Demand for tokenized real-world assets (RWAs) is rapidly growing across the decentralized finance (DeFi) community, with growing interest among existing crypto-native participants and across the traditional finance industry...more
In its current form, the Uniform Commercial Code (“UCC”) does little to accommodate emerging technologies such as cryptocurrencies and non-fungible tokens. In efforts to modernize and adapt the Uniform Commercial Code to...more
FTX filed its presentation to the Official Committee of Unsecured Creditors (UCC), reporting that FTX has located about $5.5 billion of cash and other liquid assets but less than $1.8 billion of digital assets identified with...more
Satoshi Nakamoto’s invention of Bitcoin in 2009 opened the door to rethinking the way value can be transferred and stored. However, crypto markets have long been considered by most analysts and attorneys as the “Wild West” of...more
Proposed amendments are intended to reduce regulatory burden by aligning over-the-counter (OTC) derivatives data reporting requirements with international standards developed by the Committee on Payments and Market...more
On June 7, 2022, U.S. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Lummis-Gillibrand Responsible Financial Innovation Act (the “Act”), a comprehensive legislative scheme for the regulation of...more
A draft report on the impact of crypto and blockchain on taxation was tabled before the European Parliament sub-committee on tax matters on 25 April 2022. The draft report consists of a motion for a European Parliament...more
California's governor issued an executive order requiring state agencies, led by the Department of Financial Protection and Innovation, to create a "transparent" regulatory framework for blockchain technologies and digital...more
The Securities and Exchange Commission ("SEC") has renamed and expanded a unit within its Division of Enforcement to address protection of investors in crypto markets. The “Crypto Assets and Cyber Unit,” which also has...more
The Board of Governors of the Federal Reserve on January 20, 2022, published a discussion paper (the “Paper”) concerning the possibility of creating a central bank digital currency (“CBDC”). The Paper discusses the uses,...more
A recent study found that 16 percent of Americans have invested in, traded or used cryptocurrencies such as Bitcoin and Ether. This widespread use, coupled with the cryptocurrency industry having limited to no regulatory...more
The interagency "policy sprints" are designed to give banks guidance on how to navigate crypto-assets moving forward. On November 23, 2021, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance...more
Whether a cryptocurrency product is a security is an issue with serious regulatory consequences. In recent years, the Securities and Exchange Commission (“SEC”) has taken a broad position that various crypto assets are...more
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
SMCR: PRA PS11/21 and FCA Handbook Notice 88 on temporary, long-term absences - The UK Prudential Regulation Authority (PRA) has published a policy statement, PS11/21, which confirms its final policy relating to temporary,...more
Depositor protection identity verification: PRA PS4/21 - Following its consultation in CP3/21, the UK Prudential Regulation Authority (PRA) has published a policy statement, PS4/21, on depositor protection identity...more
MMF Regulation: ESMA updates reporting instructions - The European Securities and Markets Authority (ESMA) has announced that it has updated its validation rules regarding the EU Regulation on money market funds (MMF...more
Members of the US Congress announced on December 2 the proposal of a new consumer protection bill to increase the oversight and regulation of existing stablecoin issuers, potential stablecoin issuers, and stablecoin-related...more
SEC Commissioner Hester Peirce continues to be one of the most vocal persons in leadership positions at federal regulators who are promoting innovation in digital currency and the blockchain....more
Many tax-exempt bonds and related hedges, such as interest rate swaps ("Exempt Instruments"), use a LIBOR-based interest rate. LIBOR is going away, and existing Exempt Instruments are going to have to be modified to replace...more
On October 8, 2019, five federal agencies jointly announced that they had finalized revisions designed to simplify compliance with the Volcker Rule regulations implementing Section 13 of the Bank Holding Company Act. The...more
Following its commitment within the report issued on 30 October 2018 by the UK’s Cryptoassets Taskforce1, on 23 January 2019 the FCA issued a Consultation Paper (“CP 19/3”)2 setting out draft regulatory guidance in respect of...more
With the date for the United Kingdom to leave the European Union rapidly approaching, several recent developments concerning derivatives (both legal and political) are likely to be of interest to UK and EU27 counterparties....more
1. L'APPROVAZIONE DEL DECRETO CORRETTIVO A SEGUITO DELLA SENTENZA DELLA CORTE COSTITUZIONALE N. 251/2016 - Il Consiglio dei Ministri del 9 giugno 2017, su proposta del Ministro per la semplificazione e la pubblica...more
1. Question: What is the Volcker Rule, and when does it take effect? Answer: The Volcker Rule was enacted into law as section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank...more