Tag: California Department of Financial Institutions

Feds Bite Largest Bitcoin Exchange: Lessons for Virtual Currency Entrepreneurs

By Jonathan D. Joseph When the US Treasury’s Financial Crimes Enforcement Network, a/k/a FinCEN, published an interpretative ruling on March 18, 2013 discussing how its regulations applied to users, exchangers and administrators of virtual currencies, Mt. Gox, the world’s largest exchange for Bitcoin transactions, should have taken note.   Mt. Gox and other early pioneers in the virtual currency space have anarchist roots and generally eschew governmental regulation; however, it is now clear that the survivors in the Bitcoin and cryptocurrency ecosystem will be those that successfully navigate the complex web of federal and state money transmission laws and regulations. Earlier

Joseph & Cohen Elevates Ken Sayre-Peterson to Partner

SAN FRANCISCO, CA – May 1, 2013. Joseph & Cohen, a Professional Corporation headquartered in San Francisco, announced today that Kenneth Sayre-Peterson has been elected a partner following his successful stint as Of Counsel with the firm that began in February 2012. Managing Partner, Jonathan Joseph stated, “Joseph & Cohen’s clients have benefited from Ken Sayre-Peterson’s enormous expertise in bank regulation, credit union matters, financial services, corporate transactions, money transmitter compliance and bank enforcement work.  He has helped to secure the firm’s position as one of the leading bank and depository institution regulatory practices in California. Elevating Ken to partner

California’s New Money Transmission Law Sweeps Up

By Marie Hogan* Effective as of January 1, 2011, California’s sweeping new Money Transmission Act (the “MTAct”) became applicable to the money transmission business. The MTAct expanded the state’s regulation and license requirements for money transmitters by covering domestic money transmitters, including stored value device issuers and other businesses that offer new types of alternative payment and mobile applications.  The new law assigns regulation and licensing authority to the California Department of Financial Institutions Background The regulation of money transmission varies from state to state, but most states regulate domestic money transmission involving their residents. The MTAct now covers domestic money

Kenneth Sayre-Peterson

Kenneth Sayre-Peterson is a Partner Emeritus with Joseph, Cohen & Del Vecchio having retired from practicing law at the end of 2017. Mr. Sayre-Peterson remains an advisor to the Firm. Prior to his retirement, Mr. Sayre-Peterson’s core focus was on banking, credit unions, regulatory and enforcement matters, money transmitters and digital currency, corporate, securities and trust law. He joined Joseph, Cohen & Del Vecchio in 2012 following his retirement from the California Department of Financial Institutions (DFI), now a division of the Department of Business Oversight, where he served as legal counsel during a twenty-two year career. Mr. Sayre-Peterson acted