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Bridging the Week by Gary DeWaal: December 9 to December 13, and December 16, 2019 (Evaluating New Virtual Currencies; Articulating Elements of Supervision)
The New York Department of Financial Services proposed a self-certification regime for the approval of new digital coins by licensed virtual currency firms similar to the process applied by the Commodity Futures Trading Commission for new products by registered markets. Some fine tuning is likely required, but this is a welcome, principles-based measure that puts the burden on licensees to develop robust procedures to evaluate new virtual currencies. Separately, ICE Futures U.S. proposed to require certain core elements of a mandatory program of supervision by all firms accessing its markets – whether registered with the CFTC or not, or whether a member of IFUS or not. As a result, the following matters are covered in this week’s edition of Bridging the Week:
- NY DFS Proposes Self-Certification Process for Licensed Cryptocurrency Firms to Transact in New Virtual Currencies (includes My View and Legal Weeds);
- ICE Futures U.S. Proposes Formal Requirements of Supervision and Ancillary Guidance (includes Compliance Weeds); and more.
Click here to access the video and article versions of this week’s Bridging the Week.
Did you miss the prior edition of Bridging the Week? Click here to access it, and here to access the most current issue of the Corporate and Financial Weekly Digest by Katten Muchin Rosenman LLP.
For further information, contact:
Gary DeWaal,
Special Counsel, Katten
Katten Muchin Rosenman LLP
575 Madison Avenue
New York, New York 10022
(212) 940-6558
gary.dewaal@kattenlaw.com
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