Digital currency is an exciting, dynamic and growing technology changing the financial and legal landscapes. To keep pace, corporate counsel must stay abreast of new rules, new regulations, and new applications of blockchain technology. Recognizing this need, Digital Currency + Blockchain Perspectives chronicles industry news, including regulatory developments and other issues affecting our clients and the digital currency industry.

A Second Federal Court Decides Virtual Currencies are Commodities Subject to Federal Regulation

On September 26, 2018, a federal judge in Massachusetts agreed with the Commodity Futures Trading Commission’s (“CFTC”) view that virtual currencies are commodities under the Commodity Exchange Act (“CEA”) and subject to federal regulation.  See CFTC v. My Big Coin Pay, Inc., No. CV 18-10077-RWZ, 2018 WL 4621727 (D. Mass….

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The National Law Journal Names Goodwin’s Mitzi Chang + Grant Fondo 2018 Cryptocurrency, Blockchain and Fintech Trailblazers

The National Law Journal named partners Grant Fondo and Mitzi Chang to its 2018 Cryptocurrency, Blockchain and FinTech Trailblazers list. This inaugural award recognizes lawyers who are making great strides as finance and technology grow more and more entwined. Please click here to read The National Law Journal’s profile on Fondo and Chang.

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FinCEN Director Addresses Bureau’s Approach to Digital Currency and Financial Innovation

On August 9, 2018, Kenneth A. Blanco, Director of the Financial Crimes Enforcement Network (FinCEN), delivered remarks at the 2018 (Legal) Tech Conference at Chicago-Kent College of Law at Illinois Institute of Technology.  Director Blanco’s remarks focused on FinCEN’s approach with respect to digital currency and financial innovation.  Several days…

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OCC Announces it Will Accept Applications for Fintech Charter; Treasury Department Releases Fintech Report

The OCC announced on Tuesday, July 31, that it would begin accepting applications for special purpose national bank (SPNB) charters from FinTech companies engaged in the business of banking. The agency released a Policy Statement and a Supplement to its Licensing Manual addressing how it would consider applications from FinTech companies seeking to operate…

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Join Us: Webinar on Crypto Regulatory + Compliance Considerations for Regulated Entities in Vermont

On Monday, August 6, 2018 Goodwin will host an hour-long webinar on crypto considerations for regulated entities in Vermont. Michael Pieciak, Commissioner of the Vermont Department of Financial Regulation, will join Goodwin Partner Bill Stern, and Counsels Nick Losurdo and David Solander for a discussion of relevant topics for investment…

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DOJ Announces Establishment of Task Force on Market Integrity and Consumer Fraud; SEC Chairman Highlights Actions Involving ICOs

Earlier today, Deputy Attorney General Rod J. Rosenstein announced that the President issued an executive order establishing a new Task Force on Market Integrity and Consumer Fraud, comprised of a number of divisions of the Department of Justice (DOJ), including the FBI and various United States Attorney’s Offices as designated…

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SEC Director Clears Path for Secondary Sales of Security Tokens as Non-Securities, Declares Bitcoin and Ether Non-Securities

The Securities and Exchange Commission (SEC) finally provided some good news, and guidance, regarding permissible token sales. On June 14, 2018, William Hinman, Director of the SEC Division of Corporation Finance, speaking at the Yahoo Finance All Markets Summit: Crypto, shared remarks that filled in some gaps surrounding the security…

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State and Federal Regulators Coordinate Efforts to Combat Crypto Fraud

This past week was a busy one for state securities regulators, the CFTC and the SEC as they continue their focus on rooting out fraud from the digital currency space and crypto- and blockchain-based ventures.  Noteworthy developments included (1) the North American Securities Administrators Association (NASAA) announcing a “cryptosweep” –…

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