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…

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 financial institutions sift through this complex legal landscape and keep abreast of developments in fintech and digital assets. The blog will cover topics spanning the fintech and digital assets regulatory…

As the digital asset industry continues to grow, regulators also have grown more and more active in the space. In addition, with cryptocurrency and payments as one of the main use cases for digital assets thus far, it is no surprise that regulators have devoted significant attention to those facilitating transactions in cryptocurrencies and the issue of whether such facilitators…

With Congress back in session following its winter recess, we expect an increasing focus on crypto-asset businesses, especially stablecoins, which are digital assets that are pegged to real assets — usually the U.S. dollar. Stablecoins have experienced incredible growth and expansion recently. The aggregate stablecoin supply grew by 388% in 2021, from $29 billion to over $140 billion, a record…