Topic Archives: Fintech

July 7, 2020 - Blockchain, Fintech

Summer of Crypto – NYDFS Announces New Initiatives and Regulatory Proposals for Conditional BitLicense and Virtual Currency Regulation

By: Susan I. Gault-Brown, Dario de Martino, Adam J. Fleisher, and Lee Adam Nisson

On June 24, 2020, the New York State Department of Financial Services (“NYDFS”) announced a series of initiatives designed to provide further guidance and resources for businesses operating in, and potential new entrants into, the virtual currency industry. The initiatives represent the first major …›

March 27, 2020 - Blockchain, Fintech

CFTC Issues Final "Actual Delivery" Interpretation for Virtual Currencies

By: Susan I. Gault-Brown, Dario de Martino, and Mara Elyse Goodman

On March 24, 2020, the Commodity Futures Trading Commission (“CFTC”) issued its final interpretive guidance (the “Interpretation”) concerning the meaning of “actual delivery” in the context of retail commodity transactions involving “virtual currencies.” The Interpretation provides that, in the CFTC’s view, actual delivery of …›

March 17, 2020 - Artificial Intelligence + Robotics, Blockchain, Fintech

Compliance for a Digital World: BSA/AML

By: Dario de Martino, Marc-Alain Galeazzi, Vivian L. Hanson, and Lee Adam Nisson

The New ABC's: Artificial Intelligence, Blockchain and How Each Complements the Other BSA/AML compliance programs in the United States are often associated with high costs and inefficiencies. At the core of the problem is the lack of standardization across institutions and BSA/AML compliance processes such …›

March 12, 2020 - Artificial Intelligence + Robotics, Blockchain, Fintech

The New ABC’s: Artificial Intelligence, Blockchain and How Each Complements the Other

By: Dario de Martino, Vivian L. Hanson, Dong Hun (Don) Lee, and Lee Adam Nisson

Artificial intelligence (AI) and blockchain technology are two novel innovations that offer the opportunity for us to move beyond our legacy systems and streamline enterprise management and compliance in ways previously unimaginable. Each technology augments the strengths and tempers the weaknesses of the other. …›

January 7, 2020 - Blockchain, Fintech

Maryland a Leader in Embracing Blockchain Technology

By: Tracy A. Bacigalupo

In an article authored for Today’s General Counsel, partner Tracy Bacigalupo discusses how new legislation in Maryland, Senate Bill 136, provides Maryland-formed companies with the statutory framework necessary to migrate their businesses to a blockchain-enabled platform. The legislation reinforces Maryland as a ‘go to’ …›

August 7, 2019 - Blockchain, Fintech

Understanding Blockchain - What is Cryptography?

By: Susan I. Gault-Brown and Dario de Martino

In the third episode of “Understanding Blockchain,” Morrison & Foerster’s Susan Gault-Brown and Dario de Martino discuss one of blockchain’s foundational technologies – cryptography. This ongoing series is dedicated to providing an overall understanding of blockchain technology and how companies can use it to share, …›

July 15, 2019 - Blockchain, Fintech, Regulatory

First Token Offering Qualified by the SEC Under Regulation A

By: Dario de Martino, John T. Owen, Alfredo B. D. Silva, Susan I. Gault-Brown, and Dylan Kelsey Naughton

On July 10, 2019, Blockstack Token LLC (“Blockstack”), a wholly-owned subsidiary of Blockstack PBC, a Delaware public benefit corporation, became the first company to have an offering of digital assets qualified by the U.S. Securities and Exchange Commission (“SEC”) under Regulation A. Blockstack is a …›

July 2, 2019 - Artificial Intelligence + Robotics, Financings, Fintech

Policy Makers Examine the Disparate Impact Risk of Artificial Intelligence and Underwriting

By: Rick Fischer and Obrea O. Poindexter

Recent Congressional activity reflects increasing concern in the fair lending implications of artificial intelligence (AI) in credit underwriting. Congress and regulatory agencies are likely to press financial services providers to better understand the AI they use and to ensure that its use does not …›

June 4, 2019 - Blockchain, Financings, Fintech

Nevada Resident Sentenced for Fraud and Unlicensed Money Transmission in Case Involving Bitcoin

By: Dario de Martino, Marc-Alain Galeazzi, Sean Ruff, and Adam J. Fleisher

A Nevada resident, Morgan Rockcoons, was sentenced in the U.S. District Court for the Southern District of California to 21 months in prison for wire fraud and unlicensed money transmission. In connection with the sentencing, Rockcoons will also be required to forfeit $80,600 in …›