By Jeremy M. McLaughlin and Joshua Durham Last year, on December 10, 2021, New York governor Kathy Hochul signed into law...

By Grant F. Butler, Andrew M. Hinkes, and Robert M. Tammero, Jr. Custodia Bank (“Custodia”) filed a complaint against the Federal...

By Andrew Hinkes, Eden Rohrer, and Judie Rinearson The “Lummis-Gillibrand Responsible Financial Innovation Act,” announced this morning, lays out a bold...

By Jeremy McLaughlin and Christian A. Zazzali On May 4, 2022, California Governor Gavin Newsom issued an executive order on digital...

By Kai Zhang In July 2020, HM Treasury published a “Payments Landscape Review: Call for Evidence” for a strategic review of the UK payments sector. Following feedback from the industry, HM Treasury published its Response to the Call for Evidence in October 2021 which sets out a number of initiatives to ensure the payment sector […]

By Jeremy McLaughlin On October 1st, Nebraska ingratiated itself to the digital asset industry when the Nebraska Financial Innovation Act (The Act) became effective. The Act offers two pathways for an entity wishing to offer certain digital asset services: a state-chartered bank may create a digital asset division or a digital asset depository may be […]

By Judith Rinearson, Jeremy M. McLaughlin, and Daniel S. Nuñez Cohen On 1 November 2021, the President’s Working Group on Financial Markets (PWG), in conjunction with the Federal Deposit Insurance Corporation and the Comptroller of the Currency, issued a long-awaited joint “Report on Stablecoins” (Report). Per the press release (and a speech by Undersecretary of […]

By Judith Rinearson, Jeremy M. McLaughlin, and Daniel S. Nuñez Cohen On 1 November 2021, the President’s Working Group on Financial...

By Jeremy M. McLaughlin Under a newly-enacted law, money transmitters licensed in California must comply with new customer service requirements starting on July 1, 2022. Under the requirements, a licensee must “prominently display on its internet website a toll-free telephone number through which a customer may contact the licensee for customer service issues and receive […]

By Jeremy M. McLaughlin, Judith Rinearson, and Daniel S. Cohen As we have noted in the past, federal regulation of the digital asset/cryptocurrency/DeFi community is evolving and there are many perspectives on what direction it should take. For instance, earlier this week, the House Democratic leadership and a group of moderate House Democrats agreed to […]

By Jeremy McLaughlin and John Reveal On June 24, 2021, the U.S. House of Representatives passed a resolution to overturn the Office of the Comptroller of the Currency’s (“OCC”) “true lender” regulation that had been finalized on October 30, 2020. This resolution revives the uncertainty regarding the enforceability of loan terms when a national bank […]

By: Judie Rinearson, Jeremy McLaughlin, and Daniel S. Cohen The Federal Deposit Insurance Corporation (FDIC) has issued a “Request for Information and Comment on Digital Assets” (RFI) to learn more about the “novel and unique considerations related to digital assets….[g]iven that banks are increasingly exploring the emerging digital asset ecosystem.” A key theme of the […]