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Regulatory Requirements Digital Assets

K&L Gates LLP

Will Payment Stablecoins Mean the End of State Money Transmitter Licensing?

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The GENIUS Act (Act) allows “permitted payment stablecoin issuers”—which term includes nonbanks that are either Federal qualified payment stablecoin issuers (FQPSI) (regulated by the OCC) or State qualified payment stablecoin...more

K&L Gates LLP

Australia: Crypto in the Courts – ASIC v Finder Update

K&L Gates LLP on

The Federal Court of Appeal has dismissed ASIC’s appeal and upheld the primary judge’s decision that Finder Wallet’s (Finder) product “Finder Earn” was not a “debenture” and they did not have to hold an Australian Financial...more

Jones Day

CFTC Issues Advisory to Clarify FBOT Registration Framework for Non-U.S. Crypto Exchanges to Access U.S.-based Participants

Jones Day on

To promote regulatory clarity, on August 28, 2025, the Commodity Futures Trading Commission ("CFTC")'s Division of Market Oversight issued an advisory to reaffirm its longstanding foreign board of trade ("FBOT") registration...more

Walkers

MiCAR Title II white paper notifications – Overview and process in Ireland

Walkers on

Since 30 December 2024, the EU Markets in Crypto-Assets Regulation (MiCAR) white paper requirements for crypto-assets, other than asset-referenced tokens and e-money tokens, have become applicable across the EU. Many entities...more

Mayer Brown

Illinois Adopts Regulatory Regime for Digital Assets

Mayer Brown on

On August 18, 2025, Illinois enacted Senate Bill 1797, the Digital Assets and Consumer Protection Act (the “Act”), establishing a regulatory framework designed to enhance customer protections for digital asset activities and...more

Fenwick & West LLP

SEC Staff Statement: Certain Liquid Staking Activities and Staking Receipt Tokens Do Not Involve the Offer and Sale of Securities

Fenwick & West LLP on

On August 5, 2025, the Securities and Exchange Commission Division of Corporation Finance released a statement on liquid staking as a follow-on to its May 29, 2025, protocol staking statement. The liquid staking statement...more

Morgan Lewis

The GENIUS Act’s Stablecoin Regulatory Scheme Promotes Uniformity But May Fall Short

Morgan Lewis on

As the stablecoin market continues to evolve at lightning speed, regulation of these innovative financial products has strived to keep apace. While the GENIUS Act in the United States has created a robust regulatory...more

Loeb & Loeb LLP

Wyoming Debuts First U.S. State-Issued Stablecoin — Frontier Stable Token (FRNT)

Loeb & Loeb LLP on

Wyoming has officially launched the Frontier Stable Token (FRNT), the first stablecoin in the U.S. issued by a public entity. Fully backed by U.S. dollars and short-term treasury bills, with reserves legally required to...more

Troutman Pepper Locke

CFTC Issues New Advisory on FBOT Registration Opening the Path for Offshore Cryptocurrency Firms

Troutman Pepper Locke on

In a significant move aimed at enhancing regulatory clarity and fostering global market access, particularly for offshore cryptocurrency firms, the U.S. Commodity Futures Trading Commission (CFTC) issued a new advisory on the...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 71: GENIUS Act: Establishing a Federal Regulatory Framework for Stablecoins

Mona Elliot and Sam Canavos of Patomak Global Partners join RegFi co-hosts Jerry Buckley and Sherry Safchuk to discuss the newly enacted GENIUS Act, its goals and implications for the stablecoin market. The conversation...more

McDermott Will & Schulte

[Webinar] MiCAR in use, digital euro on the horizon - legal classification of current developments - September 17th, 9:30 am CET

The Markets in Crypto-Assets Regulation (MiCAR) is the first standardized legal framework for the issuance and trading of crypto assets. Initial measures taken by BaFin show how regulatory requirements are already being...more

Katten Muchin Rosenman LLP

CFTC Staff Reaffirm the Commission’s FBOT Framework, Providing Clarity to Non-US Exchanges

Amid “recent confusion and disruption regarding whether non-US exchanges should register [with the Commodity Futures Trading Commission (CFTC or Commission)] as a designated contract market (DCM) or [foreign board of trade...more

Orrick, Herrington & Sutcliffe LLP

Illinois enacts two new consumer protection laws regulating digital assets

On August 18, Governor Pritzker of Illinois announced he had signed two comprehensive pieces of consumer protection legislation: The Digital Assets and Consumer Protection Act, which will regulate digital asset companies; and...more

Carey Olsen

The GENIUS Act - a boost for fund tokenisation

Carey Olsen on

The recently passed GENIUS Act might provide a major boost for the tokenisation of funds. A regulated, blockchain-based payment mechanism brings the automation of payments by tokenised funds a step closer. Drawdowns and...more

Hogan Lovells

The Payments Newsletter including Digital Assets & Blockchain, August 2025

Hogan Lovells on

Key developments of interest over the last month include: the U.S. Consumer Financial Protection Bureau's decision to restart the open banking rulemaking process; the UK FCA's publication of a policy statement with final...more

Troutman Pepper Locke

Illinois Passes New Laws Designed to Safeguard Consumers Against Cryptocurrency Fraud

Troutman Pepper Locke on

Last week, Illinois Governor JB Pritzker signed two landmark pieces of legislation aimed at protecting consumers from cryptocurrency scams and fraud. The Digital Assets and Consumer Protection Act (SB1797) and the Digital...more

Genova Burns LLC

GENIUS Act Regulates Cryptocurrency and Shifts Stablecoin Infrastructure

Genova Burns LLC on

President Trump signed The Guiding and Establishing National Innovation for U.S. Stablecoins Act (“GENIUS Act”) into law on July 18, 2025. The GENIUS Act is the federal government’s first major regulatory structure for...more

Phelps Dunbar

Is the GENIUS Act Smart for Community Banks?

Phelps Dunbar on

The GENIUS Act, passed in July, is the first comprehensive federal framework for payment stablecoins in the United States. On the surface, it promises clarity and an opportunity for community banks to participate in the...more

Troutman Pepper Locke

GENIUS Act Under the Microscope: Strengths, Weaknesses, and Regulatory Milestones

Troutman Pepper Locke on

As digital assets continue to reshape the financial landscape, regulatory clarity around stablecoins is increasingly vital. The GENIUS Act, signed into law by President Trump in July, establishes the first-ever federal...more

Ballard Spahr LLP

Tornado Cash Jury Deadlocked on Most Serious Charges, but Convicted Founder Roman Storm on Conspiracy to Operate an Unlicensed...

Ballard Spahr LLP on

On August 6th, 2025, following a four-week trial, a jury found Roman Storm, the founder of a crypto mixing service called Tornado Cash, guilty of conspiracy to operate an unlicensed money transmitting business. The jury was...more

Ballard Spahr LLP

FinCEN’s Focus on Cryptocurrency Kiosks and Financial Crime

Ballard Spahr LLP on

On August 4, 2025, the Financial Crimes Enforcement Network (“FinCEN”) issued Notice FIN-2025-NTC1 (the “Notice”) to address mounting concerns over regulatory risks related to convertible virtual currency (“CVC”) kiosks, also...more

Orrick, Herrington & Sutcliffe LLP

Fed withdraws its notice on supervising “novel activities”

On August 15, the Fed announced it withdrew its bank supervision program related to the Fed’s initiatives on “novel activities.” The Fed will return to monitoring banks’ novel activities through the normal supervisory...more

Orrick, Herrington & Sutcliffe LLP

Wyoming debuts first state-issued stablecoin in the U.S.

On August 19, Wyoming launched the Frontier Stable Token (FRNT), under the supervision of the Wyoming Stable Token Commission (WSTC), making it the first state in the U.S. to issue a government-backed stablecoin. The...more

Orrick, Herrington & Sutcliffe LLP

U.S. Congress enacts stablecoin regulatory act, now law

On July 18, the U.S. Congress enacted the “Guiding and Establishing National Innovation for U.S. Stablecoins Act,” or the “GENIUS Act,” to regulate the issuance and treatment of payment stablecoins, which are digital assets...more

Orrick, Herrington & Sutcliffe LLP

Illinois enacts a new virtual currency kiosk consumer protection act

On August 18, Illinois enacted SB 2319, creating the Virtual Currency Kiosk Consumer Protection Act. The law imposes new requirements on virtual currency kiosk operators, including consumer disclosures, anti-fraud policies,...more

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