Virtual Uncertainty: Developments in the Law of Electronic Payments and Financial Services

13 Pages Posted: 19 Mar 2014

See all articles by Stephen T. Middlebrook

Stephen T. Middlebrook

Unirush, LLC

Sarah Jane Hughes

Indiana University Bloomington School of Law

Date Written: 2013

Abstract

This article surveys developments in the laws relating to virtual currencies and their regulation by the Department of Treasury's Financial Crimes Enforcement Network, and enforcement actions taken by the Departments of Treasury, Homeland Security and Justice against funds held in deposit accounts owned by Dwolla, Mt. Gox, and Mutum Sigillum, LLC, and DOJ's action against Liberty Reserve. It also analyses changes to the CFPB's cross-border remittance transfer regulations, and its first use of its preemption authority to preempt portions of the Maine and Tennessee gift card laws pertaining to expiry, and the first action by the FDIC against a bank for unsafe and unsound banking practices related to prepaid cards managed by the bank. Finally, it evaluates section 311 and designation of institutions as institutions of primary money laundering concerns and correspondent banking relationships.

Keywords: virtual currencies, Bitcoin, Dwolla, Mt. Gox, Liberty Reserve, Mutum Sigillum, LLC, seizure warrant, Department of Justice, Department of Treasury, Department of Homeland Security, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, FinCEN, money services business rule

Suggested Citation

Middlebrook, Stephen T. and Hughes, Sarah Jane, Virtual Uncertainty: Developments in the Law of Electronic Payments and Financial Services (2013). Business Lawyer, Vol. 69, 2013, Indiana Legal Studies Research Paper No. 283, Available at SSRN: https://ssrn.com/abstract=2410453

Stephen T. Middlebrook

Unirush, LLC ( email )

PO Box 42482
Cincinnati, OH 45242
United States

Sarah Jane Hughes (Contact Author)

Indiana University Bloomington School of Law ( email )

211 S. Indiana Avenue
Bloomington, IN 47405
United States
812-855-6318 (Phone)
812-855-0555 (Fax)

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
300
Abstract Views
1,392
rank
110,715
PlumX Metrics