Colorado regulator exempts certain cryptocurrency exchanges from money transmitter licensing requirements

On September 20, the Colorado Department of Regulatory Agencies Division of Banking (Division) issued interim guidance exempting certain types of cryptocurrency exchanges from the state’s money transmitter licensing requirements. Under the interim guidance — which outlines the Division’s interpretation of Colorado’s existing Money Transmitters Act (the Act) — the Division determined that the Act regulates the transmission…

Federal Reserve seeks to repeal SAFE Act regulations to reflect CFPB authority

On September 21, the Federal Reserve Board (Board) issued a notice of proposed rulemaking seeking comment on the repeal of certain provisions of regulations that incorporate the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), which the Board states are intended to reflect the transfer of rulemaking authority to the CFPB by the Dodd-Frank Act. Specifically, the…