On September 26, 2018, Senior Judge Rya W. Zobel of the U.S. District Court for the District of Massachusetts, entered an order holding that the Commodity Futures Trading Commission (CFTC) has the power to initiate enforcement actions involving virtual currencies and denying the defendants’ motion to dismiss the CFTC’s amended complaint.Read More
Polsinelli BitBlog | FinTech
The convergence of the financial services industry and transformative technologies, commonly known as FinTech, is reshaping the industry. Within this intersection of innovation, Polsinelli’s BitBlog serves a resource for individuals and firms in the developing FinTech industry. Our FinTech and Regulation attorneys provide readers with a broad range of content and a unique perspective on the global FinTech landscape.
For more information visit Polsinelli's FinTech and Regulation practice page.
By: Richard B. Levin
The Financial Stability Board (FSB) noted in a recently published report:
Based on the available information, crypto-assets do not pose a material risk to global financial stability at this time. However, vigilant monitoring is needed in light of the speed of market developments ...Read More
By now, bitcoin has become a household name. The idea of a digital, unregulated “cryptocurrency” elicits strong responses. Some have heralded bitcoin as revolutionary. Others, like JP Morgan Chase CEO Jamie Dimon, have denounced it as a “fraud.”Read More
Cryptocurrencies, like Bitcoin and Ethereum, had a breakout year in 2017. The price of Bitcoin rose from approximately $1,000 per Bitcoin on January 1, 2017, to $13,000 per Bitcoin on December 31, 2017, with a high of approximately $20,000 per Bitcoin. Ethereum increased from approximately $10 per Ether to $755 during the same time period.Read More
Part One of this two part E-alert looked at the challenges facing London Inter-Bank Offered Rate (LIBOR) LIBOR and how the syndicated loan market is dealing with the potential non-availability of these rates. Part two considers if blockchain technology and a ‘LIBOR currency’ could boost submission incentives and make process more secure.Read More
The May 2008 disclosure of the manipulation of London Inter-Bank Offered Rate (LIBOR), in what has become known as the ‘LIBOR Scandal’; resulted in regulators for the United States, the United Kingdom and the European Union fining banks more than $9 billion. LIBOR underpins over $350 trillion worth of transactions each year, of which about $200 trillion consists of derivatives, mortgages and, of particular of concern here, syndicated loans.Read More