Archive: December 19, 2019

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The FDIC’s Recent Brokered Deposit Rulemaking Might Provide Relief to the Prepaid Industry
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UK JURISDICTION TASKFORCE STATEMENT ON CRYPTO ASSETS AND SMART CONTRACTS – A “WATERSHED MOMENT”

The FDIC’s Recent Brokered Deposit Rulemaking Might Provide Relief to the Prepaid Industry

By Judie Rinearson and John ReVeal

On December 12, 2019, the Federal Deposit Insurance Corporation (“FDIC”) released a Notice of Proposed Rulemaking (“NPR”) to amend the brokered deposit regulation.  While the proposed regulation will not eliminate the restrictions or remove all burdens from those institutions that accept brokered deposits, the NPR indicates that the FDIC has recognized that changes in technology call for changes in regulation.  As a result, banks working with innovative prepaid payments companies to provide financial services might get some brokered deposit relief.

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UK JURISDICTION TASKFORCE STATEMENT ON CRYPTO ASSETS AND SMART CONTRACTS – A “WATERSHED MOMENT”

By Judith Rinearson and Philip Morgan

On November 18, 2019, Geoffrey Vos, Chancellor of the UK High Court, announced the launch of a “Legal Statement on Crypto Assets and Smart Contracts,” which he described as a “watershed moment” for English Law.  The statement, which can be found here, brings new clarity to the likely status of both smart contracts and cryptocurrencies under English law. 

A committee of experts has prepared the statement and, although technically it carries no binding legal authority, it is likely to be regarded as the most authoritative position available until the matters it covers are dealt with specifically by the English courts or by revised legislation.

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