Taylor Richards – Debevoise FinReg and FinTech Blog

Digital Assets

New FSOC Report Encourages Congressional Action on Digital Assets

By: Caroline Swett, Carter Burwell, Alison Hashmall, Tejas Dave, Ezra Newman, Taylor Richards and Lily D. Vo October 10, 2022

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…

Digital Assets

Federal Reserve Clarifies Access to Master Accounts and Services for Financial Institutions, Including for ‘Novel Charters’, in Final Guidelines

By: Gregory J. Lyons, Alison Hashmall, Caroline Swett, Chen Xu, Courtney Bradford Pike, Marta Poplawski and Taylor Richards September 19, 2022

The Federal Reserve Board (“FRB”) has approved final guidelines (“Final Guidelines”) for Federal Reserve Banks (“Reserve Banks”) to use in evaluating requests for master accounts and access to Reserve Bank…

Digital Assets

President Biden Signs Executive Order Outlining National Policy for Digital Assets

By: Morgan J. Hayes, Byungkwon Lim, Carter Burwell, Alison Hashmall, Gary E. Murphy, Aseel Rabie, Ezra Newman, Taylor Richards and Lily D. Vo March 10, 2022

Yesterday, President Biden signed an Executive Order (the “Order”) outlining, as described in the accompanying Fact Sheet, a “whole-of-government approach” to harness the benefits, and address the potential risks, of…

Sanctions

State of Play: Russia, Sanctions and Digital Assets

By: Satish M. Kini, Aseel Rabie, Robert Dura, Chen Xu, Taylor Richards, Jonathan Steinberg and Amy Aixi Zhang March 4, 2022

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…

CBDC/Stablecoin

Discussion Draft of Stablecoin Bill Released

By: Alison Hashmall, Chen Xu and Taylor Richards February 24, 2022

On February 15, 2022, House Financial Services Committee member Rep. Josh Gottheimer (D-NJ) released a discussion draft of a bill (the “bill”) that would create bank-like regulation for stablecoin issuers.…

CBDC/Stablecoin

More Policymakers Encourage Bank-Like Stablecoin Regulation

By: Alison Hashmall, Chen Xu and Taylor Richards February 7, 2022

Although the policy outlook remains uncertain, more policymakers are encouraging bank-like regulation for stablecoin issuers. Following on the November 2021 stablecoin report (the “Stablecoin Report”) issued by the President’s Working…

Fintech

Welcome to the Debevoise Fintech Blog

By: Satish M. Kini, Gregory J. Lyons, Jeffrey L. Robins, Alison Hashmall, Aseel Rabie, Caroline Swett, Chen Xu, Nariné A. Atamian, Ezra Newman, Taylor Richards, Jonathan Steinberg, Justice Walters and Amy Aixi Zhang February 3, 2022

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…

Digital Assets

Regulators Publish Joint Statement Summarizing Results of Inter-agency Crypto Sprint

By: Alison Hashmall, Caroline Swett, Chen Xu, Taylor Richards and Amy Aixi Zhang November 24, 2021

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…

Digital Assets

OCC “Clarifies” Crypto-asset Interpretive Letters, National Trust Bank Charter Authority

By: Satish M. Kini, Gregory J. Lyons, Alison Hashmall, Caroline Swett, Taylor Richards, Chen Xu and Amy Aixi Zhang November 23, 2021

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…