On December 8, 2022, the Securities and Exchange Commission’s (“SEC”) Division of Corporation Finance (the “Division”) released a sample comment letter (the “Letter”) regarding recent developments in crypto asset markets. …
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…
On July 21, 2022, the Department of Justice (“DOJ”) and the Securities Exchange Commission (“SEC” or the “Commission”) announced parallel actions against a former Coinbase product manager, his brother, and…
Introduction On June 7, U.S. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) (together, the “Senators”) introduced the Responsible Financial Innovation Act, a bipartisan bill that seeks to create a…
Recent turmoil in the cryptocurrency market has brought issues related to crypto-asset custody to the forefront of the crypto currency discourse;[1] in an enormous $1 trillion crypto-asset crash between approximately…
Digital asset interest accounts, often known as “crypto interest accounts” or “crypto savings accounts,” constitute a rapidly growing segment of the market for digital assets products despite significant regulatory uncertainty. …
On April 4, 2022, Securities and Exchange Commission (“SEC”) Chair Gary Gensler spoke on the crypto markets at his alma mater, the University of Pennsylvania, for the Penn Law Capital…
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 November 1, 2021, the President’s Working Group on Financial Markets,[1] the Federal Deposit Insurance Corporation (the “FDIC”) and the Office of the Comptroller of the Currency (collectively, the “Financial…
Gary Gensler was confirmed today in a 53-45 vote as Chair of the Securities and Exchange Commission (“SEC”). Before his confirmation, Chair Gensler testified before the Senate Committee on Banking,…