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Event

Webinar: When Is Virtual Currency Treated as Currency Under State Law

Read Time: 1 min

The next installment in McGlinchey’s Deep Dive Series covering all things decentralized finance (DeFi) is a webinar featuring attorneys from McGlinchey’s Financial Institutions Compliance team. 

Virtual Currency, Digital Currency, or Cryptocurrency: no matter the term used to describe this trending form of monetary value, incorporating it into your business may trigger money services regulatory concerns as well as other regulatory considerations. FinCEN and many individual state regulatory agencies oversee the transmission of non-fiat value to consumers. In addition, a Fintech may have additional regulatory obligations despite partnering with licensed entities to conduct business.

This discussion will highlight states that have enacted specific forms of virtual currency oversight, discuss how the majority of state consumer finance regulators are handling oversight when entities add a digital currency component to their business model, and discuss trends in legislation.

date & time
Friday, September 30, 2022
10 am PT / 12 pm CT / 1 pm ET

This webinar was recorded and is available for those who were unable to attend.

Please fill out the form below to view the recording.

Insights

Deep Dive into Consumer Finance

Podcast: Deep Dive Into Payments: Impacts of Money Transmission Laws

August 25, 2023

Today we're going to be talking about money transmission and how money transmission laws can impact people that are in the payments space and find themselves in the flow of funds or providing any kind of payment services to third parties.

Event

Deep Dive into Payments Clients-Only CLE

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The final installment in McGlinchey’s Deep Dive Series covering all things payments is a client-only CLE webinar featuring attorneys from McGlinchey’s Financial Institutions Compliance team.

Deep Dive into Consumer Finance

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In this introductory video, Members of our Financial Institutions Compliance Team, Aaron Kouhoupt (Cleveland) and David Tallman (Dallas/Houston), will discuss this fascinating and vibrant subject matter while giving you a breakdown of the content you can expect in the coming weeks.

Consumer Financial Services Alert

SDNY: Crypto Regulated as “Funds,” Platforms as “Financial Institutions”

May 23, 2023

On February 22, 2023, the U.S. District Court for the Southern District of New York in Rider v. Uphold HQ Inc. held that cryptocurrencies constitute "funds" under the Electronic Fund Transfer Act. The plaintiff brought one federal cause of action under the EFTA and eight state law claims.

Published Article

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On January 3, 2023, the Board of Governors of the Federal Reserve System (“Federal Reserve”), the Federal Deposit Insurance Corporation (“FDIC”), and the Office of the Comptroller of the Currency (“OCC”) (collectively “the Agencies”) issued a joint statement on the risks of crypto-assets to banking organizations. The statement came after a year of twists and turns for the cryptocurrency industry. The Agencies highlighted the “significant volatility and the exposure of vulnerabilities in the crypto-asset sector.”

Deep Dive into Consumer Finance

Podcast: Governing an Algorithm? The DeFi and Crypto Enforcement Landscape

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The regulatory framework for cryptocurrency and DeFi in general is still a little murky. That hasn't stopped regulatory bodies from bringing enforcement actions against players in this space. What's on the horizon when it comes to investigation and enforcement activity in the decentralized finance space?

Published Article

FinCEN Issues Final Rule Establishing Beneficial Ownership Information Requirements

November 11, 2022

On September 29, 2022, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule that establishes a beneficial ownership information (BOI) reporting requirement that will require reporting companies to report information about their respective beneficial owners to FinCEN, effective January 1, 2024. This reporting requirement will be in addition to the current state level requirements for submission of entity formation information.

Published Article

FinCEN and OFAC Issue First Joint Action in Cryptocurrency Market

November 11, 2022

On October 11, 2022, the Financial Crimes Enforcement Network (“FinCEN”) and the Office of Foreign Assets Control (“OFAC”) acted in parallel to issue the first joint action in the cryptocurrency market against Bittrex. Bittrex was a convertible virtual currency (“CVC”) platform with offices primarily in Washington State and was licensed as a money services business (“MSB”) with FinCEN. As a licensed MSB, Bittrex was required to develop, implement, and maintain an effective anti-money laundering (AML) program that was reasonably designed to prevent money laundering and the potential financing of terrorist activities.

Event

Deep Dive into DeFi Clients-Only Q&A

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The final installment in McGlinchey’s Deep Dive Series covering all things decentralized finance (DeFi) is a clients only webinar featuring attorneys from McGlinchey’s Financial Institutions Compliance team. 

Presentation

MTCC Advanced Compliance Workshop

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Member Amy Greenwood-Field (Washington, DC) will participate in an MTCC (Money Transfer Compliance Certification) Advanced Compliance Workshop, with updates on regulations at the state and federal level, at the CrossTech World 2022 Conference on Tuesday, November 15, 2022, in Miami, Florida.

Alert

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The market for digital assets has exploded in recent years. Digital and virtual currency activities provide great opportunities financially and technologically. However, such currencies can be utilized for illicit activity through exchanges, peer-to-peer exchangers, mixers, and darknet markets, which increase the risk of money laundering and terrorist financing. Financial institutions and other industry players haveMore

Deep Dive into Consumer Finance

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Deep Dive into Consumer Finance

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Deep Dive into Consumer Finance

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