ClaimHour

Vertical guide · Updated June 2026

Digital assets and cryptocurrency attorney time tracking: FinCEN Money Services Business registration advisory, state money transmission licensing calls, and SEC/CFTC dual securities-commodity classification advisory

Digital assets and cryptocurrency law solo attorneys advising on virtual currency regulatory compliance — FinCEN Money Services Business (MSB) registration under the Bank Secrecy Act (31 U.S.C. § 5311 et seq.) and 31 C.F.R. § 1010.100(ff), state money transmitter licensing in the 47 states and the District of Columbia that require MTLs for virtual currency businesses, SEC security-or-commodity classification advisory under the Howey test (SEC v. W.J. Howey Co., 328 U.S. 293 (1946)) and the CFTC's commodity framework (Commodity Exchange Act, 7 U.S.C. § 1a(9)), and exchange/OTC broker registration obligations — generate three billing-gap sources driven by FinCEN's examination and guidance publication schedule, each state banking regulator's examination and application review timeline, and the SEC's and CFTC's independent enforcement and no-action letter publication schedules: FinCEN MSB registration and BSA/AML compliance advisory calls on FinCEN's examination schedule (8 MSB clients × 5 advisory calls × 32 min × 55% untracked = 11.73 hours ≈ 11.7 hours = $5,265–$8,775/year at $450–$750/hr), state money transmission licensing advisory calls on each state banking regulator's application processing and examination timeline (6 clients × 6 state advisory calls × 28 min × 55% = 9.24 hours ≈ 9.2 hours = $4,140–$6,900/year), and SEC/CFTC dual securities-commodity classification advisory calls on SEC and CFTC enforcement action and no-action letter publication schedules (5 token issuance matters × 5 advisory calls × 30 min × 55% = 6.875 hours ≈ 6.9 hours = $3,105–$5,175/year). For a digital assets and cryptocurrency solo practice, the annual billing gap is $12,510–$20,850.

TL;DR

ClaimHour captures every FinCEN examination preparation advisory call that arrives when FinCEN sends an examination notice on its enforcement calendar, every NYDFS BitLicense examiner supplemental information call that arrives on NYDFS's processing timeline, and every FIT21 functional decentralization advisory call that arrives when the SEC or CFTC publishes a new position on its rulemaking schedule — passively, no timer, no audio, no call contents. $29–$59/mo. No PMS required.

FinCEN MSB registration and BSA/AML compliance: advisory calls on FinCEN's examination schedule

The Financial Crimes Enforcement Network (FinCEN) classifies as Money Services Businesses certain exchangers and administrators of virtual currency (FinCEN Guidance FIN-2013-G001 (March 2013)) and requires MSB registration under 31 C.F.R. § 1022.380 within 180 days of establishing the business. MSBs must maintain BSA/AML compliance programs under 31 C.F.R. § 1022.210 including written policies, designated compliance officers, employee training programs, independent review, and customer due diligence. FinCEN examiners conduct MSB examinations on FinCEN's own examination scheduling, and advisory calls triggered by FinCEN examination notices, Civil Investigative Demands (CIDs), and 314(a)/(b) information request notices arrive on FinCEN's enforcement timeline. FinCEN's Financial Institutions (FIN) guidance publications — addressing Decentralized Autonomous Organizations (DAOs), NFT marketplaces, DeFi protocols — arrive on FinCEN's regulatory publication schedule and trigger advisory calls when guidance creates new MSB registration uncertainty. For digital assets clients whose product features straddle the FinCEN MSB definition's edge cases (e.g., a DeFi protocol that may or may not involve an "exchanger" under FIN-2013-G001), new FinCEN guidance publications generate immediate advisory calls regardless of when the attorney last billed the matter.

Five FinCEN MSB advisory call types: (1) MSB registration scope advisory call — advising on whether the client's virtual currency business activities (exchange, custody, transmission) meet the FinCEN MSB definition under 31 C.F.R. § 1010.100(ff)(5) and whether a FinCEN no-action ruling is appropriate (28–40 min) — arrives when the client launches a new product feature on the client's development schedule; (2) FinCEN examination notice response advisory call — advising on examination scope, document production, and examiner interview preparation (28–38 min) — arrives when FinCEN sends the examination notice on FinCEN's examination calendar; (3) 314(a)/(b) information request advisory call — advising on the scope of the BSA § 314(a) mandatory information request response and § 314(b) voluntary information sharing opt-in decision (22–30 min) — arrives when the 314(a) request is received on FinCEN's investigation timeline; (4) BSA/AML program gap remediation advisory call — triggered by an examiner preliminary finding or informal guidance letter (25–35 min) — arrives on the examiner's feedback communication timeline; (5) FinCEN guidance publication advisory call — when FinCEN issues new guidance on DAOs, DeFi, or stablecoins, the client calls for advisory on implications for the client's compliance program (22–30 min) — arrives on FinCEN's publication schedule. At 55% untracked: 8 clients × 5 calls × 32 min × 55% = 11.7 hours = $5,265–$8,775/year at $450–$750/hr.

State money transmission licensing advisory: calls on each state banking regulator's application and examination timeline

Forty-seven states and the District of Columbia require money transmission licenses (MTLs) for virtual currency businesses (NMLS-based licensing in most states; Texas, Montana, and South Carolina have separate regulator structures). The Conference of State Bank Supervisors (CSBS) Fintech Industry Advisory Panel and the CSBS Money Services Businesses Working Group coordinate state MTL requirements, but each state's licensing examination and application processing is conducted by the individual state banking regulator on that state's internal processing schedule. The New York Department of Financial Services (NYDFS) BitLicense (23 NYCRR § 200) creates a separate state regulatory regime for virtual currency businesses serving New York customers, with its own examination timeline and conditional approval process. Advisory calls from state banking examiners, NYDFS BitLicense examiners, and state banking department application processors arrive on each state's independent processing and examination calendar. For a digital assets client launching operations in 10 states, 10 independent state application processing timelines generate supplemental information requests and informal examiner guidance calls simultaneously, each with its own processing pace and regulatory interpretation patterns that require separate advisory calls.

Six state MTL advisory call types: (1) NMLS state MTL application status advisory call — arrives when a state banking regulator's application processor requests supplemental documentation on the state's processing schedule (20–28 min per state); (2) NYDFS BitLicense examination advisory call — NYDFS conducts BitLicense examinations on NYDFS's enforcement calendar; the examiner advisory call arrives when the examination notice is received (28–38 min); (3) state banking examiner informal guidance call — a state banking regulator's informal guidance on a specific virtual currency product feature, arriving on the examiner's availability schedule (22–30 min); (4) multi-state MTL strategy advisory call — advising on whether to apply for MTLs in each state individually or to use CSBS's networked licensing supervisory framework (25–35 min) — arrives on the client's expansion planning schedule when the client identifies a new state for customer acquisition; (5) state MTL renewal advisory call — annual or biennial MTL renewals generate calls on each state's renewal deadline calendar (18–25 min per state); (6) CSBS money services businesses model law advisory call — when a state adopts the CSBS Model Payments Act or updates its MTL regulations (22–28 min) — arrives on the state legislature's adoption schedule. At 55% untracked: 6 clients × 6 state advisory calls × 28 min × 55% = 9.24 hours ≈ 9.2 hours = $4,140–$6,900/year at $450–$750/hr.

SEC/CFTC dual registration advisory: calls on SEC enforcement action and CFTC no-action publication schedules

The SEC and CFTC share regulatory jurisdiction over digital assets in a framework shaped by SEC enforcement actions (e.g., SEC v. Ripple Labs, Inc., No. 20-cv-10832 (S.D.N.Y.)) and CFTC enforcement actions (CFTC v. BitMEX, No. 20-cv-8132 (S.D.N.Y.)), FinHub no-action letters, and the Financial Innovation and Technology for the 21st Century Act (FIT21, signed June 2024), which establishes a new SEC-CFTC digital asset regulatory framework based on the "maturity" of the underlying blockchain network. FIT21 creates a process for "digital commodity" reclassification from SEC to CFTC jurisdiction when a blockchain network achieves "functional decentralization," and advisory calls arrive when the SEC or CFTC publishes guidance, a no-action position, or an enforcement action that changes the classification analysis for the client's token — all on the SEC's and CFTC's independent publication and enforcement schedules. The SEC's Crypto Assets and Cyber Unit and the CFTC's LabCFTC conduct parallel investigations, and inter-agency coordination calls between SEC and CFTC staff arrive on the agencies' coordination schedule, not the attorney's. Because the SEC and CFTC publish guidance, enforcement settlements, and no-action letters on entirely independent schedules throughout the year, a digital assets attorney advising on the same token's classification may receive advisory call requests on consecutive days when both agencies publish positions, generating a call pattern that is unpredictable in timing and compressed in urgency.

Five SEC/CFTC dual classification advisory call types: (1) SEC Howey test application advisory call — advising on whether the client's token offering involves an investment contract under Howey (328 U.S. 293) and the "economic reality" of the transaction (25–35 min) — arrives when the client announces a new token feature or distribution mechanism on the product development schedule; (2) FIT21 "functional decentralization" analysis advisory call — advising on whether the underlying blockchain network qualifies as "functionally decentralized" under FIT21 and whether the token classifies as a "digital commodity" under CFTC jurisdiction (28–38 min) — arrives when FIT21 rulemaking or a court decision changes the analysis on the SEC's or CFTC's publication schedule; (3) CFTC commodity swap dealer registration threshold advisory call — advising on whether the client's digital asset derivatives activity crosses the de minimis swap dealer registration threshold (7 U.S.C. § 6s) (22–30 min) — arrives on the client's trading volume reporting schedule; (4) SEC Crypto Assets and Cyber Unit enforcement inquiry advisory call — arrives when the SEC sends a formal order of investigation or informal inquiry (28–38 min) — on the SEC's enforcement calendar; (5) inter-agency referral advisory call — when the client's token is subject to parallel SEC and CFTC investigations and the attorneys need to coordinate privilege assertions and document production across both agencies (25–35 min) — arrives on the agencies' inter-agency coordination timeline. At 55% untracked: 5 token matters × 5 calls × 30 min × 55% = 6.875 hours ≈ 6.9 hours = $3,105–$5,175/year at $450–$750/hr.

How ClaimHour fits digital assets and cryptocurrency practice

If you advise cryptocurrency and digital asset businesses on FinCEN MSB registration examinations on FinCEN's independent enforcement schedule, state money transmission license examinations across 47 states on each state banking regulator's individual processing timeline, and SEC/CFTC dual regulatory jurisdiction under FIT21 on the SEC's and CFTC's independent enforcement and guidance publication schedules — and your invoices consistently understate the FinCEN examination preparation advisory calls that arrive on FinCEN's calendar, the NYDFS BitLicense and CSBS state MTL examiner supplemental information calls that arrive on each state's processing timeline, and the FIT21 functional decentralization advisory calls that arrive on SEC and CFTC rulemaking publication schedules — ClaimHour was built for that gap.

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Related questions

How do FinCEN MSB registration and BSA/AML compliance calls generate billing gaps on FinCEN's examination schedule?

FinCEN classifies virtual currency exchangers and administrators as Money Services Businesses under FIN-2013-G001 and conducts MSB examinations on its own examination scheduling calendar. Civil Investigative Demands, 314(a)/(b) information requests, and new FinCEN guidance publications on DAOs, DeFi, and stablecoins all arrive on FinCEN's enforcement and publication timelines. Five call types: MSB registration scope advisory call (28–40 min), FinCEN examination notice response advisory call (28–38 min), 314(a)/(b) information request advisory call (22–30 min), BSA/AML program gap remediation advisory call from examiner preliminary findings (25–35 min), and FinCEN guidance publication advisory call (22–30 min). At 55% untracked: 8 clients × 5 calls × 32 min × 55% = 11.7 hours = $5,265–$8,775/year at $450–$750/hr.

How do state money transmission licensing advisory calls generate billing gaps on each state regulator's timeline?

Forty-seven states and DC require MTLs for virtual currency businesses, with each state banking regulator processing applications on its own internal timeline. The NYDFS BitLicense creates a separate regulatory regime with its own examination and conditional approval process. Advisory calls from NMLS state application processors, NYDFS BitLicense examiners, and CSBS networked licensing coordinators arrive independently on each state's calendar. Six call types: NMLS state MTL application status advisory call (20–28 min), NYDFS BitLicense examination advisory call (28–38 min), state banking examiner informal guidance call (22–30 min), multi-state MTL strategy advisory call (25–35 min), state MTL renewal advisory call (18–25 min), and CSBS Model Payments Act adoption advisory call (22–28 min). At 55% untracked: 6 clients × 6 state advisory calls × 28 min × 55% = 9.24 hours ≈ 9.2 hours = $4,140–$6,900/year at $450–$750/hr.

How do SEC/CFTC dual registration advisory calls generate billing gaps on agency enforcement schedules?

FIT21 (signed June 2024) creates a new SEC-CFTC digital asset regulatory framework based on blockchain network "functional decentralization," and advisory calls arrive when the SEC or CFTC publishes guidance, enforcement actions, or no-action positions that change the classification analysis for the client's token — all on the agencies' independent publication and enforcement schedules. Five call types: SEC Howey test application advisory call (25–35 min), FIT21 functional decentralization analysis advisory call (28–38 min), CFTC commodity swap dealer registration threshold advisory call (22–30 min), SEC Crypto Assets and Cyber Unit enforcement inquiry advisory call (28–38 min), and inter-agency referral coordination advisory call for parallel SEC and CFTC investigations (25–35 min). At 55% untracked: 5 token matters × 5 calls × 30 min × 55% = 6.875 hours ≈ 6.9 hours = $3,105–$5,175/year at $450–$750/hr.

How does digital assets regulatory billing differ from standard financial regulation billing?

Traditional bank regulatory billing is largely document-driven with predictable examination cycles tied to the regulator's published schedule. Digital assets regulatory billing differs because three independent regulatory agency schedules drive advisory calls simultaneously: FinCEN examination and new guidance publication schedules, 47-state MTL processing and examination timelines on each state banking regulator's individual calendar, and parallel SEC and CFTC enforcement action and no-action letter publication schedules. FIT21 adds a new reclassification trigger — functional decentralization analysis — that arrives whenever the SEC or CFTC publishes a position on the client's blockchain network on the agencies' publication schedules. The combined annual billing gap for a digital assets and cryptocurrency solo practice is $12,510–$20,850/year.

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