FinTech is redefining how value moves around the world. To be effective, financial institutions need to exchange value as quickly and securely as they exchange information. Meanwhile, regulators are endeavoring to keep pace with FinTech developments, working to strike a balance between consumer interests and commercial innovation. Operating at the forefront of FinTech, we are advising clients on the regulatory and legal implications of the “internet of value,” including blockchain technology, distributed ledger systems, digital assets, and the technology underpinning electronic trading platforms in the financial markets.
We represent significant open source technology developers, advising on the legal dimensions of establishing an architecture of trust and data integrity. We also counsel clients relative to cross border payment arrangements, technology licensing, market maker agreements, custodial trust contracts, electronic trading, online trading platforms, and patent applications. We have implemented smart contracts for clients in the regulated insurance and real estate industries, so we understand that innovation in smart objects creates new challenges to the security and privacy of financial information, and that the “Internet of Things” needs to be underpinned by the “Internet of Value” to achieve interoperability across disparate payment networks.
Our attorneys bridge the gap between FinTech developers and often behind-the-curve regulators, and help clients understand the need to work collaboratively with state, federal, and international regulators. In New York, we assisted our client in earning the first Virtual Currency Business Activity License (BitLicense) ever granted for institutional uses. We also help multiple money services businesses and money transmitters understand the regulations affecting them.
We also represent clients before the Financial Crimes Enforcement Network (FinCEN) and the bank regulatory agencies with respect to the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations, as well as before the Securities Exchange Commission (SEC), with respect to federal securities laws and the Commodity Futures Trading Commission (CFTC) with respect to the Commodity Exchange Act.