On Nov. 21, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule (Rule), pursuant to 12 U.S.C. § 5514(a)(1)(B), to establish supervisory authority over nonbank entities identified as larger participants in the general-use digital consumer payment applications market. While the CFPB already has enforcement power over digital funds transfer and payment wallet app
In a significant step forward for the cryptocurrency industry, the U.S. Securities and Exchange Commission issued its first “no-action” letter (NAL) to a U.S.-based company using utility tokens created for consumptive use rather than investment. The regulator sent the letter to TurnKey Jet, Inc. (TKJ) on April 3, 2019, agreeing with the Florida-based air charter
Colorado recently passed legislation that will facilitate the sale and transfer of digital tokens in Colorado. Under the Digital Token Act, Colorado businesses will be permitted to effect transactions involving the sale and transfer between certain persons of digital tokens secured through a decentralized ledger or database, with a focus on the production, distribution, and
Greenberg Traurig Shareholder Obiamaka P. Madubuko will participate in the American Bar Association’s Section International Law Conference in Miami, Florida on Oct. 26. Madubuko will moderate the panel titled “How Smart is Your Smart Phone Really? Managing Digital Payment Risk on Mobile Devices.” This panel will explore how to manage digital payment risk on mobile
The Financial Stability Oversight Council (FSOC) issued its annual report at the end of June, the sixth since the FSOC began issuing reports under Dodd-Frank. Notably, however, this was the first report to address the emergence of Fintech. In particular, the FSOC highlighted distributed ledger systems and marketplace lending as developing sources of concern. The