In a further response to the events over the past several months that have rattled the crypto industry, on February 23, 2023, the Federal Reserve Board (“FRB”), Federal Deposit Insurance…
In response to “significant volatility and exposure of vulnerabilities in the crypto-asset sector” throughout 2022, on January 3, 2023, the Federal Reserve Board (“FRB”), Federal Deposit Insurance Corporation (“FDIC”) and…
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.…
On Tuesday, February 8, in two separate rulings, a California federal district court upheld the “valid when made” rules promulgated by the Office of Comptroller of the Currency (“OCC”) and…
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…
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…
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…
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…
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…
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…