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New York State Department of Financial Services Proposes Comprehensive Bitcoin Regulations

by Robert W. Gaffey
Jones Day - New York Office

Harold K. Gordon
Jones Day - New York Office

Henry Klehm
Jones Day - New York Office

Howard F. Sidman
Jones Day - New York Office

Jayant W. Tambe
Jones Day - New York Office

September 2, 2014

Previously published on August 2014

The New York State Department of Financial Services ("DFS") recently became the first state regulator to propose a regulatory framework for the bitcoin virtual currency industry. DFS posted its "Regulation of the Conduct of Virtual Currency Business" on its website, as well as on the social media websites Reddit and Twitter, forums utilized by many bitcoin stakeholders. Given New York's historical role as a clearinghouse for financial and currency transactions, DFS's broad regulatory purview as New York's main financial regulator, and the high-profile initiatives and enforcement actions this new regulator has pursued since opening its doors in October 2011, it is no surprise that DFS is at the forefront in attempting to regulate bitcoin.


The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.

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