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 in response to Executive Order 14067, which outlined a “whole-of-government” approach to crypto-asset policy and directed FSOC “to produce a report outlining the specific financial stability risks and regulatory gaps…
In the wake of the industry’s recent significant bankruptcy filings, crypto watchers are focusing for the first time on which crypto-entities are eligible for chapter 11 relief[1] under the U.S. Bankruptcy Code (the “Bankruptcy Code”)[2] and, if so, whether and under what circumstances, crypto-assets held by the debtor may become property of the debtor’s “estate.”[3] As previously posted, if a…
On September 28, 2022, several industry groups representing banks and other entities subject to regulation by the Consumer Financial Protection Bureau, including the United States Chamber of Commerce, filed suit against the CFPB over the agency’s controversial updates last spring to its supervision manual. Those updates indicated the CFPB’s intent to examine financial institutions for potential discrimination under its authority…
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 financial services (“Fed Accounts and Services”).[1] The Final Guidelines reflect the comments to and development of two prior proposed guidelines: (i) the initial proposed guidelines, issued on May 11, 2021;…
On June 7, 2022, Wyoming Senator Cynthia Lummis and New York Senator Kirsten Gillibrand introduced the Lummis-Gillibrand Responsible Financial Innovation Act, the first comprehensive bill introduced to govern digital assets (see our post summarizing the key provisions in the bill here). In the Debevoise Fintech Blog’s first official webcast, our banking and fintech experts, Alison Hashmall and Gary Murphy, discuss…