Month: April 2017

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 […]

Utah to treat certain virtual currency as abandoned property

On March 24, Utah modified its Unclaimed Property Act to include virtual currency in its definitions. The law includes virtual currency in the definition of property subject to abandoned property law, and defines virtual currency as “a digital representation of value used as a medium of exchange, unit of account, […]

Arizona ensures legal validity of blockchain signatures

In order for commerce to be effective, parties to a transaction have to trust that their signatures carry legal validity. When transactions increasingly went from paper to electronic form, various laws confirmed the legal validity of electronic records and signatures to promote efficient commerce. However, with blockchain technology, there may […]

Arkansas to passport money transmitter licenses?

Any company running a payments business has come across one major hurdle in the US:  state money transmitter law. Over 45 jurisdictions within the US regulate money transmission, broadly defined as engaging as a business in the acceptance and transmission of funds. Naturally, enterprising lawyers have discovered ways to avoid […]