In the summer of 2015, the New York State Department of Financial Services (DFS) finalized its regulatory framework for virtual currency firms seeking to conduct certain virtual currency (VC) business activities in the state. Since then, it has issued two dozen licenses and charters involving virtual currency transmission (VC licenses). To promote efficiency and reflect the growing marketplace, DFS has now issued two proposals for which comments are due Jan. 27, 2020. The first proposal would list all current virtual currencies (coins) permitted for business activities of the VC licensees, without prior approval by DFS. The list would be updated if the coins listed have not been subject to modifications, divisions, or change after their listing on the DFS webpage. The second proposal involves a coin-listing framework that would be tailored to the specific VC licensee’s business model and risk profile to create a firm-specific coin listing or adoption policy.

Read the full GT Alert.

Tags: blockchain, blockchain industry, financial regulatory and compliance, financial services, Greenberg Traurig, GT Insight, gt_law, new york, virtual currencies, virtual currency, virtual currency transactions
Print:
Email this postTweet this postLike this postShare this post on LinkedIn
Photo of William Mack William Mack

William B. Mack is a co-chair of the Financial Regulatory and Compliance Practice. He is experienced in advising companies on regulatory and compliance matters relating to the Securities and Exchange Commission regulations, the Exchange Act, Anti-Money Laundering laws and Financial Industry Regulatory Authority

…

William B. Mack is a co-chair of the Financial Regulatory and Compliance Practice. He is experienced in advising companies on regulatory and compliance matters relating to the Securities and Exchange Commission regulations, the Exchange Act, Anti-Money Laundering laws and Financial Industry Regulatory Authority (FINRA) rules.

William’s practice involves all aspects of broker-dealer regulation, including Self-Regulatory Organization (SRO) membership, supervision, employment, research, soft dollar arrangements, chaperoning of foreign broker-dealers, social media, use of foreign finders, anti-money laundering rules, alternative trading systems (ATS), exchanges, and market making issues. He also provides regulatory guidance to investment banking clients in connection with securities offerings and related trading issues.

Read more about William Mack
Show more Show less
Photo of Barbara A. Jones Barbara A. Jones

Barbara A. Jones is Co-Managing Shareholder of the firm’s Los Angeles office and a member of the firm’s Global Corporate practice. Barbara serves as Chair of the firm’s interdisciplinary Blockchain & Digital Assets practice. Barbara maintains a diverse corporate and securities law practice

…

Barbara A. Jones is Co-Managing Shareholder of the firm’s Los Angeles office and a member of the firm’s Global Corporate practice. Barbara serves as Chair of the firm’s interdisciplinary Blockchain & Digital Assets practice. Barbara maintains a diverse corporate and securities law practice across industry groups, emphasizing complex international and domestic transactions, including private and public financings, dual listings, mergers and acquisitions, strategic collaborations and joint ventures, and licensing transactions. She serves as a trusted advisor to public and private company boards of directors on governance matters and complex regulatory reporting and compliance issues. Barbara’s clients include financial institutions, private equity and venture capital groups, and public and private companies in emerging technology, life sciences and biotechnology, defense and security, blockchain and digital assets, telecommunications, information technology, energy (traditional and renewable), mining, media, entertainment and sports. Barbara also represents Olympic and professional athletes and sports-related organizations.

Barbara practiced U.S. law in London from 1990 through 1997 with Sullivan & Cromwell, LLP, and headed the international capital markets practice of Kirkland & Ellis LLP from 1999 to 2003 before relocating to Boston. From 1997 to 1999, she served as Vice-President, Assistant General Counsel and Regional Counsel for capital markets with J.P. Morgan Securities Ltd. in Europe, the Middle East and Africa. Since returning to the U.S., she has continued to actively represent public and private companies, private equity groups and investment banks in the European, Scandinavian, African and greater Asian markets, including China.

Barbara is a past chair of the ABA’s Subcommittee on International Securities Matters. She is a frequent speaker at conferences relating to cross-border securities matters, strategic alternatives, and digital asset structures. She serves on the Government of Bermuda’s Global FinTech Advisory Board.

Read more about Barbara A. Jones
Show more Show less
Photo of Michele A. Kulerman Michele A. Kulerman

Michele A. Kulerman is a corporate attorney with wide-ranging law firm, in-house and government legal experience. Michele primarily advises clients and provides guidance on the legal and regulatory issues surrounding real estate and non-real estate securities offerings of debt and equity, including initial…

Michele A. Kulerman is a corporate attorney with wide-ranging law firm, in-house and government legal experience. Michele primarily advises clients and provides guidance on the legal and regulatory issues surrounding real estate and non-real estate securities offerings of debt and equity, including initial, follow-on and secondary offerings. She represents public and private companies on matters related to state securities or “blue sky” laws, registered and exempt, as well as compliance with the corresponding SEC rules and regulations and FINRA broker-dealer requirements in corporate financing.

Read more about Michele A. KulermanMichele's Linkedin Profile
Show more Show less
Photo of India L. Sneed India L. Sneed

India L. Sneed advises clients on matters pertaining to government law and policy, election law, and investigations.

India has vast experience as a leader in governmental and legislative roles, having served as Deputy Director of the New York City Mayor’s Action Plan where…

India L. Sneed advises clients on matters pertaining to government law and policy, election law, and investigations.

India has vast experience as a leader in governmental and legislative roles, having served as Deputy Director of the New York City Mayor’s Action Plan where she was responsible for interagency coordination of citywide programs and managing a multimillion dollar budget; Chief of Staff and Legislative & Budget Director for two City Council Members where she led bill drafting and negotiations and allocated funds to community partners; and as Executive Director of the New York State BLAC Caucus engaging legislators statewide on a wide variety of matters. India also served as a Prosecutor in the Kings County District Attorneys’ Office, leading investigations into officer misconduct and hate crimes and conducting bench and jury trials. India continues to maintain and grow her vast network of agency decision makers and legislators.

Read more about India L. SneedIndia's Linkedin Profile
Show more Show less
Related Posts
Florida State Capitol
Florida Gov. Signs Bill that Defines ‘Virtual Currency’ and Eases Licensing Restrictions on Certain Virtual Currency Transactions in the State
May 26, 2022
shutterstock_599600549
FinCEN Proposes to Extend Recordkeeping, Reporting, and Identity Verification Requirements to Certain Virtual Currency and Digital Asset Transactions
December 29, 2020
shutterstock_591206291
SEC Issues No-Action Letter Facilitating the Secondary Trading of Digital Assets
October 8, 2020