On July 18, 2025, the Federal Deposit Insurance Corporation (FDIC) released a proposal to amend its Guidelines for Appeals of Material Supervisory Determinations (Guidelines) to reinstate the Office of Supervisory Appeals...more
We noted last week in connection with our initial post regarding the Presidential Working Group Report on Digital Assets (the "PWG Report" or the "Report") that we would be engaged in further analysis of that Report and offer...more
Coming on the heels of the CFTC's announcement of a Crypto Sprint to start implementing the recommendations in the White House digital asset report ("White House Report"), on August 4, 2025, the CFTC launched its first...more
8/7/2025
/ CFTC ,
Comment Period ,
Commodity Exchange Act (CEA) ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Designated Contract Markets (DCMs) ,
Digital Assets ,
Notice of Inquiry ,
Regulatory Reform ,
Rulemaking Process
Yesterday, the White House released a major Report on how digital assets will be regulated in the United States along with a substantial series of recommendations for their near-term future development "to support the...more
In an expected move, the federal banking regulators issued a notice of proposed rulemaking (NPRM) to rescind Biden-era amendments to the 2023 regulations implementing the Community Reinvestment Act (CRA). The NPRM, issued by...more
7/29/2025
/ Banking Sector ,
Biden Administration ,
Compliance ,
CRA ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Loans ,
Notice of Proposed Rulemaking (NOPR) ,
Proposed Rules ,
Regulatory Reform
Coming on the heels of the House's passage of the Digital Asset Market Clarity Act of 2025 ("Clarity Act") with strong bipartisan support, the Senate Banking Committee released its initial discussion draft for crypto market...more
7/25/2025
/ Blockchain ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Financial Markets ,
FinTech ,
Investment ,
New Legislation ,
Proposed Legislation ,
Regulatory Reform ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Senate Banking Committee
Industrial banks or industrial loan companies (ILCs)—FDIC-insured banks chartered by certain states, notably Utah—have long been a niche component of the U.S. financial system. These institutions may be owned by commercial...more
7/25/2025
/ Bank Holding Company Act ,
Banking Sector ,
Banks ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Lenders ,
Regulatory Reform ,
Regulatory Requirements ,
Risk Management
On July 10, 2025, the federal banking agencies published a proposed rule to change the enhanced supplementary leverage ratio (eSLR) for U.S. global systemically important bank holding companies (GSIBs) and their subsidiary...more
On July 15, 2025, the Federal Reserve Board released a proposed rule to revise the Large Financial Institution rating system or "LFI Framework." The proposal would change how the Fed evaluates the financial and managerial...more
On July 5, 2025, the FDIC finalized (and published in the Federal Register) its decision to rescind its 2024 Bank Merger Statement of Policy and reinstate its prior, long-standing version. We previously covered the proposed...more
The Office of the Comptroller of the Currency (OCC) has issued an interim final rule that restores streamlined and expedited regulatory procedures to review applications under the Bank Merger Act for business combinations...more
While tariff policy has captured headlines, four recent regulatory reform policy developments are nevertheless significant for the financial services industry. These developments are tied to increasing presidential control...more
4/16/2025
/ Administrative Procedure Act ,
Banks ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Executive Orders ,
Financial Institutions ,
Financial Regulatory Reform ,
Popular ,
Regulatory Reform ,
Repeal ,
Tariffs ,
Trump Administration ,
U.S. Treasury
The Trump Administration has made clear that it intends to lessen the barriers to bank merger and acquisition activity. As we previously noted, the FDIC has moved to lower some of the impediments to mergers under its 2024...more
Following a key hearing in February, Senate Banking Committee Chairman Tim Scott (R-SC) is seeking to protect financial freedom with the introduction of the Financial Integrity and Regulation Management (FIRM) Act. The...more
3/13/2025
/ Banking Sector ,
Cryptocurrency ,
Due Process ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
NCUA ,
OCC ,
Proposed Legislation ,
Regulatory Reform ,
Senate Committees
The OCC has reiterated that certain crypto-related activities—crypto-asset custody, distributed ledger, and stablecoin activities—previously determined to be permissible remain so. The OCC has also rescinded a Biden-era...more
There is no question that the Trump Administration is taking a markedly different approach to crypto regulation compared to the Biden Administration. The turning of the tide began when the White House nominated former PayPal...more
3/10/2025
/ Blockchain ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
FinTech ,
Fraud ,
Regulation A ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Tokenization
The FDIC has signaled the reversal of key, controversial proposals from 2024. In doing so, it has provided welcome clarity on important areas that implicate banks of various sizes and charter types, allowing banks to focus on...more
3/5/2025
/ Advertising ,
Banks ,
Brokered Deposits ,
CBCA ,
Compliance ,
Corporate Governance ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Mergers ,
OCC ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Reform
Trump Administration continues aggressive use of Executive Orders to assert Article II powers.
Latest EO will require one of the most extensive regulatory reviews ever....more
Despite the tone and tint of recent headlines, President Trump's February 18, 2025, "Ensuring Accountability for All Agencies" Executive Order (the "Accountability EO") appears to be the latest in a long line of efforts to...more
2/24/2025
/ Administrative Procedure Act ,
Constitutional Challenges ,
Executive Orders ,
FDIC ,
Federal Reserve ,
Financial Regulatory Reform ,
OIRA ,
OMB ,
Popular ,
SCOTUS ,
Statutory Interpretation
The recent confirmation of Russ Vought as director of the Office of Management and Budget (OMB) is expected to kickstart the Administration's centralized approach to reforming the administrative state. The recently revived...more
Recent announcements by Trump Media and Technology Group (TMTG) and X might signal that financial modernization may have finally reached a tipping point. With the right regulatory environment, fintechs and other new market...more
2/6/2025
/ Bitcoin ,
Cryptocurrency ,
Digital Assets ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Fintech Charter ,
OCC ,
Payment Systems ,
Popular
On January 21, 2025, Acting SEC Chairman Mark Uyeda announced the creation of a crypto Task Force dedicated to developing a "comprehensive and clear regulatory framework for crypto assets." Acting Chairman Uyeda tasked...more
1/30/2025
/ CFTC ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Executive Orders ,
Financial Regulatory Reform ,
FinTech ,
Pilot Programs ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Trump Administration
On January 13, 2024, the U.S. Court of Appeals for the 3rd Circuit ruled on Coinbase's Petition for Review of the SEC's Order denying Coinbase's Petition for Rulemaking requesting that the Commission promulgate rules...more
1/29/2025
/ Administrative Procedure Act ,
CFTC ,
Coinbase ,
Constitutional Challenges ,
Cryptocurrency ,
Digital Assets ,
Due Process ,
Enforcement Actions ,
FCC ,
Popular ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
We have previously analyzed the recent history of Executive Orders ("EOs") controlling the issuance and content of regulations. As we saw on Inauguration Day 2025, and continue to see, the second Trump Administration is...more
The Trump Administration has embarked on a fundamental shift on how the United States approaches digital assets—in marked contrast with the Biden Administration's policies—likely changing the prospects of the crypto market in...more
1/27/2025
/ Biden Administration ,
Blockchain ,
CFTC ,
Congressional Review Act ,
Cryptocurrency ,
Cyber Crimes ,
Digital Assets ,
Executive Orders ,
Federal Reserve ,
FinTech ,
Liquidity ,
National Security ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
Trump Administration ,
U.S. Treasury