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.

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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.

Press Release- December 15, 2022: Superintendent Adrienne A. Harris Releases Virtual Currency Guidance for Banking Organizations | Department of Financial Services (

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.