I. Overview After many months of rapid-fire crypto-related enforcement actions from the SEC, April itself only had one notable complaint, which was filed against Bittrex. The most important development was…
On Thursday, December 15, 2022, the New York Department of Financial Services (“DFS”) released a letter (the “Guidance”) outlining the pre-approval application and evaluation process for New York regulated banking…
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…
The cryptocurrency industry last week experienced a turbulence long predicted by industry observers. The third largest stablecoin, TerraUSD (“UST”), lost its one-to-one peg to the U.S. dollar about 10 days…
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.…
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…
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 —…