Tag Archives: Boaz B. Goldwater

NY Attorney General Seeks Broad Authority Over Digital Assets

by Luigi L. De Ghenghi, Boaz B. Goldwater, Randall D. Guynn, Joseph A. Hall, Justin Levine, Daniel E. Newman, David L. Portilla, Gabriel D. Rosenberg, Margaret E. Tahyar, and Zachary J. Zweihorn

Photos of the authors

From top left to right: Luigi L. De Ghenghi, Boaz B. Goldwater, Randall D. Guynn, Joseph A. Hall, and Justin Levine.
From bottom left to right: Daniel E. Newman, David L. Portilla, Gabriel D. Rosenberg, Margaret E. Tahyar, and Zachary J. Zweihorn. (photos courtesy of Davis Polk & Wardwell LLP)

The NY Attorney General is seeking legislation that would significantly expand the state’s reach over digital assets and require wholesale changes to the operation of digital asset businesses that choose to remain in New York.

Letitia James, the Attorney General of the State of New York (NYAG), released a proposed bill that—if taken up by the state legislature and enacted—would create the most comprehensive and restrictive digital asset regulatory regime in the United States.

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NY DFS’ Virtual Currency Guidance for Banking Organizations

by Luigi L. De Ghenghi, Boaz B. Goldwater, Randall D. Guynn, Joseph A. Hall, Justin Levine, Eric McLaughlin, Daniel E. Newman, Gabriel D. Rosenberg, Margaret E. Tahyar, and Zachary J. Zweihorn

The New York Department of Financial Services (DFS) has released guidance that expands the scope of virtual currency activity for which New York banking organizations need prior approval.

The DFS has released guidance clarifying both the scope of and application process for virtual currency-related activities by NY banking organizations (the Guidance). The Guidance expresses the DFS’ expectation that all Covered Institutions[1]—New York-chartered banks and trust companies and foreign bank branches and agencies in New York—seek the DFS’ approval before engaging in any new or additional virtual currency-related activity.[2] The BitLicense regulations have always been clear that Covered Institutions that obtain approval from the DFS before engaging in virtual currency business activity[3] do not need to obtain a BitLicense from the DFS.[5] But the Guidance requires a Covered Institution to obtain approval before engaging in virtual currency-related activity, which includes but is not limited to virtual currency business activity. The Guidance, therefore, expands the scope of activities for which Covered Institutions must seek prior approval.

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