US Regulation of Cryptocurrency as a Type of Financial Technology

  • Franca Gutierrez, Zachary Goldman
  • 6.6.2018

Franca Harris Gutierrez, Sharon Cohen Levin, Bradford Hardin, Jennifer Jacoby Altscher, Zachary Goldman and Nicholas Simons have authored a global-wide chapter in The International Comparative Legal Guide to Fintech 2018. Published by Global Legal Group Ltd (GLG), this is the second edition of GLG’s Fintech series which provides practical cross-border insight into Fintech around the globe.

In this article entitled “US Regulation of Cryptocurrency as a Type of Financial Technology,” the WilmerHale Fintech lawyers explain how government agencies have adapted existing regulatory frameworks to cryptocurrency. After briefly describing how regulators have approached issues of consumer and investor protection, the bulk of the article focuses on the application of anti-money laundering (“AML”) and US economic sanctions laws and regulations to cryptocurrency. In addressing new cryptocurrency technology and products, government agencies have not advocated for new laws or issued new regulations. Rather, they have interpreted existing requirements through guidance and enforcement actions to announce their determination that cryptocurrencies are subject to existing legal obligations.