Blockchain and Financial Services Blog

Showing 60 posts in Current Developments / Legislation.

Joint Statement Issued on Activities Involving Digital Assets

Last Friday, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC), the Director of the Financial Crimes Enforcement Network (FinCEN), and the Chairman of the U.S. Securities and Exchange Commission (SEC) issued a rare joint statement on activities involving digital assets.  Read More ›

Recent Case Law Focuses on Drafting Considerations in Payments Contracts (part 2 of 3)

In this second article of our three-part series on payments contracts and drafting considerations, recent case law issued by the Sixth Circuit Court of Appeals is discussed. Read More ›

Recent Case Law Focuses on Drafting Considerations in Payments Contracts (Part 1 of 3)

Payment card networks are built on a web of contractual arrangements containing incentives and allocations of risk.[1] A common assumption among merchants and issuing banks is that merchants are wholly liable for expenses incurred as a result of a data breach. But recent decisions in three federal courts send a message that this assumption doesn’t always hold. In a three-part series, we will discuss recent case law on the topic and how that impacts contracts at all levels of the vertical. Read More ›

West Virginia Medical Cannabis Banking Reforms Take Shape

On April 25, 2019, the West Virginia Treasurer’s Office issued a request for proposals (RFP) seeking bids from financial institutions to provide banking services to West Virginia’s medical cannabis program. Read More ›

Ohio's Data Protection Act: An Opportunity for Financial Institutions That Operate in Ohio

Good news! The Ohio legislature has offered financial institutions some legal protections in the form of the Ohio Data Protection Act (the “Act”). However, you must be proactive. It will be good for your business and may help in future litigation. Read More ›

Over Lawyering Danger: Sometimes the “Belt” Interferes with the “Suspenders”

Deal lawyers often seek to insure an outcome using multiple approaches simultaneously; this is colloquially labeled a “belt and suspenders” approach. Ohio’s Sixth Appellate District recently reminded us of the danger of over lawyering in an effort to secure a legal position. Read More ›

IRS Liens, After Acquired Property and the Doctrine of Choateness

Internal Revenue Service liens attach to all a taxpayer’s “property and rights to property, whether real or personal, belonging to such person.” 26 U.S.C. Section 6321.[1] A taxpayer’s “property” is determined by relevant state law, but federal law determines lien priority.  Read More ›

Do Prior Liens Attach to Property After the Fraudulent Conveyance Determination

Ohio Revised Code Section 1336.07 is Ohio’s codification of the “Remedies” section of the Uniform Fraudulent Transfer Act (“UFTA”).[1]  The first and primary remedy listed in O.R.C. Section 1336.07 (and the UFTA) is “avoidance of the transfer” that is improper under the statute. 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 ›

West Virginia Supreme Court: WVCCPA does not apply to Landlord/Tenant Relationships

On October 12, 2017, The West Virginia Supreme Court issued a decision in State of West Virginia ex rel. v. Copper Beech Townhome Communities Twenty-Six, LLC, No. 17-0228, holding that the West Virginia Consumer Credit Protection Act (“WVCCPA”) does not apply to relationships between a landlord and tenant under a lease for residential real property. In reaching its decision, the Court noted that “in the forty-three years since the [WV]CCPA was enacted, this case is the first occasion in which any party has asserted before this Court that the Act applies to and regulates the landlord-tenant relationship.”  The Court reasoned: Read More ›

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Vincent E. Mauer represents clients in commercial and business disputes with particular emphasis on financial institutions and instruments, including financial institution bonds, securities, insurance policies and commercial loans.

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