The marijuana industry has seen exponential growth over the past few years. However, the federal prohibition of marijuana poses significant challenges for businesses in this sector, in terms of payment processing and banking. As explained in a previous article, cryptocurrencies present a potential solution to these issues, enabling marijuana businesses to send and receive payments without the need for third-party intermediaries.
The legal marijuana industry has grown rapidly in the U.S., with 38 states, three territories, and the District of Columbia legalizing its use for medical and/or recreational purposes. However, despite the industry’s growth, marijuana businesses continue to face significant challenges with payment processing and banking, primarily due to the federal prohibition of marijuana. This conflict between federal and state laws has led to an exploration of alternative financial systems, including the use of cryptocurrencies.[1]
On October 16, the Securities and Exchange Commission’s Division of Examinations (the Division) released its 2024 Examination Priorities report. The report highlights that future examinations will focus on “risk areas impacting various market participants,” emphasizing risks posed by products and services: (1) related to cryptocurrency; and (2) that leverage emerging technology. In addition, the report indicates that examinations will focus on market participants’ compliance with Anti-Money Laundering (AML) laws.
Published in Infrastructure, Volume 62, Number 4, Summer 2023. © 2023 American Bar Association. Reproduced with permission. All rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in an electronic database or retrieval system without the express written consent of the American Bar Association.
Nuclear energy has long been a significant source of reliable, clean energy within the United States. In 2021 alone, nuclear energy accounted for approximately 20 percent of electricity generated in the country and 50 percent of its carbon-free electricity. And while some sources of carbon-free generation are necessarily intermittent, nuclear generation has a high-capacity factor, capable of running at all hours of the day.
This article was originally published on September 18, 2023 in Westlaw Today and is republished here with permission.
Ketan Bhirud, Drew Mann and Trey Smith of Troutman Pepper discuss the Federal Trade Commission’s role in competition enforcement, contextualize the FTC’s analysis of the generative AI industry and provide key takeaways for stakeholders to consider during a period of regulatory uncertainty.
On May 5, 2023, New York Attorney General (AG) Letitia James introduced legislation to regulate businesses engaged in digital asset-related activities “from or within the State of New York.” Titled the “Crypto Regulation, Protection, Transparency, and Oversight Act” (the CRPTO Act or the Act), AG James has called the proposal “the strongest and most comprehensive set of regulations on cryptocurrency in the nation.”
On June 7, the Federal Trade Commission (FTC) announced a request for information (RFI) to gain additional insight into how it can optimize joint enforcement with state attorneys general (state AGs) to protect consumers from fraud. The announcement signals a growing trend of cooperation between the FTC and state AGs, which we have also seen between the Consumer Financial Protection Bureau (CFPB) and the state regulators.
State authorities increasingly embrace role as consumer watchdogs
A version of this post was published in Corporate Compliance Insights on April 5, 2023. © Copyright 2023, Corporate Compliance Insights. Reprinted here with permission.
State attorneys general are increasingly taking offensive positions, bringing lawsuits against companies and executives they accuse of bad conduct. A team of attorneys from Troutman Pepper, led by Clayton Friedman and Trey Smith, explore recent cases and how executives can strengthen the corporate veil.
Join us for the first in a series of episodes covering artificial intelligence (AI). As technology continues to develop, more companies are using AI in their day-to-day business, and with increased use comes increased risk. In this episode, Stephen Piepgrass and colleagues Michael Yaghi and Trey Smith provide an overview of AI, including uses and risks, and the increased focus on AI by various regulators, including state attorneys general, federal agencies, and local governments.
The promise of digital assets is to decentralize finance. Yet in 2022, investors in decentralized technologies lost billions of dollars as the global market cap of all cryptocurrencies fell by 64.1% to $829 billion.