Virtual Currency Law: New laws from NY and Louisiana, independent licensing regime and uniform regulation of virtual currency business act


CLE credits earned: 1 General Credit (WA 1 Law and Legal)

It is not just federal regulators like Commodity Futures Trading Commission, the Financial Crimes Enforcement Network and the Internal Revenue Service that have interest in virtual currencies. The states are getting active in this space too. This summer, Louisiana became the second state after New York to enact a stand-alone virtual currency law. It is also the first state to enact an independent licensing regime based on the Uniform Regulation of Virtual Currency Business Act. This program will explore the regulation of virtual currency businesses from the states perspective and how states generally regulate virtual currency business and the two state outliers.

Key topics to be discussed:

• State money transmission licensing regimes
• New York’s BitLicense
• Louisiana’s proposed law
• Uniform Regulation of Virtual Currency Business Act

Date / Time: August 31, 2020

•   1:00 pm – 2:00 pm Eastern
•   12:00 pm – 1:00 pm Central
•   11:00 am – 12:00 pm Mountain
•   10:00 am – 11:00 am Pacific

Choose a format:

•   Live Video Broadcast/Re-Broadcast: Watch Program “live” in real-time, must sign-in and watch program on date and time set above. May ask questions during presentation via chat box. Qualifies for “live” CLE credit.
•   On-Demand Video: Access CLE 24/7 via on-demand library and watch program anytime. Qualifies for self-study CLE credit. On-demand versions are made available 5 business days after the original recording date and are view-able for up to one year.
Closed-captioning available upon request

Select your state to see if this class is approved for CLE credit.

Choose the format you want.


Original Broadcast Date: August 31, 2020

Cathy J. Yoon | Special Counsel, Financial Markets and Funds

As special counsel in the New York office’s Financial Markets and Funds practice, Cathy focuses her practice on assisting clients with navigating the legal, regulatory and operational aspects for their FinTech offerings and products. Establishing relationships and expanding partnerships with FinTech founders and companies, Cathy spearheads opportunities for her clients to build new partnerships and facilitate introductions to additional customers and revenue generation opportunities, collaborates with management teams to develop new products and guides the implementation and development of new initiatives, whether product or strategic. She frequently presents on legal, regulatory and general market issues relating to emerging technology in the financial services space, focusing on blockchain and cryptocurrency.

Gary DeWaal | Special Counsel and Chair, Financial Markets Regulation

Gary DeWaal brings substantial experience from both industry and government to his practice counseling clients on exchange-traded derivatives and cryptoassets. He advises a worldwide client base on transactional and regulatory matters relating to those and other complex financial products. Gary’s clients benefit from his deep well of contacts and practical knowledge from his prior work with the world’s largest exchange-traded derivatives broker and, before that, as a senior trial attorney at the US Commodity Futures Trading Commission (CFTC). Gary understands the urgency that drives the financial industry. His business background also gives him a unique understanding of his clients’ products. This allows him to provide fast and practical responses to clients, often consulting directly with business executives as opposed to legal staff. Before joining Katten, Gary interacted with regulators worldwide as the group general counsel of Fimat (later known as Newedge), the exchange-traded derivatives and securities broker. He also served in both business and legal roles for Brody, White & Co., and, before that, as a senior trial attorney with the CFTC’s Division of Enforcement. On multiple occasions, Gary’s detailed knowledge of his clients’ business has helped him prevail with regulators to close investigations before taking enforcement action. When a financial exchange was investigating one of his clients, a multinational investment bank, Gary went beyond avoiding disciplinary activity; he worked with the exchange to amend a rule predicated on an outdated trading environment to accommodate his client’s current business. In another probe, Gary’s knowledge of algorithmic trading and futures markets in China and the United States helped him persuade a principal US derivatives exchange not to bring any charges against a China-based proprietary trading firm and solely issue a cautionary letter instead. Gary brings a similar level of on-the-ground knowledge to his work advising on the regulation of cryptoassets and blockchain technology. His study of computer science while obtaining his MBA and three early programming languages allows him to quickly grasp many of the technological aspects of this newly developing field. Gary previously taught derivatives regulation as an adjunct professor at Brooklyn Law School. He currently serves on the faculty of the State University of New York Buffalo Law School’s New York City Program on Finance & Law. He regularly speaks internationally at financial services and cryptoasset-themed conferences and is the author of Bridging the Week, the multi-award winning and internationally followed blog covering the financial services industry.

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