Introduction On June 7, U.S. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) (together, the “Senators”) introduced the Responsible Financial Innovation Act, a bipartisan bill that seeks to create a…
The cryptocurrency industry last week experienced a turbulence long predicted by industry observers. The third largest stablecoin, TerraUSD (“UST”), lost its one-to-one peg to the U.S. dollar about 10 days…
In response to ongoing Russian military action in Ukraine, U.S. authorities have imposed several tranches of new sanctions against Russia, particularly against Russia’s financial industry, including its major banks and…
Originally Published: February 17, 2022 Update: February 22, 2022 Last week, in a speech at the U.S Monetary Policy Forum in New York, FRB Governor Lael Brainard continued to tout the…
The Banking Group of Debevoise & Plimpton LLP would like to welcome you to its newest client tool, the Debevoise Fintech Blog. The goal of the blog is to help…
The inter-agency crypto-asset policy sprint initiative has finally taken off. This morning the Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency…
On November 21, 2021, the Office of the Comptroller of the Currency (“OCC”) published a letter “clarifying” that certain cryptocurrency, distributed ledger and stablecoin activities addressed in three prior interpretive…
On November 9, 2021, the Basel Committee on Banking Supervision (the “BCBS”) issued a press release that, among other things, reiterated its commitment to developing a “conservative risk-based global minimum…
On November 1, 2021, the President’s Working Group on Financial Markets,[1] the Federal Deposit Insurance Corporation (the “FDIC”) and the Office of the Comptroller of the Currency (collectively, the “Financial…
On May 5, 2021, the Federal Reserve Board (“FRB”) issued for public comment proposed guidelines (“Proposed Guidelines”) for Federal Reserve Banks (“Reserve Banks”) to use in evaluating requests for master…