Showing 8 posts by Jeffery T. Gorham.
On April 17, 2018, New York Attorney General Eric T. Schneiderman (the “NY AG”) launched the “Virtual Markets Integrity Initiative” (the “Initiative”), a fact-finding inquiry into the policies and practices of platforms used by consumers to trade virtual currencies like bitcoin and ether. Read More ›
Many entrepreneurs and existing companies exploring opportunities in the fintech space often experience the daunting hurdles, or uncertainties, imposed by state-level regulations. Under traditional regulatory programs, the licensing process can take months and consume tens of thousands of dollars in fees, compliance costs, and legal expenses. Some startups, with thin capital reserves, face the Hobson’s Choice of blatant non-compliance or simply avoiding innovating in this important space all together. Either way, the state’s consumers and businesses are ultimately disadvantaged. The State of Arizona recognized this common problem and very recently passed legislation to safely encourage such worthwhile business innovation. Read More ›
The traditional ATM is a truly ubiquitous part of our culture. Although the first American ATM was not installed until the fall of 1969 in New York City, most Americans, regardless of geography, probably cannot imagine life without the ease and convenience they provide. And this story is now likely to be repeated with Bitcoin ATMs. Read More ›
Most businesses must deal with federal, state, and local laws and regulations from time to time. Operators of Bitcoin ATMs are no different. For such operators, the primary regulations arise out of the federal Bank Secrecy Act (the “BSA”), as discussed below, and the state-level money transmitter laws are discussed in another article. Read More ›
Depending on the state where the Bitcoin ATM operator sets up the business, the operator may – or may not – need to comply with that state’s laws, regulations and/or licensing. For operators, the primary state-level matters of concern are typically its state or states of operation’s money transmitter laws. Read More ›
As previously discussed, Bitcoin ATMs are a growing industry, offering consumers great flexibility in exchanging Bitcoin tokens for cash, or purchasing Bitcoin tokens for cash, via standalone kiosks. Many merchants are starting to get on-board with owning, or leasing space to, Bitcoin ATMs as a way to serve an expanding market. Read More ›
FinCEN Cracks-Down on Yet Another Alleged Illegitimate Virtual Currency Exchange, Raising More Concerns for Legitimate Exchanges
The Financial Crimes Enforcement Network (FinCEN) takes first action against a foreign-located money service business
On Wednesday, April 26, the Conference of State Bank Supervisors (the “CSBS”) filed suit against the Office of the Comptroller and Currency and its Comptroller Thomas J. Curry (collectively, the OCC”) over Curry’s December 2016 announcement that the OCC has created a new national bank charter for non-bank companies (the “Non-Bank Charter Rule”). This Non-Bank Charter Rule, the complaint alleges, will pull chartered non-bank companies into the national banking regulatory system, and will preempt and replace state-based banking regulation, licensing, and supervisory responsibility of state authorities. Read More ›
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Courtney Rogers Perrin practices in the Nashville office as a member of the Firm’s Electronic Payments and Blockchain practice groups. She assists clients with regulatory compliance, contract negotiations, acquisitions and fund formation relating to credit card processing and fintech enterprises, including smart contracts and virtual currency matters.