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Our experienced team will help you educate your customers on all aspects of the crypto-asset market and the regulatory framework supporting it.
Regulatory and legislative progress continues to support innovation
in and around financial services. Here are some landmark events
that point to the industry’s future:
OCC clarifies 1170, 1172, and 1174 regarding custody, stablecoin reserves, and stablecoins sent on INVN networks as requiring OCC Supervisory Approval first
Issues a letter letting all nationally chartered U.S. banks provide custody services for cryptocurrencies
Releases guidance regarding adoption or listing of virtual currencies
Approve 'comprehensive exam' for payments, cryptocurrency firms seeking MSB approvals
Issues a letter letting all nationally chartered U.S. banks hold deposits that serve as reserves for fiat-backed stablecoins
Digital Commodity Exchange Act of 2020 proposes a single framework regulating cryptocurrency
The Federal Reserve, European Central Bank, and Bank of England lay out a series of recommendations regarding Central Bank Digital Currencies (CBDC). One of the recommendations is that CBDCs compliment, not replace, physical tender, and that CBDCs serve to help support monetary and fiscal policy
Issues a letter regarding how advisors assess whether an entity offering custodial services satisfies the definition of qualified custodian in the Custody Rule
Issues a letter discussing custody of digital asset securities by special-purpose broker dealers
SEC Bulletin 121 On Crypto Safeguards Interpretive guidance for entities to consider when they have obligations to safeguard crypto-assets held for their platform users
Consent Order Against Anchorage Bank OCC issues consent order against Anchorage Digital Bank
The Council voted to approve the report in response to Section 6 of President Biden’s Executive Order 14067, “Ensuring Responsible Development of Digital Assets.”
Digital assets present potential opportunities to reinforce U.S. leadership in the global financial system and remain at the technological frontier.
The Fed said in a statement that while cryptocurrencies could present “potential opportunities” to banks.
Chairman Harper’s letter says distributed ledger technologies are OK if they stay within existing regulations and safety limits.
The FTX US model would directly custody the margin from retail customers and liquidate positions held by the exchange on a 24-7-365 basis.
The bulletin expresses the views of the staff regarding the accounting for obligations to safeguard crypto-assets.
The OCC took this action based on the bank’s failure to implement a compliance program.
California becomes the first state to begin creating a comprehensive and harmonized framework for web3.
The statement sets forth the Commission's position that, for a period of five years, a broker-dealer operating under the circumstances set forth in the statement will not be subject to a Commission enforcement action.
The newly renamed Crypto Assets and Cyber Unit in the Division of Enforcement will grow to 50 dedicated positions.
The guidance is not representative of new law, but an affirmation that state-chartered banks are allowed to provide crypto custody services as long as there are adequate protocols in place.
With DFS Approval, PayPal Partners with New York State Chartered Paxos to Engage in Virtual Currency Business Activities.
The Staff of the Division of Investment Management issued the statement following the publication of a recent letter by the Wyoming Division of Banking regarding the definition of "bank" and "qualified custodian".
The Banks recommended that CBDCs compliment — but not replace — cash and other forms of legal tender, and that they don’t harm monetary and financial stability.
The Digital Commodity Exchange Act of 2020 would create a single, national regulatory framework for cryptocurrency trading platforms, including those that trade bitcoin, ether, and other cryptocurrencies.
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Our experienced team will help you educate your customers on all aspects of the crypto-asset market and the regulatory framework supporting it.
January 9, 2023
Cryptocurrency companies are disclosing more information about their internal controls and risk management following the collapse of FTX, but a level of transparency in the industry that would make many investors feel comfortable remains far off.
Read MoreJanuary 5, 2023
Recent collapses of cryptocurrency exchanges show that—while this technology is new, exciting, and filled with possibilities—dangers still exist. These collapses also show that the current way of doing things in this field isn’t going to cut it.
Read MoreJanuary 3, 2023
Federal bank regulatory agencies today issued a statement highlighting key risks for banking organizations associated with crypto-assets and the crypto-asset sector and describing the agencies' approaches to supervision in this area.
Read MoreDecember 12, 2022
U.S prosecutors are considering criminal charges against crypto exchange Binance and individual executives, including founder and CEO Changpeng Zhao, Reuters reported, citing two people.
Read MoreNovember 14, 2022
Noting the losses that retail investors have suffered in the cryptocurrency market, Federal Reserve Vice Chair Lael Brainard has reportedly reiterated her view that the market should be regulated like traditional finance, with “strong regulatory guardrails.”
Read MoreSeptember 7, 2022
Until a few years ago, crypto was mostly unknown among the Washington crowd. Those policymakers and lawmakers who knew about this emerging technology were few, and because of its lack of tangibility, many thought of it as a plaything for nerds or a tool for bad actors.
Read MoreMarch 9, 2023
The crypto market is no exception. It has many “trusted” — though non-compliant — intermediaries.
Read MoreFebruary 21, 2023
Crypto’s been getting a pretty bad rap from US regulators in recent weeks, with the Securities and Exchange Commission targeting the sector in a slew of enforcement actions
Read MoreFebruary 23, 2023
The Federal Deposit Insurance Corp.'s Office of the Inspector General said dozens of FDIC-insured banks "have ongoing or planned digital asset activities," in its most recent review of the bank regulator.
Read MoreThe crypto market is no exception. It has many “trusted” — though non-compliant — intermediaries.
Read MoreCrypto’s been getting a pretty bad rap from US regulators in recent weeks, with the Securities and Exchange Commission targeting the sector in a slew of enforcement actions
Read MoreThe Federal Deposit Insurance Corp.'s Office of the Inspector General said dozens of FDIC-insured banks "have ongoing or planned digital asset activities," in its most recent review of the bank regulator.
Read MoreThe crypto market is no exception. It has many “trusted” — though non-compliant — intermediaries.
Read MoreCrypto’s been getting a pretty bad rap from US regulators in recent weeks, with the Securities and Exchange Commission targeting the sector in a slew of enforcement actions
Read MoreThe Federal Deposit Insurance Corp.'s Office of the Inspector General said dozens of FDIC-insured banks "have ongoing or planned digital asset activities," in its most recent review of the bank regulator.
Read More