Virtual Uncertainty: Developments in the Law of Electronic Payments and Financial Services

摘要

Despite attempts at clarification, many ambiguities remain following the FinCEN Guidance on virtual currencies and the application of the MSB Rule, as discussed in PartⅡ. In addition to the FinCEN Guidance, virtual currency providers are also facing potential regulation from the Commodity Futures Trading Commission and from the states. These new regulations will add to compliance burdens and present new challenges to these emerging businesses. Prepaid card businesses also will continue to face uncertainty as they try to unravel the limits of the preemption authority of the CFPB under the Credit CARD Act, as discussed in Part Ⅳ. Greater certainty will flow from other 2013 actions by the federal government, including publication of the final rule titled Garnishment of Accounts Containing Federal Benefit Payments, the May 2013 amendments to CFPB's remittance transfer rule described in Part Ⅲ, and from application of the Treasury Rule and Regulation E's "payroll card" provisions to federal benefits paid via prepaid cards discussed in Part Ⅴ.