The rule aims to reduce market concentration by guaranteeing consumer access to personal financial data, but faces strident criticism and immediate legal challenge.
By Arthur S. Long, Parag Patel, Barrie VanBrackle, Pia Naib, Mik Bushinski, and Deric Behar
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) finalized the
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Crypto Integration Initiatives Continue, Crypto Exchange Data Published
Bitcoin interoperability is quickly becoming one of the hottest topics in crypto, especially in the wake of the Wrapped Bitcoin (WBTC) drama. With only 1% of Bitcoin being wrapped, the entire ecosystem is in its infancy. And what about that 1%?
Well, WBTC dominates the scene, but cracks are beginning to show—leaving the door wide
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In this issue:
Remittance service providers would need to update their disclosure statements under a narrowly tailored proposed amendment which aims to resolve issues more efficiently and save consumers time.
By Parag Patel, Barrie VanBrackle, and Deric Behar
On September 20, 2024, the Consumer Financial Protection Bureau (CFPB) proposed a rule amendment to disclosure requirements under
In this issue:
Payments Firms Launch Crypto Products, New Crypto Adoption Data Published
According to a recent press release, a well-known
The deadline is fast approaching for in-scope financial entities and their ICT service providers to conform to the EU’s new digital operational resilience regulation.
By Christian F. McDermott and Alain Traill
With effect from 17 January 2025, a broad range of EU financial entities will be subject to the new EU regulation on digital operational resilience for the financial sector (DORA), with significant impact for firms and their third-party ICT service providers. As the new landscape takes shape, below is an overview of some of the key changes and steps that impacted financial entities and providers should be taking ahead of the deadline.
In its third action involving NFTs, the SEC targets a restaurant membership token tied to fundraising and promises of potential price appreciation for buyers.
By Jenny Cieplak, Ghaith Mahmood, Nima H. Mohebbi, Stephen P. Wink, and Deric Behar
On September 16, 2024, the Securities and Exchange Commission (SEC) issued a cease-and-desist order (the Order) against Flyfish Club, LLC (Flyfish) for an unregistered offering of crypto asset securities relating to Flyfish’s sale of $14.8 million worth of non-fungible tokens (NFTs), in violation of Section 5 of the Securities Act of 1933 (and no exemption from registration was available). The SEC alleged that the NFTs were issued to the public to finance the construction and operation of a members-only restaurant and club in in New York City.
Flyfish neither admitted nor denied any wrongdoing as part of the settlement, which does not include any allegations of misleading or fraudulent statements.
The SEC obtained this settlement roughly a year after its first and second enforcement actions against NFT issuers (for more information, see this Latham blog post on the first enforcement and this Latham blog post on the second enforcement), and less than a month after issuing a Wells Notice against one of the industry’s largest NFT marketplaces.