A recent Delaware bill is poised to allow private Delaware corporations “use networks of electronic databases (examples of which are described currently as “distributed ledgers” or a “blockchain”) for the creation and maintenance of corporate records, including the corporation’s stock ledger.” The bill is a significant step towards the mainstream…
If you are wondering about the prospects of the OCC Fintech national bank charter under the Trump Administration, we got a sign yesterday. In his remarks to the Exchequer Club in Washington, D.C., President Trump’s Acting Comptroller of the Currency, Keith Noreika, came strong to the mic, roundly stating the…
With the near unanimous passing of a bill that will explicitly recognize the right to trade stocks using a blockchain, Delaware is making a strong case for it being the blockchain-friendliest state. The Delaware Senate Bill 69, which won a majority vote in the Senate with 20 to 0 in…
On March 10, 2017, the Securities and Exchange Commission (“SEC”) rejected the highly anticipated Winklevoss twins’ COIN bitcoin exchange traded fund (“ETF”), causing the digital currency to plummet 18% in value, to $978.76, “the lowest intraday price in a month.” Then, on March 28, 2017, the SEC rejected a second…
For the last 3 1/2 years, the U.S. Securities and Exchange Commission has been considering whether to approve placement of the Winklevoss Bitcoin Trust ETF (Nasdaq: COIN) on the Bats exchange. The Bats exchange is currently the largest U.S. equities market operator, and placement of COIN on the exchange would essentially allow…
The U.S. Commodity Futures Trading Commission (CFTC), showing continued regulatory interest in digital currency companies, issued an Order and settled charges against Hong Kong-based digital currency exchange Bitfinex. The CFTC found that Bitfinex was offering illegal off-exchange financed retail commodity transactions in bitcoin and other cryptocurrencies, and failed to register…
On June 2, 2016, the European Securities and Markets Authority (ESMA) issued a discussion paper seeking feedback from Fintech companies and financial institutions on the possible use of blockchain technology in securities markets, including the potential benefits, challenges and risks involved. The ESMA indicated that the responses will help it…
On March 29, 2016, J. Christopher Giancarlo, the Commissioner of the U.S. Commodity Futures Trading Commission, or CFTC, spoke at the Depository Trust and Clearing Corporation 2016 Blockchain Symposium. His speech encouraged regulators to treat the development of blockchain technology like they treated the internet by adopting a “do no harm”…
As discussed in a previous post, several states are in various stages of implementing regulations related to digital currency. Below is an updated summary of the actions currently underway. New York Since the final version of New York’s BitLicense was announced in June 2015, surprisingly only a single BitLicense has…
In a span of two years, India has done a 180-degree turn on virtual currencies. In December 2013, the Reserve Bank of India issued a press release “caution[ing] users of Virtual Currencies against Risks.” The release highlighted the danger of hacking, the absence of “an authorised central agency which regulates…