Crypto Rules
By: Michael Mulvey
For our blockchain or cryptocurrency enthusiasts out there:
Following the downfall of FTX and subsequent hearings in December, Senators Elizabeth Warren and Roger Marshall introduced the Digital Asset Anti-Money Laundering Act authorizing rule making, risk-focused examination and review processes and reporting for federal agencies.
Additionally, the New York Department of Financial Services issued guidance reminding New York regulated institutions to seek approval before engaging in virtual currency related activity.
If you are aware of similar guidance in your state, feel free to share in the comments. I suspect more states will adopt a similar stance.