News & Analysis as of

Digital Assets Dodd-Frank Wall Street Reform and Consumer Protection Act

Ballard Spahr LLP

Republican lawmakers ask CFPB to reopen comment period on proposal to supervise nonbank providers of digital wallets and payment...

Ballard Spahr LLP on

Patrick McHenry, the Republican Chair of the House Financial Services Committee, and two other Republican Committee members have sent a letter to Director Chopra regarding the CFPB’s proposed rule to supervise nonbank...more

Dechert LLP

FSOC Relaxes Process to Designate Nonbanks as Systemically Important

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The Financial Stability Oversight Council unanimously approved an analytic framework for financial stability risk identification, assessment and response and interpretive guidance on nonbank financial company determinations...more

Proskauer - Whistleblower Defense

CFTC Releases FY 2023 Annual Report on its Whistleblower Program

The Commodity Futures Trading Commission (“CFTC”) recently released its statutorily mandated 2023 Annual Report detailing the status of its whistleblower program for the fiscal year ending on September 20, 2023. The...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2023

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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

Troutman Pepper

FTC Fines Bankrupt Crypto Services Provider Celsius $4.7B for Misrepresentations; Regulatory Agency Remains in Search for Civil...

Troutman Pepper on

Deceptive advertisements, market manipulation, misappropriation of customer funds, and “Ask Me Anything (AMA)” sessions served as the catalysts of a civil enforcement action the Federal Trade Commission (FTC) recently filed...more

Cadwalader, Wickersham & Taft LLP

Expanding Regulatory Reach over Intermediaries That May Constitute Regulated Exchanges

In response to changes in business practices, regulations and laws eventually change, too.  During the past few years derivatives markets are witnessing this change as it applies to trading facilities as well as to entities...more

Pillsbury Winthrop Shaw Pittman LLP

SEC Enforcement: 2022 Year in Review

On the heels of record-breaking enforcement in 2022, expect continued aggressive pursuit of Chair Gensler’s priorities in 2023. The SEC will continue to bring its considerable resources to bear to address ESG-related...more

Davis Wright Tremaine LLP

Five Takeaways from the FSOC Report on Crypto-Assets

Background - The Dodd-Frank Act established the Financial Stability Oversight Council (FSOC) in 2010 [cite]. FSOC is chaired by the Secretary of the Treasury and includes federal financial regulators, state regulators, and...more

Troutman Pepper

FSOC Cryptocurrency Report Recommends Increased Federal and State Oversight

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On October 3, the Financial Stability Oversight Council (FSOC) released its “Report on Digital Asset Financial Stability Risks and Regulation” (Report), concluding, among other things, that unregulated cryptocurrencies could...more

Pillsbury Winthrop Shaw Pittman LLP

Digital Commodities Consumer Protection Act to Provide Oversight of Digital Assets

The Act would expand the jurisdiction of the Commodity Futures Trading Commission to spot markets in digital commodities and would preempt state law. The timeline for the bill appears to be aggressive, with hearings on...more

Wiley Rein LLP

Wiley Consumer Protection Download (December 13, 2021)

Wiley Rein LLP on

Thank you for your interest in the Wiley Consumer Protection Download! This will be our last publication of 2021, with our bi-weekly newsletter returning in January 2022. Welcome to Wiley’s update on recent developments...more

A&O Shearman

Report on Stablecoins by the President’s Working Group on Financial Markets

A&O Shearman on

The President’s Working Group on Financial Markets, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency issued a long-awaited Report on Stablecoins on November 1, 2021. ...more

Morrison & Foerster LLP

Financial Services Report - Spring 2021

Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

Pillsbury Winthrop Shaw Pittman LLP

Biden Administration Faces Last-Ditch Efforts by the Trump Administration to Curb the Digital Assets Industry

The incoming Biden team will need to quickly address significant digital asset issues, including a major enforcement action and a significant proposed FinCEN rule initiated in the final days of the outgoing administration. ...more

Perkins Coie

Part 2: CFTC Finalizes Guidance on Digital Assets in the Context of Retail Commodity Transactions

Perkins Coie on

The Regulation of Retail Commodity Transactions—History and Background - On March 24, 2020, the U.S. Commodity Futures Trading Commission (the Commission or the CFTC) finalized long-awaited interpretive guidance regarding...more

Perkins Coie

CFTC Finalizes Guidance on Digital Assets in the Context of Retail Commodity Transactions

Perkins Coie on

On March 24, 2020, the U.S. Commodity Futures Trading Commission (the Commission or the CFTC) finalized long-awaited interpretive guidance regarding what constitutes the “actual delivery” of a digital asset in the context of...more

Katten Muchin Rosenman LLP

Bridging the Week - January 2019 #3

Last week the Securities and Exchange Commission filed an enforcement action against nine defendants related to its 2017 discovery that its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system used for receiving...more

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