Blockchain Week in Review – May 2020 #3 | Perkins Coie – JDSupra – JD Supra

Weekly Focus:

  • OCC Announces a New Acting Comptroller of the Currency
  • House Bill Would Require a Study on the Regulation and Use of Blockchain Technology in the United States
  • IRS Reportedly Seeking Private Contractors in Connection with Virtual Currency-Related Tax Returns
  • US Senate Subcommittee Raises Blockchain as Option for Senate Voting During Times of Crisis
  • Private Party Brings Suit against Crypto-Products Trading Platform for Alleged Violations of RICO and the CEA
  • Bank of France Provides Update on Central Bank Digital Currency Experimentation
  • FATF Issues Report on COVID-19-Related Money Laundering and Terrorist Financing Risks and Policy Responses
  • Brazilian Agency Re-opens Investigation into Banks’ Treatment of Virtual Currency Firms
  • Reports: Iran Takes Several Actions Related to the Regulation of Virtual Currencies

US Developments

Federal and State Regulatory Developments

OCC Announces a New Acting Comptroller of the Currency

On May 21, 2020, current Comptroller of the Currency Joseph M. Otting announced that he is stepping down from office on May 29, 2020. Upon his departure, First Deputy Comptroller and Chief Operating Officer Brian P. Brooks will become acting comptroller of the currency. Mr. Brooks joined the OCC on April 1, 2020, after serving as chief legal officer of a company that is a digital currency wallet and platform. Per a U.S. Department of the Treasury (Treasury) press release, Mr. Brooks has been involved in several OCC rulemakings and helped to connect banks and financial technology companies in a series of listening sessions related to the delivery of Paycheck Protection Program loans.

A link to the Treasury press release can be found here.

House Bill Would Require