Showing 13 posts by Courtney Rogers Perrin.
What’s around the bend for crypto and blockchain developers and the agencies tasked with regulating a burgeoning, transnational industry?
Frost Brown Todd attorneys Courtney Rogers Perrin and Joshua Lewis join Nick Sciple of the Industry Focus podcast to discuss the meteoric rise and recent retrenchment of the ICO market. Read More ›
For nearly a decade, participants in the blockchain and cryptocurrency space have operated in a regulatory compliance gray zone. Recent developments — at both the federal and international levels — signal that the time for plausible deniability or unregulated freedom is coming to an end and more traditional regulations are moving to the forefront.
As anyone launching an initial coin offering (ICO), token-generation event or whatever else they want to call it knows well—whether a token offering is a security or a cryptocurrency is a hot topic. The SEC seems to indicate many tokens are securities, while FinCEN says cryptocurrencies. Until recently, few courts have had the opportunity to weigh in on the matter. But on September 11, the United States District Court for the Eastern District of New York, in United States v. Zaslavskiy, issued a Memorandum & Order (the "Order") on the defendant’s motion to dismiss. Read More ›
SEC issues cease-and-desist order two days into the Munchee ICO, a sign the Commission is inching toward a new regulatory framework for ICOs. Read More ›
It Begins: The First ICO-Related Securities Litigation Has Been Filed - and There are Lessons in it for Those Hoping to File Their Own ICO
On October 25, Plaintiff, Andrew Baker filed a proposed class action against Dynamic Ledger Solutions, Inc. (“DLS”) and several other related entities (“Defendants”) regarding an initial coin offering (“ICO”) for tokens known as “Tezzies.” While time and the courts will determine the merits of the class action, given the increasing popularity of ICOs, there are lessons to be learned from the accusations, both for aspiring ICOs and potential investors. Read More ›
The first states to officially begin regulating blockchain technology and business did so in 2014, when a guidance document from the Texas Department of Banking excluding blockchain activity from the state’s money transmitter laws kicked off a chain of similar opinions in other jurisdictions. Since then, at least 26 states—ranging from Alaska to West Virginia—have either introduced or enacted legislation regulating blockchain in some manner. The past seven months have seen the marked growth of legislative activity in the blockchain space, and at least sixteen bills have been enacted or proposed so far this year.
 Texas Department of Banking, Supervisory Memorandum 1037, Regulatory Treatment of Virtual Currencies Under the Texas Money Services Act (April 3, 2014), available at http://www.dob.texas.gov/public/uploads/files/consumer-information/sm1037.pdf.
Prepaid cards are increasingly popular—they are frequently used instead of traditional bank accounts to shop, withdraw cash from ATMs, pay for healthcare costs from health savings accounts, distribute natural disaster aid, and pay wages. Read More ›
New Hampshire legislators may exempt people who provide money transfer services for virtual currency, such as bitcoin, from being considered “money transmitters” for the purposes of the state’s licensing requirements. Specifically, the bill, HB436, would amend the definitions section (RSA 399-G:1) and the exemptions (RSA 399-G:3). As modified, the definitions would clearly define what a “virtual currency” is. The amended version would also create a new licensing exemption for “[p]ersons conducting business using transactions conducted in whole or in part in virtual currency.” Read More ›
On September 13, 2016, the New York State Department of Financial Services (“NYDFS”) issued proposed cybersecurity regulations (“Original Proposed Regulations”) that would impose new, stringent cybersecurity requirements on banks, money transmitters, insurance companies, and other financial service providers regulated by the NYDFS (collectively, “Regulated Institutions”). Read More ›
The Office of the Comptroller of the Currency (OCC), a subset of the U.S. Treasury Department, recently announced that it will create a special purpose national bank charter specifically for financial technology (fintech) companies. This announcement comes on the heels of the rapid rise in fintech and in the number of companies that use such technology. An official charter aims to supervise the more than 4,000 fintech companies more closely and provide a framework for new companies to operate in the financial services industry. Read More ›
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William T. Repasky practices with the Litigation Department at Frost Brown Todd. He focuses on lending and commercial services; banking litigation and financial institutions.