Global Fintech & Digital Assets Blog

Tag Archives: Digital Assets

New York Department of Financial Services Issues Crypto Custody Guidance

The Guidance clarifies the regulator’s expectations on safekeeping customer digital assets, and the disclosures that must accompany such arrangements. By Arthur S. Long, Parag Patel, Marlon Q. Paz, Yvette D. Valdez, Barrie VanBrackle, Pia Naib, Donald Thompson, and Deric Behar On January 23, 2023, the New York Department of Financial Services (NYDFS) published Guidance on Custodial … Continue Reading

New House Subcommittee to Prioritize Crypto Oversight

The Financial Services Committee seeks to bring order to an industry many say has suffered from lack of proper rulemaking. By Stephen P. Wink, Nima H. Mohebbi, and Deric Behar On January 12, 2023, incoming House Financial Services Committee Chair Patrick McHenry established a new subcommittee on digital assets, financial technology, and inclusion. Rep. French Hill will … Continue Reading

SEC v. Ripple: Approaching Judgment Day

While a conclusion to the much-hyped case may be approaching, market participants should be wary of doomsday prognostications. By Stephen P. Wink, Douglas K. Yatter, John Sikora, Benjamin Naftalis, William Baker, Jack Barber, Natalie DeLave, and Deric Behar As a new year begins, the digital assets industry is still enduring a deep and widespread crypto winter. When … Continue Reading

Hong Kong Continues Developing Its Virtual Asset Framework

The latest statements from the government and regulators indicate that Hong Kong is moving forward with enhancing its virtual asset regulatory and legal regime. By Simon Hawkins and Adrian Fong The Hong Kong government and the Securities and Futures Commission (SFC) announced their policy stances and further measures to support the development of virtual assets (VA) in … Continue Reading

Antitrust Matters: What Digital Asset Innovators Need to Know

Unpacking three key competition issues for digital asset innovators and investors: M&A, interlocking directorates, and interoperability. By Kelly Fayne, Anna Rathbun, and Evan Omi In a sea of regulatory hurdles and issues, antitrust and competition laws may be low on the list of concerns of digital asset innovators and investors. But competition in the digital … Continue Reading

White House Issues Digital Asset Framework

The comprehensive framework, which spans multiple reports, aims to spur risk mitigation efforts and potentially a US central bank digital currency. By Alan W. Avery, Arthur S. Long, Yvette D. Valdez, Stephen P. Wink, Douglas K. Yatter, Pia Naib, Adam Bruce Fovent, and Deric Behar On September 16, 2022, the White House published a fact … Continue Reading

The Book of Jargon® — Blockchain, Crypto & Web3 Now Available

Mobile and desktop reference tool defines nearly 600 industry terms. Latham & Watkins has published the second edition of The Book of Jargon® — Blockchain, Crypto & Web3, a comprehensive digital glossary developed for the business, academic, and legal communities. The resource renders the often complex vocabulary, acronyms, and slang of the blockchain, cryptocurrency, and … Continue Reading

Digital Commodities Consumer Protection Act Seeks to Empower CFTC

The latest bipartisan crypto bill would give the CFTC new tools and authorities to regulate digital commodities, with a focus on market integrity and consumer protection. By Yvette D. Valdez, Adam Fovent, and Deric Behar On August 3, 2022, a bipartisan group of US senators[1] introduced the Digital Commodities Consumer Protection Act of 2022 (the … Continue Reading

The UCC Gets a Digital Asset Refresh

A new Article 12 and amendments to Article 9 regarding “controllable electronic records” would govern transactions and security interests in digital assets. By Lawrence Safran and Deric Behar On July 13, 2022, the Uniform Law Commission (in partnership with the American Law Institute) approved amendments intended to modernize the Uniform Commercial Code (UCC). The amendments … Continue Reading

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets — Taxation

The RFIA could ease tax compliance burdens for parties transacting in digital assets and defer or eliminate tax on some transactions.  By Jiyeon Lee-Lim, Elena Romanova, Ted Gkoo, and Jacob Nagelberg Latham & Watkins presents a blog series on the Responsible Financial Innovation Act, which was introduced in the US Senate on June 10, 2022, to create a … Continue Reading

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets — Banking and Payment Stablecoins

The RFIA could make it easier for fintechs dealing in digital assets and stablecoins to access Federal Reserve bank services.  By Alan W. Avery, Pia Naib, and Deric Behar Latham & Watkins presents a blog series on the Responsible Financial Innovation Act, which was introduced in the US Senate on June 10, 2022, to create a framework for digital assets, … Continue Reading

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets — CFTC and Commodities

The CFTC would take center stage in the regulation of spot digital asset markets under Title IV of the RFIA.  By Yvette D. Valdez, Adam Bruce Fovent, and Emily Viola Latham & Watkins presents a blog series on the Responsible Financial Innovation Act, which was introduced in the US Senate on June 10, 2022, to create a … Continue Reading

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets — Consumer Protection and State Money Transmission Laws

The RFIA would define consumer protection standards for digital assets and introduce new requirements regarding digital asset use in interstate money transfers. By Jenny Cieplak, Parag Patel, Barrie VanBrackle, and Deric Behar Latham & Watkins presents a blog series on the Responsible Financial Innovation Act, which was introduced in the US Senate on June 10, 2022, to create … Continue Reading

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets — SEC and Securities

The RFIA would enact a rebuttable presumption that an ancillary asset in connection with an investment contract is a commodity. By Marlon Q. Paz, Stephen P. Wink, Jenny Cieplak, and Deric Behar Latham & Watkins presents a blog series on the Responsible Financial Innovation Act, which was introduced in the US Senate on June 10, 2022, … Continue Reading

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets

The RFIA is the most wide-ranging crypto bill yet. Latham & Watkins presents a blog series on the Responsible Financial Innovation Act, which was introduced in the US Senate on June 10, 2022, to create a framework for digital assets, cryptocurrency, and blockchain technology.  On June 10, 2022, US Senators Cynthia Lummis from the Senate … Continue Reading

Digital Assets Could Revolutionize Global Remittances

The promise of faster and cheaper remittances may accelerate crypto adoption in many emerging markets, including those that have not historically utilized credit and debit payments, notably Latin America.  By Gianluca Bacchiocchi, Barrie VanBrackle, Nima H. Mohebbi, and Deric Behar One of the most promising benefits of digital assets is the ability to move value … Continue Reading

President Biden Issues Executive Order on Digital Assets

The order directs federal agencies to focus on six priority areas within the digital asset sector and potential development of a US CBDC. By Alan W. Avery, Yvette D. Valdez, Stephen P. Wink, Pia Naib, Adam Bruce Fovent, and Deric Behar On March 9, 2022, President Biden issued an Executive Order on Ensuring Responsible Development … Continue Reading

US Infrastructure Law: Top Impacts on the Digital Asset Industry

The industry will have two years to learn the new requirements and develop systems to ensure compliance. By Elena Romanova, Stephen P. Wink, Adam Zuckerman, and Deric Behar On November 15, 2021, President Biden signed the US$1.2 trillion Infrastructure Investment and Jobs Act into law (the Law). Two provisions of the Law could have a … Continue Reading

PWG Issues Clarion Call for US Legislation on Stablecoins

The report addresses the market risks and regulatory challenges presented by stablecoins and urges Congress to act quickly. By Alan W. Avery, Yvette D. Valdez, Stephen P. Wink, Pia Naib, and Deric Behar On November 1, 2021, the President’s Working Group on Financial Markets (PWG) in conjunction with the Federal Deposit Insurance Corporation (FDIC) and … Continue Reading

DOJ and Treasury Take Crypto Enforcement to the Next Level

The DOJ’s National Cryptocurrency Enforcement Team and Treasury’s OFAC are setting their sights on cryptocurrency use in cybercrimes. By Benjamin A. Naftalis, Eric S. Volkman, Douglas K. Yatter, Nima H. Mohebbi, Jessie R. Michelin, and Deric Behar The US Department of Justice (DOJ) is sharpening its focus on combatting cryptocurrency use in criminal activity. On … Continue Reading

BIS Issues Consultation on Stablecoin Regulation

The global central bank cooperative body envisions stablecoins within the context of international standards for payment, clearing, and settlement systems. By Alan W. Avery, Stuart Davis, Simon Hawkins, Stephen P. Wink, Pia Naib, and Deric Behar Among the different types of digital assets, global authorities seem most focused on stablecoins. This concern is the result … Continue Reading

The Token Safe Harbor Lands on Capitol Hill

The Clarity for Digital Tokens Act of 2021 would give token issuers the guardrails they need to innovate with far less regulatory anxiety. By Stephen P. Wink and Deric Behar US Securities and Exchange Commission (SEC) Commissioner Hester Peirce has always been something of a maverick. She has been a lone dissenting voice on the … Continue Reading

El Salvador Christens Bitcoin as Legal Tender

A sovereign nation’s decision to adopt Bitcoin as legal tender raises interesting questions — and legal ramifications. By Elena Romanova, Larry Safran, Yvette D. Valdez, Eric S. Volkman, Stephen P. Wink, Adam Bruce Fovent, and Deric Behar On June 8, 2021, El Salvador’s Legislative Assembly voted to establish Bitcoin as unrestricted legal tender, making El … Continue Reading

The Return of the Token Safe Harbor

SEC Commissioner Peirce has revived and refreshed her proposed three-year safe harbor for qualifying token projects, but some unresolved ambiguities remain. By Miles P. Jennings, Stephen P. Wink, Naim Culhaci, and Deric Behar US Securities and Exchange Commission (SEC) Commissioner Hester Peirce, a longtime and vocal advocate for innovation in financial services, has not shied … Continue Reading
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