On Feb. 23, 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
Continue Reading Federal Reserve, FDIC, and OCC Issue 2nd Joint Statement Highlighting Liquidity Risks to Banks Engaged in Crypto-Asset-Related ActivitiesBlockchain
Proposed UCC Amendments to Article 12 Shed New Light on Transacting and Securing Interests in Digital Assets
A proposed new Article 12 of the UCC provides rules for transactions involving certain new types of digital assets, including cryptocurrency and non-fungible tokens. Under the proposed new Article 12…
Continue Reading Proposed UCC Amendments to Article 12 Shed New Light on Transacting and Securing Interests in Digital AssetsFINRA Targeting Crypto Asset Retail Communications
The Financial Industry Regulatory Authority (FINRA) in November 2022 released a targeted exam letter pertaining to communications for crypto products and services. The relevant period for this exam is July…
Continue Reading FINRA Targeting Crypto Asset Retail CommunicationsDigital Assets: Financial Stability Oversight Council Risk Report Assesses Regulatory Gaps; Offers Recommendations
On Oct. 3, the Financial Stability Oversight Council (FSOC) took another step in identifying, assessing, and responding to the risks various types of digital assets pose to the financial system…
Continue Reading Digital Assets: Financial Stability Oversight Council Risk Report Assesses Regulatory Gaps; Offers RecommendationsWill Cryptocurrency Legislation Gain Momentum in September?
House Stablecoin Legislation
In late July the House Financial Services Committee made tentative plans to consider legislation to regulate stablecoins and require the Federal Reserve to study development of a…
Continue Reading Will Cryptocurrency Legislation Gain Momentum in September?
Regulatory Scrutiny on the Rise of Bank and Crypto Company Dealings
Federal regulatory agencies are closely monitoring crypto-asset developments and banking organizations’ participation in the crypto-asset industry. This GT Alert covers the guidance issued by the FDIC, CFPB, and the Federal…
Continue Reading Regulatory Scrutiny on the Rise of Bank and Crypto Company Dealings
IRS Targets Customers of Cryptocurrency Prime Dealer SFOX in Latest John Doe Summons
On Aug. 15, 2022, a federal court in the Central District of California authorized the Internal Revenue Service (IRS) to serve a John Doe summons on OX Labs Inc. d/b/a…
Continue Reading IRS Targets Customers of Cryptocurrency Prime Dealer SFOX in Latest John Doe Summons
Greenberg Traurig contributes UK chapter to Chambers’ Blockchain Guide 2022
GT attorneys Leith Ben Ammar, Claire Broadbelt, Miles Daly, Matt Hancock, Emma L. Menzies, Thai Nguyen, and Nickie Pickernell co-authored the UK Chapter of…
Continue Reading Greenberg Traurig contributes UK chapter to Chambers’ Blockchain Guide 2022
Sales Tax on NFTs: Washington State Guidance Blazes Trail Other States May Follow
The Washington state Department of Revenue (WDOR) in July 2022 published detailed guidance on the sales tax consequences of non-fungible token (NFT) sales, the first such guidance in the…
Continue Reading Sales Tax on NFTs: Washington State Guidance Blazes Trail Other States May Follow
DOJ Signals Concerted Effort to Prosecute Alleged Cryptocurrency Fraud
On June 30, 2022, the U.S. Department of Justice (DOJ) announced criminal charges against six defendants in four separate criminal cases involving alleged fraud in the offering of cryptocurrency investment…
Continue Reading DOJ Signals Concerted Effort to Prosecute Alleged Cryptocurrency Fraud