure of vulnerabilities in the crypto-asset sector, including failures of large crypto-asset companies.

Continue reading the full GT Alert.

Tags: cryptocurrency, FDIC, Federal Reserve Systems, GT Insight, OCC, Office of the Comptroller of the Currency
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Photo of Marina Olman-Pal Marina Olman-Pal

Marina Olman-Pal, Co-Chair of the firm’s Financial, Regulatory & Compliance Practice, advises foreign and U.S. financial institutions on a broad range of regulatory matters including licensing, acquisitions, divestitures, compliance with Bank Secrecy Act (BSA)/anti-money laundering (AML) laws and regulations, and compliance with Office…

Marina Olman-Pal, Co-Chair of the firm’s Financial, Regulatory & Compliance Practice, advises foreign and U.S. financial institutions on a broad range of regulatory matters including licensing, acquisitions, divestitures, compliance with Bank Secrecy Act (BSA)/anti-money laundering (AML) laws and regulations, and compliance with Office of Foreign Assets Control (OFAC) sanctions programs. Marina counsels a wide range of companies in the financial services sector including, domestic and foreign banks, gaming companies, money services businesses including money transmitters, cryptocurrency businesses, Fintech companies and digital payment companies. Throughout her career, Marina has represented clients before U.S. regulators such as the Federal Reserve, OCC, FDIC, FinCEN, OFAC, the Florida Office of Financial Regulation and other state supervisory authorities. Marina also regularly develops anti-money laundering programs for a wide range of financial services businesses and non-financial services businesses including, U.S. and foreign companies active in industries such as real estate, hospitality, automotive and artificial intelligence, among many others.

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Photo of Steven T. Cummings Steven T. Cummings

Steven T. Cummings focuses his practice on the regulation of financial services providers, including virtual currency companies, money transmitters, payment processors, and fintech companies.

In his prior role as the Virtual Currency Applications Team lead for the New York State Department of Financial…

Steven T. Cummings focuses his practice on the regulation of financial services providers, including virtual currency companies, money transmitters, payment processors, and fintech companies.

In his prior role as the Virtual Currency Applications Team lead for the New York State Department of Financial Services, Steven supervised the virtual currency team in evaluating virtual currency applications for regulatory compliance with anti-money laundering, cybersecurity, and consumer protection requirements.

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Photo of Janiell "Alexa" Gonzalez Janiell "Alexa" Gonzalez

Janiell A. Gonzalez focuses her practice on digital payments, money service businesses, money transmitter licensing, lender licensing, escrow licensing, and providing federal and state regulatory compliance guidance to cryptocurrency businesses, digital payment companies, fintechs, consumer and commercial lending companies, and banks. Janiell’s compliance…

Janiell A. Gonzalez focuses her practice on digital payments, money service businesses, money transmitter licensing, lender licensing, escrow licensing, and providing federal and state regulatory compliance guidance to cryptocurrency businesses, digital payment companies, fintechs, consumer and commercial lending companies, and banks. Janiell’s compliance related focus includes advice on matters concerning compliance with Bank Secrecy Act (BSA)/anti-money laundering (AML) laws and regulations, the Corporate Transparency Act and implementing regulations, and compliance with Office of Foreign Assets Control (OFAC) sanctions programs.

She also advises clients on matters involving the Consumer Financial Protection Bureau (CFPB) and other federal and state regulatory authorities with oversight of consumer financial and payments products and services. Janiell has a wide-ranging background in regulated entity compliance matters having served as an in-house corporate paralegal for large corporations in the health care and aviation industries. She now leverages this experience to provide strategic, practical and actionable advice to clients.

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