News & Analysis as of

Cryptocurrency Cryptoassets Central Bank Digital Currency (CBDCs)

Morrison & Foerster LLP

New Federal Initiatives for Digital Asset Regulatory Frameworks

The establishment by the Securities and Exchange Commission (SEC) of a Crypto Task Force and the issuance by President Trump of an executive order entitled “Strengthening American Leadership in Digital Financial Technology”...more

Foley & Lardner LLP

Is the Future of Digital Assets in the United States Bright Again?

Foley & Lardner LLP on

Yes, indeed! What Brad Garlinghouse of Ripple Labs called “Gensler’s reign of terror” ended with Securities and Exchange Commission (SEC) Chair Gary Gensler’s resignation upon President Donald Trump’s inauguration. Paul...more

Wiley Rein LLP

U.S. Leadership in Digital Assets and Blockchain Technology Among Trump's Week 1 Executive Orders

Wiley Rein LLP on

After years of regulatory uncertainty, the highly anticipated federal government changes in support of digital assets are beginning to take shape under President Trump. This week brought two big announcements – an Executive...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - June 2024 Updates

CryptoLink is a compilation of news stories published by outside organizations. Akin aggregates the stories, but the information contained in them does not necessarily represent the beliefs or opinions of the firm. Akin's...more

Orrick, Herrington & Sutcliffe LLP

House Financial Services Committee questions financial agency representatives on technological implementations

On December 5, the U.S. House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion held a hearing on “Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future...more

Orrick, Herrington & Sutcliffe LLP

Fed governor speaks on responsible innovation in money and payments

On October 17, Federal Reserve Board Governor Michelle Bowman provided remarks on innovation in money and payments, including crypto assets, central bank digital currency (CBDC), and the development of instant payments, in...more

BakerHostetler

Court Upholds Tornado Cash Sanctions; New Crypto Products Launch; IRS Proposes Digital Asset Regulations; Crypto Enforcement and...

BakerHostetler on

District Court Upholds Tornado Cash Sanctions, DOJ Charges Founders - On August 17, a Texas federal court found that Tornado Cash, a crypto mixer (which obscures the source of crypto transactions) is an entity that can be...more

A&O Shearman

Legal hot takes – the ECB’s Digital Euro

A&O Shearman on

The Digital Euro project is the European Central Bank’s (ECB) response to the changing landscape of consumer payments, driven by the rise of cryptocurrency, payment fintechs and electronic transactions. A Digital Euro would...more

BakerHostetler

FedNow Instant Payments Service Launches; GAO Recommends Oversight of Crypto Assets; SEC, CFTC, DOJ Continue Crypto Enforcement;...

BakerHostetler on

U.S. Central Bank Launches Instant Payment Service - A recent press release by the U.S. central bank announced that “its new system for instant payments, the FedNow® Service, is now live.” According to the press release,...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - July 2023 #3

Troutman Pepper Locke on

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

BakerHostetler

Crypto Firms Expand Offerings; FATF Publishes Virtual Assets Update; CFTC Continues Crypto Enforcement; Israeli Agency Seizes...

BakerHostetler on

Crypto Firms Expand Offerings in Stablecoins, Private Key Management - The issuer of the Pax Dollar (USDP) stablecoin recently announced that USDP is now available to all Mexican customers of a major Latin American online...more

BakerHostetler

New Crypto Products Launch; CBDC and NFT Reports Published; Network Protocol/Governance Updates Announced; Crypto Enforcement...

BakerHostetler on

New Crypto Products Launch in Exchanges, Wallets, and Custody - A recent press release announced the launch of EDX Markets, a “first-of-its-kind digital asset marketplace designed to enable safe and compliant trading of...more

Jones Day

Economic Report of the President to the Crypto Industry: Thanks, But No Thanks

Jones Day on

In Short - The Situation: For the first time, the Economic Report of the President (the "Report") includes a chapter on digital assets....more

Kilpatrick

IRS Publishes Advice Concerning Cryptocurrency that has Declined in Value

Kilpatrick on

On January 13, 2023, the Internal Revenue Service (IRS) Office of Chief Counsel published Memorandum 202302011 titled “[a]pplicability of I.R.C. section 165 to cryptocurrency that has declined in value.” The Memorandum...more

Latham & Watkins LLP

New House Subcommittee to Prioritize Crypto Oversight

Latham & Watkins LLP on

The Financial Services Committee seeks to bring order to an industry many say has suffered from lack of proper rulemaking. On January 12, 2023, incoming House Financial Services Committee Chair Patrick McHenry...more

BakerHostetler

Crypto Research Published; USPTO Seeks NFT Input; SEC and FINRA Address Digital Assets; OFAC Settles with Exchange; DOJ...

BakerHostetler on

New Research and Surveys Address CBDCs, Institutional Crypto Investment - Staff from the board of governors of the U.S. central bank recently published a research paper addressing central bank digital currencies (CBDCs)....more

Latham & Watkins LLP

Dubai Financial Services Authority Issues New Regime to Regulate Crypto Tokens

Latham & Watkins LLP on

The regime introduces rules on various crypto tokens, including cryptocurrencies and stablecoins, in the Dubai International Financial Centre. On November 1, 2022, the Dubai Financial Services Authority (DFSA) crypto...more

Kilpatrick

Digital Assets Regulation Framework - Commerce Solicits Public Comment

Kilpatrick on

On May 19, 2022, the U.S. Department of Commerce (Commerce) published a Request for Comment titled “Developing a Framework on Competitiveness of Digital Asset Technologies” (Request for Comment). Digital assets, in this...more

Proskauer - Blockchain and the Law

European Central Bank Executive Board Member Decries “Crypto Gamble” and Echoing SEC Chair Gensler, Calls for Regulation of the...

In a speech given this week at Columbia University by Fabio Panetta, Member of the Executive Board of the European Central Bank (ECB), he decried the entire “crypto gamble,” seeing crypto-assets as “bringing about instability...more

Hogan Lovells

Global Payments Newsletter, March 2022

Hogan Lovells on

Key developments of interest over the last month include: In this Newsletter: For previous editions of the Global Payments Newsletter, please visit our Financial Services practice page. On 9 March 2022, President Biden signed...more

Cadwalader, Wickersham & Taft LLP

U.S. Executive Order on Crypto Assets Sets Policy Objectives

On March 9, 2022, President Biden signed an executive order outlining the administration’s policy objectives with respect to cryptocurrencies and directs U.S. regulatory agencies to prepare various reports regarding...more

Alston & Bird

Breaking Down Key Areas of Biden’s Executive Order on Ensuring Responsible Development of Digital Assets

Alston & Bird on

On March 9, 2022, President Biden issued his Executive Order on Ensuring Responsible Development of Digital Assets. The Executive Order (EO) establishes policy objectives related to digital assets and directs agencies and...more

Bressler, Amery & Ross, P.C.

The Future Of Crypto Assets After President Biden’s Order

On March 9, 2022, President Joe Biden signed an executive order titled “Ensuring Responsible Development of Digital Assets” laying out a national policy for digital asset regulation.  The order calls for the Justice...more

Proskauer - Blockchain and the Law

SEC Chair’s Remarks Suggest Crypto is the “Wild West,” Signaling Future Enforcement and Desire for Enhanced Regulatory Authority

Gary Gensler, Chair of the Securities and Exchange Commission (SEC), attracted a lot of attention following his remarks at the Aspen Security Forum earlier this month, asking Congress for more authority “to write rules for...more

Hogan Lovells

Global Payments Newsletter, June 2021

Hogan Lovells on

Key developments of interest over the last month include:  Hong Kong: FSTB publishes consultation conclusions on virtual asset services providers licensing regime Europe: European Commission publishes proposal for Regulation...more

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