On July 18, 2025, President Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (the “GENIUS Act” or the “Act”) after its passage in the House and Senate with broad bipartisan support. The GENIUS Act establishes a comprehensive regulatory framework for payment stablecoins, and it is the first federal statute to directly regulate the digital asset market.…

As the Trump administration continues to pursue its agenda to promote digital assets in the United States, U.S. lawmakers are also pushing forward legislation to bring legal clarity to digital asset activities. A federal regulatory framework for payment stablecoins has found bipartisan support in both chambers, and at its current pace, Congress seems likely to meet President Trump’s stated target…

Overview On Friday, March 7, 2025, the new leadership of the Office of the Comptroller of the Currency (the “OCC”) took initial steps in what we believe to be a broader effort to liberalize the OCC’s approach to regulating crypto-asset activities of national banks and federal saving associations (“FSAs”). Most significantly, in Interpretive Letter #1183, it rescinded OCC Interpretive Letter…

Debevoise & Plimpton LLP has published a guide on the Trump administration’s approach to the crypto-asset industry, including potential regulatory implications and outlook. The key takeaways from the guide, which was authored by lawyers from the firm’s Banking, Capital Markets, National Security and White Collar Groups, are: President Trump has positioned himself as an ally of the crypto-asset industry. Signaling a…

The Department of Justice (“DOJ”) has moved ahead with its effort to protect Americans’ sensitive personal data and U.S. government data from exploitation by countries of concern or related covered persons, issuing a Notice of Proposed Rulemaking (the “Proposal”) that closely tracks its earlier Advance Notice of Proposed Rulemaking (the “Advance Notice”). The Advance Notice had been released in February concurrently…