Recent key Bitcoin and virtual currency regulatory and law enforcement developments

2015 ◽  
Vol 16 (1) ◽  
pp. 13-18 ◽  
Author(s):  
Evan L. Greebel ◽  
Kathleen Moriarty ◽  
Claudia Callaway ◽  
Gregory Xethalis
Keyword(s):  
New York ◽  
Law Enforcement ◽  
Financial Services ◽  
New York State ◽  
Securities And Exchange Commission ◽  
Regulatory Regime ◽  
York State Department ◽  
Virtual Currency ◽  
Content Type ◽  
Commodity Futures Trading Commission

Purpose – To explain and draw conclusions from six recent bitcoin and virtual currency regulatory and law enforcement developments. Design/methodology/approach – Discusses and draws conclusions from six recent, important developments: two administrative rulings from the Financial Crimes Enforcement Network (FinCEN), recent remarks by New York State Department of Financial Services Superintendent Benjamin Lawsky, remarks by Mark Wetjen of the Commodity Futures Trading Commission (CFTC), a recent Securities and Exchange Commission (SEC) informational sweep of crowdsales of crypto-equity, and the US Department of Justice proceedings against Trendon Shavers. Findings – Rather than trying to stifle or control virtual currencies, US governmental entities recognize the long-term value of virtual currencies and are trying to create a regulatory regime to foster growth and development, and an atmosphere where institutional and retail investors are protected. Originality/value – Provides an overview of the key United States regulatory issues facing companies engaged in Bitcoin-related businesses.

New York BitLicense regulations virtually certain to significantly impact transactions in virtual currencies

2015 ◽  
Vol 16 (4) ◽  
pp. 59-65 ◽  
Author(s):  
Gary DeWaal ◽  
Guy Dempsey
Keyword(s):  
New York ◽  
Cyber Security ◽  
Financial Services ◽  
Design Methodology ◽  
New York State ◽  
Background Information ◽  
York State Department ◽  
Virtual Currency ◽  
Content Type ◽  
Minimum Standards

Purpose – To analyze the New York State Department of Financial Services (NYDFS) final BitLicense regulations with respect to Bitcoin and other virtual currencies. Design/methodology/approach – This article discusses the specific requirements outlined in the NYDFS’s regulations. The article goes on to provide background information on Bitcoin and virtual currencies and examines previous regulatory approaches prior to these regulations. Findings – This article examines how the new regulations require all persons engaging in a virtual currency business to apply and obtain a BitLicense, and to maintain certain minimum standards and programs to help ensure customer protection, cyber-security and anti-money laundering compliance. Financial intermediaries that already are regulated by NYDFS under the New York Banking Law are not required to obtain a BitLicense if they are approved by NYDFS under their existing regulation to conduct virtual currency business activity. Originality/value – This article contains insight and analysis into recent NYDFS regulations on a new currency type from attorneys experienced in financial services and regulatory matters.

Regulating virtual currencies – the challenges of applying fiat currency laws to digital technology services

2018 ◽  
Vol 25 (2) ◽  
pp. 562-575 ◽  
Author(s):  
Mohammed Ahmad Naheem
Keyword(s):  
Risk Assessment ◽  
New York ◽  
Financial Services ◽  
Banking Sector ◽  
Financial Regulation ◽  
New York State ◽  
Critical Discussion ◽  
Virtual Currency ◽  
Content Type ◽  
The Impact

Purpose The purpose of this paper is to consider the recent (Dec`15) introduction of the Bitlicensing rules in New York and consider from a banking perspective how this will impact on their own risk assessment processes. The paper also outlines the challenges of applying financial regulation to companies that have an area of expertise and business that is more aligned to software development, rather than financial service provision. Design/methodology/approach This paper is a viewpoint paper, which offers a critical discussion on the FATF guidelines on virtual currencies. The paper compares developments that are currently occurring within the virtual currency sector in particularly the new Bitlicensing process in New York State and discusses the implications to the banking sector on risk assessment processes for virtual currency transactions. Findings This paper will benefit the banking and regulation industries as well as economic and banking academics and anyone with an interest in virtual and digital currency technology. Originality/value This paper is unique in that it examines the issue of virtual currency regulation from a banking perspective. It explains the virtual currency technology as a means to be enhancing banking risk assessment, for clients seeking to incorporate virtual currency transactions into their business. This paper impacts on the banking and regulatory sectors because it critically examines the current practice of over regulation and the impact that this has on alternative financial systems, such as digital and virtual currencies. The paper offers a theoretical framework as well as citing current practical reports of how regulation has already started to affect the financial services landscape. The impact of getting this wrong can lead to increased criminal activity, and this paper highlights how susceptible the financial sector is to this.

New York finalizes cybersecurity regulations for financial institutions

2017 ◽  
Vol 18 (2) ◽  
pp. 27-30
Author(s):  
Jonathan G. Cedarbaum ◽  
Benjamin A. Powell ◽  
D. Reed Freeman ◽  
Leah Schloss ◽  
Reed Abrahamson
Keyword(s):  
New York ◽  
Financial Institutions ◽  
Financial Services ◽  
Service Providers ◽  
New York State ◽  
Third Party ◽  
York State Department ◽  
Content Type ◽  
Definition Of ◽  
Audit Trails

Purpose To analyze the cybersecurity regulations for financial institutions issued by the New York State Department of Financial Services on February 16, 2017. Design/methodology/approach This article summarizes the regulations’ scope and requirements including definition of Covered Entities and substantive requirements including periodic Risk Assessments, cyber policies, dedicated and trained personnel, testing, audit trails, control over Third Party Service Providers, authentication, secure disposal, encryption, and incident reporting. Findings The regulations go beyond federal requirements in a number of important respects. Originality/value This article provides a guide for regulated entities to start preparing for compliance with the new regulations from experienced lawyers with specialties in cybersecurity, privacy and communications.

Magnitude of Giardia cases among refugees, adoptees and immigrants in Monroe County, New York, 2003-2013

2016 ◽  
Vol 12 (3) ◽  
pp. 211-215
Author(s):  
Brenden Bedard ◽  
Melissa Pennise ◽  
Anita C. Weimer ◽  
Byron S. Kennedy
Keyword(s):  
New York ◽  
Communicable Disease ◽  
New York State ◽  
Health Assessment ◽  
Asymptomatic Infection ◽  
York State Department ◽  
Monroe County ◽  
Content Type ◽  
Logistic Regression Models ◽  
Department Of Health

Purpose The purpose of this paper is to determine the morbidity of Giardia in Monroe County, New York attributed to refugees, foreign adoptees and immigrants, and to examine factors related to asymptomatic Giardia infection. Design/methodology/approach A retrospective epidemiological analysis was conducted of Giardia case investigations submitted to the New York State Department of Health on the Communicable Disease Electronic Surveillance System, between January 1, 2003 and December 31, 2013 from Monroe County Department of Public Health. Univariate and multivariate logistic regression models were used to assess odds for asymptomatic Giardia. Findings Of the 1,221 Giardia cases reported in Monroe County during that time, 38 percent (n=467) were refugees, 6 percent (n=77) were foreign adoptees and 1.4 percent (n=17) were immigrants. In total, 95 percent of the refugees and 89 percent of the adoptees/immigrants were asymptomatic, compared to 15 percent of the non-refugee/adoptee/immigrant cases. Unadjusted odds for asymptomatic infection were 113.4 (95 percent CI: 70.6-183.7) for refugees, and 45.6 (95 percent CI: 22.9-91) for adoptees/immigrants. Originality/value This study demonstrates the importance of routine screening for Giardia during refugees’ initial health assessment.

New Paradigm for State Department of Transportation Environmental Initiatives: New York State’s Guidelines and Procedures

2000 ◽  
Vol 1702 (1) ◽  
pp. 92-96 ◽  
Author(s):  
Gary McVoy ◽  
Mark Sengenberger ◽  
Elizabeth Novak
Keyword(s):  
New York ◽  
New York State ◽  
Cost Effective ◽  
State Department ◽  
Regulatory Compliance ◽  
Environmental Benefits ◽  
Environmental Damage ◽  
York State Department ◽  
Department Of Transportation ◽  
New Paradigm

Public-works agencies have an obligation to enhance the environment as opportunities arise. The New York State Department of Transportation (NYSDOT) has developed an environmental initiative to make an affirmative contribution to the environment, using the department’s organizational strengths. The environmental initiative is a paradigm shift applicable to all departments of transportation (DOTs). Conventional reactive regulatory compliance can reduce unnecessary environmental damage and sometimes gain grudging regulatory agency cooperation; however, it is not a positive, satisfying way of doing the people’s work. Through proactive steps, NYSDOT has become an important part of the state’s environmental solution (often at little or no additional cost) and has changed its working relationships with environmental agencies and groups. As these agencies and groups have become partners, instead of adversaries, permit-approval times have improved, mitigation costs have declined, morale has improved, and cost-effective environmental benefits are being realized. Procedures are outlined to apply the engineering capabilities of a DOT to the environmental-stewardship responsibilities shared by all governmental organizations.

Service decision-making processes at three New York state cooperative public library systems

2014 ◽  
Vol 35 (6/7) ◽  
pp. 418-432
Author(s):  
Xiaoai Ren
Keyword(s):  
Decision Making ◽  
New York ◽  
New York State ◽  
Public Library ◽  
Organizational Structures ◽  
Annual Reports ◽  
Content Type ◽  
York State ◽  
Decision Making Processes ◽  
And Cluster Analysis

Purpose – The purpose of this paper is to look at the organizational structure and service provisions of cooperative public library systems in New York State. The study also seeks to ask questions of how cooperative public library systems decide what services to provide. Design/methodology/approach – Descriptive statistics, factor analysis and cluster analysis were applied on New York State public library systems’ 2008 annual reports to generate quantitative profiles of public library systems and their service transactions. Three cooperative public library systems displaying different service features were purposefully selected for further study of their service decision-making processes. The face-to-face and phone interviews were adopted in the study. Findings – Research findings from this study provide information on specific service variations across cooperative public library systems. The findings also provide differences of service decision-making processes in addition to the factors that might cause these differences. Originality/value – This study adds knowledge of public library systems’ management and organizational structures, therefore fills a knowledge gap on public library systems. It can also serve as the baseline for future studies using newer annual report data and therefore to study the changing roles and services of cooperative public library systems in New York State.

scholarly journals Response of an Obstetric Unit during the Coronavirus Disease of 2019 (COVID-19) Pandemic: Experiences from a Tertiary Care Center

2020 ◽  
Vol 10 (03) ◽  
pp. e281-e287
Author(s):  
Sangeeta Kumaraswami ◽  
Tana S. Pradhan ◽  
Sorana Vrabie-Wolf ◽  
Sadaf Lodhi ◽  
Geetha P. Rajendran ◽  
...  
Keyword(s):  
New York ◽  
Care Center ◽  
Tertiary Care ◽  
New York State ◽  
York State Department ◽  
Obstetrical Care ◽  
Expert Opinions ◽  
Department Of Health ◽  
Delivery Unit ◽  
Westchester County

Abstract Objective To describe our experiences in preparing our obstetric unit in Westchester County, New York, during the COVID-19 (coronavirus disease of 2019) pandemic. We focus on describing our timeline, continuously evolving actions, observations, and challenges. Methods With guidance from the New York State Department of Health (NYSDOH), our institutional epidemiologist, and key multidisciplinary faculty members, we evaluated emerging national data as well as expert opinions to identify issues and challenges to create action plans. Results We created and modified policies for our patients presenting for obstetrical care on the labor and delivery unit to accommodate their unique needs during this pandemic. Conclusion The COVID-19 pandemic has posed many unique challenges. Balancing communication, risks of infection to providers, patient autonomy and rights, and resources for testing and personal protective equipment were among the valuable lessons learnt. We have shared our experiences and described our observations and challenges in Westchester County, New York.

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