On February 8, 2022, the U.S. House Committee on Financial Services (“HFS”) hosted a virtual hearing entitled, “Digital Assets and the Future of Finance: The President’s Working Group on Financial Markets’ Report on Stablecoins.” The hearing focused on the Report on Stablecoins, which are crypto-assets pegged to real assets (usually the U.S. dollar), that the President’s Working Group on Financial…
One of the biggest regulatory barriers facing cryptocurrency and fintech companies is inconsistency across regimes. In September 2021, the Conference of State Bank Supervisors (“CSBS”) attempted to remove one of these barriers, the lack of uniformity in money transmission regulation, with its Money Transmission Modernization Act (the “CSBS Act”). Money transmitters are currently regulated separately under state and federal law.…
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 Group on Financial Markets, the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency, which recommended new stablecoin legislation, Congressional Democrats, led by House Financial…
On February 2, 2022, Luke Dembosky, the Co-Chair of the Debevoise Data Strategy & Security Group, participated in a fireside chat with Justin Herring, the Executive Deputy Superintendent for the Cybersecurity Division of the New York Department of Financial Services (NYDFS), and Sachin Bansal, the Chief Business & Legal Officer at SecurityScorecard, which organized the event. The discussion covered…
On February 1, 2022, the Federal Deposit Insurance Corporation (“FDIC”) and the Financial Crimes Enforcement Network (“FinCEN”) opened registration for their “Digital Identity Tech Sprint,” with a focus on digital identity proofing. Registration will close on February 15, 2022 at 5 p.m. As the FDIC and FinCEN recognize, digital technology plays an important role in both remotely delivered financial services…