Tag:regulation

1
Cryptocurrency Market Downturn and Australian Regulation Update
2
Forthcoming New York Law Expands Protections For Credit Card Reward Points
3
Louisiana Proposes Administrative Rules for Virtual Currency Businesses
4
UK Regulator Ready to Take on Visa/MasterCard Payment Networks
5
Let Me In: Wyoming Special Purpose Bank Sues Fed for Access to Payments System
6
10 Impactful Provisions of the Lummis-Gillibrand Bill
7
California Soliciting Comments on Potential Regulation of Crypto Products and Services
8
California’s Executive Order Embraces Crypto
9
It’s Happening in the UK: UK Treasury to Regulate Stablecoins
10
Post-Brexit: Significant Changes to UK Cross-Border Payments Regulation

Cryptocurrency Market Downturn and Australian Regulation Update

By Daniel Knight and Kithmin Ranamukhaarachchi

In the wake of the drawn out cryptocurrency market downturn, increased regulation of the sector seems inevitable. With nearly one million Australians transacting in cryptocurrencies last year, there have been widespread calls to enact additional protections for retail investors.

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Forthcoming New York Law Expands Protections For Credit Card Reward Points

By Jeremy M. McLaughlin and Joshua Durham

Last year, on December 10, 2021, New York governor Kathy Hochul signed into law Senate Bill S133B, which is set to take effect on December 10, 2022.  Among other things, it provides a 90-day grace period for the use of credit card reward points before an account is modified, cancelled, closed, or terminated.

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Louisiana Proposes Administrative Rules for Virtual Currency Businesses

By Jeremy M. McLaughlin and Christian A. Zazzali

The Louisiana Office for Financial Institutions (“OFI”) has proposed administrative rules governing the licensing process for virtual currency businesses. Louisiana’s Virtual Currency Business Act (the “Act”) became effective in August 2020 and granted OFI broad supervisory and enforcement powers.  The Act also required OFI to promulgate rules regarding licensing.  Roughly two years later, OFI has done so. Those wishing to submit written comments on the proposed rules may do so through 5:00 pm on July 10, 2022.  It’s expected the rules will be adopted later this year.

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UK Regulator Ready to Take on Visa/MasterCard Payment Networks

By Judie Rinearson and Kai Zhang

The UK Payment System Regulator (“PSR”), which is becoming increasingly assertive, issued on 21 June 2022 two consultations taking a closer look at the Visa and Mastercard “schemes” in the UK.[1] The PSR proposes two market reviews: one into how Visa and Mastercard set the interchange fees; the other into how Visa and Mastercard set their scheme and processing fees. The market reviews will be conducted after the consultations close on 2 August 2022.

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Let Me In: Wyoming Special Purpose Bank Sues Fed for Access to Payments System

By Grant F. Butler, Andrew M. Hinkes, and Robert M. Tammero, Jr.

Custodia Bank (“Custodia”) filed a complaint against the Federal Reserve Board (“FRB”) and the Federal Reserve Bank of Kansas City (“FRBKC”) in Wyoming federal court alleging that the FRB and FRBKC are unlawfully refusing to act on Custodia’s application for a master account.  A Federal Reserve master account allows banks to directly access the Federal Reserve and utilize the Federal Reserve System’s payment, clearing and settlement services. 

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10 Impactful Provisions of the Lummis-Gillibrand Bill

By Andrew Hinkes, Eden Rohrer, and Judie Rinearson

The “Lummis-Gillibrand Responsible Financial Innovation Act,” announced this morning, lays out a bold agenda for legal reform across multiple regulatory regimes aimed at clarifying legal requirements for regulated entities to issue, trade, and provide services related to certain digital assets. Although a point by point summary of the 69 page bill is beyond the scope of this post, here’s a brief summary of 10 impactful provisions from the Bill:

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California Soliciting Comments on Potential Regulation of Crypto Products and Services

By Jeremy McLaughlin and Christian A. Zazzali

On May 4, 2022, California Governor Gavin Newsom issued an executive order on digital assets, which seeks sensible, transparent regulation through engagement with developers of digital asset-related products and services. For a detailed discussion on the executive order, see our prior blog here. In response, California’s financial regulator, the Department of Financial Protection and Innovation (DFPI), issued an invitation to submit comments on crypto-asset related products and services under the California Consumer Financial Protection Law (CCFPL).  The deadline for submission is August 5, 2022.

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California’s Executive Order Embraces Crypto

By Jeremy McLaughlin and Christian A. Zazzali

On May 4, 2022, California Governor Gavin Newsom issued an executive order on digital assets largely echoing the positive sentiments of President Biden’s February executive order. The order looks to create transparent regulation around digital assets and drive innovation into the state. By directing state agencies to engage in a cooperative discussion with stakeholders and developers in web3, California seeks to create an informed supplement to the federal report on digital assets, which is due in September. 

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It’s Happening in the UK: UK Treasury to Regulate Stablecoins

By Kai Zhang and Judie Rinearson

On 7 January, the UK Treasury published a consultation on its proposed approach to regulating stablecoins. https://www.gov.uk/government/consultations/uk-regulatory-approach-to-cryptoassets-and-stablecoins-consultation-and-call-for-evidence  Although the title of the consultation includes “cryptoassets” – this is the just first stage in the consultative process for cryptoassets, which focuses on stablecoins referred to as “stable tokens”. The consultation closes on 21 March. For US readers, a “consultation” is the start of regulatory process, not unlike an “Advance Notice of Proposed Rulemaking” or “ANPR” in the US.  The UK government sets out the supervisory perimeters, seeking input from the public, and leaving the detailed requirements to be designed by the regulators. Accordingly, the consultation discusses only general principles and the overall framework.

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Post-Brexit: Significant Changes to UK Cross-Border Payments Regulation

By Kai Zhang, Philip Morgan and Judie Rinearson 

The EU Cross-Border Payments Regulation 924/2009 (as amended by Regulation 2019/518) (EU CBPR) has been “onshored” with significant changes into UK law following the end of the Brexit transition period (i.e., since 1 January 2021). The EU CBPR applied directly in the UK until 31 December 2020. Essentially, the onshored UK CBPR regime only retains the transparency requirements on currency conversion charges under the EU CBPR. This means that UK payment service providers (PSPs) no longer have to comply with other requirements under the EU CBPR.

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