News & Analysis as of

Proposed Legislation Financial Regulatory Reform Federal Reserve

Orrick, Herrington & Sutcliffe LLP

Congress reduces CFPB’s budget request cap following passage of reconciliation bill

On July 3, the House of Representatives passed H.R.1, the “One Big Beautiful Bill Act” to reduce the cap on amounts the CFPB can request from the Fed to fund its operations from 12 percent to 6.5 percent of the Fed’s total...more

Paul Hastings LLP

Crypto Policy Heats Up Ahead of July 4

Paul Hastings LLP on

Crypto policy continues to be a hot topic in the nation’s Capitol ahead of the July 4 holiday. Senate Banking Committee Chairman Tim Scott (R-SC) and Digital Assets Subcommittee Chair Cynthia Lummis (R-WY) announced that the...more

Wilson Sonsini Goodrich & Rosati

Navigating the Future of Stablecoins: Highlights from the Proposed GENIUS Act

On June 17, 2025, the U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. If enacted, the bill would establish a comprehensive federal regulatory framework for stablecoins...more

Paul Hastings LLP

GENIUS Act Clears Senate, SEC Withdraws Proposed Rules and Bitcoin Reserve Bill Introduced

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The Senate passed the GENIUS Act with bipartisan support, marking a significant step forward in advancing stablecoin legislation. Legislative action on stablecoins will now move to the House of Representatives. The House...more

Goodwin

Senate Banking Committee Proposes Bill That Would Eliminate CFPB Federal Reserve Funding

Goodwin on

In June 2025, the Senate Banking Committee introduced a version of the “One Big, Beautiful Bill” that would eliminate the CFPB’s Federal Reserve funding. The CFPB can currently receive funds of up to 12% of the Federal...more

Orrick, Herrington & Sutcliffe LLP

Senate Banking Committee proposes to reduce CFPB’s funding to zero

On June 6, the Senate Banking, Housing, and Urban Affairs Committee released its proposed amendment to H.R. 1, the “One Big Beautiful Bill Act,” which included a proposed reduction in the amount of funds the CFPB can annually...more

Orrick, Herrington & Sutcliffe LLP

Senators urge Senate Banking Committee to amend CFPB funding

On June 9, Sen. Elizabeth Warren (D-MA) and other Democratic senators sent a letter to Sen. Tim Scott, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, insisting the Committee to hold a markup on...more

Ballard Spahr LLP

Senate Banking Republican reconciliation bill would eliminate CFPB funding source

Ballard Spahr LLP on

The Senate Banking, Housing and Affairs Committee (Banking Committee) would eliminate the CFPB’s current funding source, as part of Committee’s Republican version of its part of the massive budget reconciliation bill,...more

McGuireWoods Consulting

What’s New In Digital Asset Policy?

The GENIUS Act: Regulatory Framework for Stablecoins - On May 20, 2025, the Senate cleared procedural obstacles to consider the GENIUS Act on the Senate floor. Originally introduced on Feb. 4, by Senator Bill Hagerty,...more

Holland & Knight LLP

U.S. House of Representatives Approves 70 Percent Cut to CFPB Funding

Holland & Knight LLP on

The U.S. House of Representatives has passed an extensive budget reconciliation bill that would reduce the CFPB budget by 70 percent. In a 215-214 vote along party lines, the budget cut first approved by the House Committee...more

Troutman Pepper Locke

2025 Digital Asset Developments - Navigating Change: First 100 Days Under the Trump Administration

Troutman Pepper Locke on

We are pleased to share with you our latest publication, “Navigating Change: First 100 Days under the Trump Administration,” authored by our Digital Assets + Blockchain team. This retrospective examines the pivotal...more

Sheppard Mullin Richter & Hampton LLP

Senate Advances Stablecoin Bill

On May 20, the U.S. Senate voted 66-32 to move forward with the Guardrails and Enforcement for Neutral Issuers of United States Stablecoins (GENIUS) Act (the “Act”), pushing the stablecoin bill past a major procedural hurdle....more

Polsinelli

Blockchain+ Bi-Weekly; Highlights of the Last Two Weeks in Web3 Law: May 8, 2025

Polsinelli on

As the Polsinelli Blockchain+ team gears up for Consensus 2025 next week in Toronto — where Stephen Rutenberg, Daniel McAvoy and Jonathan Schmalfeld will be attending — the regulatory momentum in Washington appears to be...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Climate Change Financial Risk Act of 2025: U.S. Senate Legislation Introduced Directing the Federal Reserve to Address Financial...

United States Senator Brian Schatz (Hawaii) has introduced legislation titled: Climate Change Financial Risk Act of 2025 (“Act”). The Act directs the United States Federal Reserve to conduct stress tests on large...more

Paul Hastings LLP

Support for Stablecoin Legislation and Leadership Confirmations

Paul Hastings LLP on

While the House and Senate were out of session for the last two weeks, federal financial regulators and legislators took a wide range of actions impacting the future of digital asset policy. Senate Banking Chair Tim Scott...more

Paul Hastings LLP

Dramatic Shifts Point to Foundation for a Comprehensive Digital Asset Framework in the US

Paul Hastings LLP on

In just a few weeks, the landscape for crypto policy has continued to shift dramatically. The president signed into law the repeal of an IRS rule that would have expanded the definition of “broker” to capture DeFi protocols;...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – April 2025 # 2

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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....more

Cadwalader, Wickersham & Taft LLP

New Regulatory Priorities Spring Into Focus, April 2025 - Stablecoin Bills Moving to the Floor of the Senate and the House

As of Wednesday, stablecoin bills in the House and the Senate have been voted out of committee and moved onto the floor of each house for a full vote....more

Jones Day

Stablecoin Legislation: A Stroke of GENIUS?

Jones Day on

President Trump's recent executive order "Strengthening American Leadership in Digital Financial Technology" promoted the development of dollar-backed stablecoins as official U.S. policy. To facilitate this policy, Congress...more

Paul Hastings LLP

Congress Crypto Updates

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Over the past few weeks, Congress has focused on digital asset regulations through various hearings and press conferences. Committees held key hearings to seek regulatory clarity, proposed new legislation and created a...more

Troutman Pepper Locke

Congress Narrows in on Stablecoin Legislation: An Analysis of the STABLE and GENIUS Acts

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The payment stablecoin (PS) legislative endgame is near. There is a clear imperative from the White House to prioritize stablecoin legislation and preserve the U.S. dollar as the world’s reserve currency. Both chambers of...more

Goodwin

Federal Reserve Announces Results From the Review of the Supervision and Regulation of SVB

Goodwin on

Regulatory Developments - Federal Reserve Announces Results From the Review of the Supervision and Regulation of SVB - On April 28, the Federal Reserve released its report analyzing SVB’s failure (Report). The Report...more

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