As previewed in our client update from April 26, 2023, three government agencies released reports reviewing the failures of SVB Financial Group (“SVBFG”) and Signature Bank (“SBNY”) on Friday. Specifically:…
The Silicon Valley Bank (“SVB”) and Signature Bank (“Signature”) failures (together, the “March Failures”) were the second- and third-largest commercial bank failures in U.S. history. Six weeks after the March…
In a further response to the events over the past several months that have rattled the crypto industry, on February 23, 2023, the Federal Reserve Board (“FRB”), Federal Deposit Insurance…
On Monday, January 23, 2022, the New York Department of Financial Services (the “DFS”) released a letter (the “Guidance”) clarifying virtual currency custody and disclosure standards and practices that the…
In response to “significant volatility and exposure of vulnerabilities in the crypto-asset sector” throughout 2022, on January 3, 2023, the Federal Reserve Board (“FRB”), Federal Deposit Insurance Corporation (“FDIC”) and…
The recent wave of bankruptcies in the crypto industry, culminating in the collapses of Celsius, BlockFi, and FTX, has spurred financial regulators to adopt a more aggressive tone when discussing…
On Thursday, December 15, 2022, the New York Department of Financial Services (“DFS”) released a letter (the “Guidance”) outlining the pre-approval application and evaluation process for New York regulated banking…
As we approach the end of the year, here are the Top 10 posts on the Debevoise Fintech Blog in 2022. If you are not already a Blog subscriber, click…
On December 8, 2022, the Securities and Exchange Commission’s (“SEC”) Division of Corporation Finance (the “Division”) released a sample comment letter (the “Letter”) regarding recent developments in crypto asset markets. …
On October 3, 2022, the Financial Stability Oversight Council (“FSOC”) released a report and accompanying Fact Sheet on Digital Asset Financial Stability Risks and Regulation (the “Report”). The Report comes…