On August 28, 2023, the SEC settled enforcement charges against a Los Angeles-based media and entertainment company for conducting an unregistered offering of non-fungible tokens (NFTs). The case represents the SEC’s first foray into the NFT space.
CFPB Set to Limit Credit Card Late Fees
The move becomes effective on October 1, 2023, with the Supreme Court soon to decide on the agency’s rule-writing authority.
By Barrie VanBrackle, Marifiel Gonzalez, and Deric Behar
On February 1, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule (the Proposal) to amend Regulation Z, which implements the Truth in Lending
Singapore Finalises New Stablecoin Regulatory Framework
The Monetary Authority of Singapore announced a new framework that seeks to ensure value stability for stablecoins regulated in Singapore.
By Simon Hawkins, Farhana Sharmeen, Tan Gen Huong, and Adrian Fong
On 15 August 2023, the Monetary Authority of Singapore (MAS), Singapore’s primary regulator for banks and payment services, announced its new
Money Transmission Modernization Act Adopted in Several States
The Act aims to modernize and streamline state regulation of money transmitters while promoting innovation and consumer protection.
By Parag Patel, Mik Bushinski, and Deric Behar
More than a dozen US states have enacted the Money Transmission Modernization Act (MTMA) in whole or in part, while several others have introduced bills to implement
States Enact Laws Regulating Earned Wage Access Services
New laws implement regulatory standards and licensing requirements for fintechs seeking to improve employee access to wages.
By Parag Patel, Mik Bushinski, and Deric Behar
On June 13, 2023, Nevada enacted a law that regulates earned wage access (EWA) services provided to state residents. Missouri followed by enacting an EWA law on July
FRB Clarifies Supervision of Digital Assets and Bank-Fintech Partnerships
A new program addresses innovative banking activities such as bank-fintech partnerships and digital assets while reinforcing guardrails around stablecoin activity.
By Arthur S. Long, Parag Patel, Pia Naib, Ja Hyeon Park, and Deric Behar
On August 8, 2023, the Board of Governors of the Federal Reserve System (FRB) issued guidance to
DOJ, BIS, and OFAC Issue Inter-Agency Guidance on Voluntary Self-Disclosures of Sanctions and Export Control Violations
As reported in a Hunton Client Alert, the US Department of Justice, the US Department of Commerce’s Bureau of Industry and Security, and the US Department of the Treasury’s Office of Foreign Assets Control recently issued guidance regarding the voluntary self-disclosure by US businesses of violations of US sanctions and export control laws to these
IRS Takes a Stand on Rewards From Staking Activities
Cash method taxpayers that stake cryptocurrency native to a proof-of-stake blockchain and receive additional units of cryptocurrency as rewards when validation occurs must include the fair market value of the rewards in income in the year in which the taxpayer gains dominion and control of the rewards, according to the IRS. Revenue Ruling 2023-14 (the
Federal Court Declines to Follow Ripple Holding
As we previously reported in our summary of the Ripple case, a federal district court judged determined that under certain circumstances the offering of a digital asset does not create a security. The reasoning in the Ripple case has been criticized by leading to an outcome that places institutional investors ahead of retail investors and
SEC v. Ripple: A Tale of Two Token Transaction Types
A bifurcated decision in a highly anticipated digital assets enforcement action may not provide the clarity that market participants want or need.
By Jack Barber, Jenny Cieplak, Benjamin Naftalis, John Sikora, Stephen P. Wink, Douglas K. Yatter, Luca Marquard, Adam Zuckerman, and Deric Behar
On July 13,