GAO releases fintech report

In April, the Government Accountability Office (GAO), an independent agency that oversees government spending, released a report on fintech to help Congress better understand the industry. The report focused on the subsectors of marketplace lending, mobile payments, digital wealth management, and distributed ledger technology. Congressional staffers responsible for drafting legislation […]

Vermont changes money transmitter law to formally include virtual currency

On May 1, Vermont changed its money transmitter law to allow companies to hold virtual currency as a permissible investment. Vermont has long held the position that the business of money transmission “includes selling bitcoin and other virtual currencies.” Many digital currency companies with state money transmitter licenses must hold […]

West Virginia defines cryptocurrency in anti-money laundering bill

On April 8, West Virginia passed a new bill (pending the Governor’s signature) that defines cryptocurrency in the context of money laundering. In the bill, “Cryptocurrency” would mean “digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, […]

CFPB seeks comment on remittance rule assessment

The Consumer Financial Protection Bureau (CFPB) will publish in 2018 its five-year assessment of its remittance rule, part of Regulation E and the Electronic Funds Transfer Act (EFTA) that governs transfers from within the United States to outside the country. Currently, the remittance rule aims to protect consumers by requiring […]

Washington updates money transmitter law to include virtual currency

On April 17, the state of Washington enacted a new law that, among other things, formally adds virtual currency to its money transmitter law. [Edit: This law goes into effect on July 23, 2017.] The new law incorporates virtual currency into the definition of money transmission. It defines “virtual currency” […]

CFPB proposes changes to its fair lending rule

Mortgage lenders should be aware of upcoming changes to the Consumer Financial Protection Bureau’s (CFPB) Regulation B. The CFPB has been in the process of changing existing rules to allow for compliance with recent changes to Regulation C, a mortgage loan data collection rule under the Home Mortgage Disclosure Act. […]

Who Controls the Blockchain?

Our esteemed special counsel Patrick Murck (who is also a fellow at the Berkman Klein Center for Internet & Society at Harvard University) poses this very question in the Harvard Business Review. Reviewing the history of blockchain governance from Ethereum’s experience with The DAO and Bitcoin’s hard fork discussions, he warns […]