To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week.
Federal Activities
State Activities
Federal Activities:
On September 5, lawmakers in the Senate Banking Committee circulated a full draft of a proposed crypto market structure bill. This updated version aims to establish comprehensive regulations for crypto trading in the U.S., addressing key areas such as legal protections for developers, bankruptcy guidelines for digital asset issuers, and federal support for tokenization in financial markets. The bill proposes amendments to existing laws to treat ancillary assets and digital commodities as customer property during bankruptcy procedures and calls for a joint study by the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) on tokenizing securities and real-world assets. Despite the House’s earlier passage of the Digital Asset Market Clarity Act, the Senate’s version is expected to take precedence, requiring bipartisan support to meet the 60-vote threshold. For a copy of this updated draft, click here.
On September 5, Chairman Paul S. Atkins of the SEC and Acting Chairman Caroline D. Pham of the CFTC issued a joint statement emphasizing the importance of regulatory coordination as the markets for securities and nonsecurities increasingly converge. They highlighted the necessity of harmonizing regulatory frameworks to support innovative products, particularly in the realm of spot crypto asset trading. The statement outlined plans for a joint SEC-CFTC roundtable on regulatory harmonization scheduled for September 29, 2025, aiming to address fragmented oversight and legal uncertainty that have driven novel products overseas. Key areas of focus include expanding trading hours, clarifying event contracts, onshoring perpetual contracts, and establishing a coordinated framework for portfolio margining. The statement also reaffirmed the agencies’ commitment to considering “innovation exemptions” for decentralized finance (DeFi) protocols, promoting peer-to-peer trading without intermediaries. The overarching goal is to foster innovation, enhance U.S. competitiveness, and ensure the U.S. remains a leader in crypto and blockchain technology. For more information, click here.
On September 4, the SEC unveiled its Spring 2025 Rulemaking Agenda, and it’s clear that the crypto market is a focal point. While some anticipated the new administration would bring in a period of deregulation, the SEC has a busy agenda now that Congress has started working on establishing a comprehensive regulatory framework to govern the burgeoning crypto market. The agenda is a significant policy shift from prior rulemaking periods during which the SEC, under former Chair Gary Gensler, focused on private fund advisers and increased disclosure requirements. The agenda is also a testament to the Trump administration’s commitment to establishing clear guidelines and regulations that will shape the future of digital assets. For further information, click here.
On September 2, the staff of the SEC and the CFTC issued a joint staff statement regarding the listing of leveraged, margined, or financed spot retail commodity transactions on digital assets. Specifically, the SEC’s Division of Trading and Markets and the CFTC’s Division of Market Oversight and Division of Clearing and Risk shared their view that “current law does not prohibit” SEC- or CFTC-registered exchanges from facilitating trading of those spot crypto asset products. The Divisions also committed to “promptly review filings and requests” by CFTC-registered designated contract markets (DCMs), CFTC-registered foreign boards of trade (FBOTs), and SEC-registered national securities exchanges (NSEs) seeking to facilitate trading of those products. For more information, click here.
On August 29, the Office of the Comptroller of the Currency (OCC) issued a bulletin detailing the interim fees and assessments structure for calendar year 2025, applicable to all national banks, federal savings associations, and federal branches and agencies of foreign banks. Effective September 30, 2025, the OCC announced reductions in marginal rates for general assessment fees, with a 30% decrease for assets below $40 billion and a 22% decrease for assets above $40 billion. Additionally, the assessment fee schedules for independent trust and credit card national banks/federal savings associations are reduced by 22%. The OCC also lowered the hourly fee for special examinations and investigations from $176 to $137 due to agency cost savings. The bulletin outlines the assessment schedule, proration policy for new entrants, and surcharge for banks requiring increased supervisory resources, emphasizing the OCC’s commitment to aligning supervisory efforts with the financial and managerial conditions of entities under its jurisdiction. For more information, click here.
On August 29, concerns were formally addressed to Director William J. Pulte of the Federal Housing Finance Agency (FHFA) regarding the exacerbation of the housing crisis under President Trump’s administration and Pulte’s leadership. Despite a January 20 executive order aimed at providing emergency price relief, housing costs have continued to rise, with house prices increasing by 3% since last year and median asking rents soaring by 41% compared to 2020. Criticism has been directed at Pulte for allegedly prioritizing campaigns against Federal Reserve officials over addressing the housing crisis, including efforts to terminate Fed Governor Lisa Cook. The letter urges Pulte to refocus his efforts on making housing more affordable and accessible, highlighting the need for strategic actions such as pausing the reprivatization of Fannie Mae and Freddie Mac, supporting affordable housing goals, and reinstating fair housing initiatives. For more information, click here.
On August 28, the Department of Commerce announced a groundbreaking initiative to post real gross domestic product (GDP) data on the blockchain, starting with the July 2025 data, which showed a 3.3% annual growth rate according to revised estimates from the U.S. Bureau of Economic Analysis. This marks the first instance of a federal agency utilizing blockchain technology to publish economic statistical data, aiming to enhance data security and accessibility. The Department released official hashes of its quarterly GDP data across nine blockchains, including Bitcoin, Ethereum, and Solana, facilitated by exchanges like Coinbase and Gemini, and coordinated with oracles such as Pyth and Chainlink. This effort underscores the Department’s commitment to innovation and aligns with the Trump administration’s vision of establishing the U.S. as the blockchain capital of the world, as emphasized by U.S. Secretary of Commerce Howard Lutnick. For more information, click here.
On August 25, the U.S. Court of Federal Claims reissued its opinion in the case of Wave Digital Assets, LLC v. The United States, denying Wave’s motion for a preliminary injunction against the U.S. Marshals Service’s (USMS) contract award to Command Services & Support, Inc. (CMDSS) for cryptocurrency management. Wave argued that USMS improperly evaluated its proposal and treated it unequally compared to other offerors. However, the court found that Wave failed to demonstrate a likelihood of success on the merits or irreparable harm, as its proposal did not conform to the solicitation’s requirements, and USMS’s evaluation process was deemed reasonable. For more information, click here.
State Activities:
On September 2, Massachusetts Attorney General (AG) Andrea Joy Campbell announced the effective date of new consumer protection regulations aimed at eliminating “junk fees.” These regulations require businesses to disclose fees upfront, facilitate easy cancellation of trial offers and subscriptions, and prevent unnecessary charges, thereby enhancing transparency and fairness in pricing. Campbell emphasized that these measures address deceptive pricing practices that have cost consumers billions annually, covering sectors from concert tickets to apartment rentals. The regulations, which apply to both local and out-of-state businesses operating in Massachusetts, are designed to promote trust and fair competition while providing consumers with clear information about the true costs of goods and services. The AG’s office (AGO) has provided resources to assist businesses in complying with these regulations, and consumers can file complaints regarding unfair practices through the AGO’s website. For more information, click here.
On August 29, California Assembly Bill 493 was officially chaptered by the secretary of state, marking its passage into law as Chapter 103, Statutes of 2025. This legislation addresses the handling of hazard insurance proceeds in mortgage transactions. It mandates that financial institutions making loans or purchasing obligations secured by real property must pay interest on funds received for taxes, assessments, and insurance, including proceeds from property damage or loss, at a rate not less than 2% per annum. The bill prohibits these institutions from imposing fees that would reduce this interest rate, applying to loans executed on or after January 1, 2026. Additionally, AB 493 includes specific provisions for Los Angeles and Ventura Counties and is enacted as an urgency statute, emphasizing its immediate effect. For more information, click here.
