General Counsel
Tw Li

September 23, 2021

Tales from the Crypt(o)

Acting OCC Comptroller Identifies Financial Crisis Lessons for the Crypto Industry

Sebastian Souchet

Commentary by Sebastian Souchet

In remarks before the Blockchain Association, Acting OCC Comptroller Michael Hsu identified lessons from the 2008 financial crisis that regulators and the crypto industry should apply to "avoid repeating the mistakes of the past."

"If you apply the lessons from the 2008 crisis - anchor innovation in clear purpose, foster an environment for skeptics to speak up, and follow the money - the risks of fool’s gold can be mitigated and the real promise of blockchain innovation can be achieved."

Acting Comptroller of the Currency Michael Hsu

OFAC Updates Ransomware Advisory

Steven Lofchie

Commentary by Steven Lofchie

In an updated advisory, OFAC underscored the sanctions risks arising from ransomware payments made in response to "malicious cyber-enabled activities."

NASAA Examinations Report Highlights Senior Investor Protection Policy Deficiencies

In its biennial report on examinations of state-registered investment advisers, the North American Securities Administrators Association highlighted that most investment advisers lack policies and procedures regarding the financial exploitation of seniors or other vulnerable investors.

Broker-Dealer Settles NYSE Charges for Order Routing Violations

A firm settled NYSE charges for maintaining competing orders from the same customer by two floor brokers.

NASAA Approves Diversity, Equity and Inclusion Statement

During its annual fall meeting, the North American Securities Administrators Association approved a statement on Diversity, Equity and Inclusion.

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