News & Analysis as of

Rulemaking Process Cryptocurrency

Katten Muchin Rosenman LLP

Can There be Only One? The CFTC Faces an Unprecedented Moment with Potentially One Commissioner

As commissioners continue to depart, the Commodity Futures Trading Commission (CFTC or Commission) may soon find itself in an unprecedented situation - operating with only one sitting commissioner. While the Commission has...more

King & Spalding

U.S. Department of Labor Updates: Yes to Crypto and No to ESG?

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On May 28, 2025, the U.S. Department of Labor (“DOL”) provided updated guidance on two employee benefit plan-related investment areas: (1) cryptocurrency and (2) environmental, social, and governance (“ESG”) investing....more

Kilpatrick

Trump Admin. Rolls Back Biden-Era Rules on 401(k) Plan Investments: Crypto and ESG

Kilpatrick on

The Trump administration has rescinded (or signaled that it will replace) current guidance that was issued by the Biden administration’s DOL regarding (1) retirement plan investments in cryptocurrencies (and other digital...more

Latham & Watkins LLP

SEC Staff Withdraws Statement on Broker-Dealer Custody of Digital Asset Securities and Issues Crypto FAQs

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The Staff’s most recent actions continue to set the stage for notice-and-comment rulemaking long-awaited by the digital asset industry....more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – May 2025 # 3

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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

Orrick, Herrington & Sutcliffe LLP

CFPB withdraws EFT interpretive rule

On May 15, the CFPB published a Federal Register notice withdrawing its proposed interpretive rule on EFTs titled “Electronic Fund Transfers Through Accounts Established Primarily for Personal, Family, or Household Purposes...more

Sheppard Mullin Richter & Hampton LLP

Oregon Suit Muddies Crypto Regulatory Landscape

On April 18, 2025, the State of Oregon brought a civil enforcement action against Coinbase Global, Inc. (“Coinbase”) for the alleged sale of unregistered securities. In a press release, Oregon Attorney General Dan Rayfield...more

Hogan Lovells

The SEC’s Crypto Road Trip Gathers Momentum - Crypto Task Force begins clarifying security status and outlining registered...

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Three months into the life of the U.S. Securities and Exchange Commission’s Crypto Task Force, the SEC staff has begun taking tangible steps to define its evolving approach to the regulation of digital assets. In a series of...more

Sheppard Mullin Richter & Hampton LLP

California DFPI Proposes Digital Asset Licensing Rule

On April 4, the California Department of Financial Protection and Innovation (DFPI) issued proposed regulations under the Digital Financial Assets Law (DFAL). The proposal provides clarification on DFAL’s licensing framework...more

Proskauer Rose LLP

Confirmation Hearing for SEC Chair Nominee Atkins — Takeaways for Fund Managers

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The Senate Banking Committee convened on Thursday to consider the nomination of Paul Atkins, President Trump’s nominee for Chair of the Securities and Exchange Commission, along with the nominees for the Comptroller of the...more

Orrick, Herrington & Sutcliffe LLP

Wyoming enacts law for converting special purpose depository institutions to public trust companies

On March 17, Wyoming enacted SF 95 which addresses the conversion of special purpose depository institutions into public trust companies. The Act introduces a new section which outlines that, as part of a conversion...more

Nelson Mullins Riley & Scarborough LLP

No Soup for You - SEC Commissioners Revoke Authority of Director of Enforcement to Launch Investigations

In a famous Seinfeld episode, a master soup maker had strict rules for ordering his delicious confections.  A violation of his rules, resulted in “No soup for you!”...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 60: Balancing Innovation and Regulation in the Blockchain Ecosystem

RegFi Co-Hosts Jerry Buckley and Sasha Leonhardt welcome Orrick partner Behnam Dayanim to explore the applications of blockchain in financial services, including cryptocurrencies, stablecoins and decentralized finance. The...more

Nutter McClennen & Fish LLP

Nutter Bank Report: February 2025

Amid media reports that the administration may be considering a plan to consolidate the FDIC, the supervisory functions of the Federal Reserve, and the OCC into a single agency, President Trump issued an executive order...more

Troutman Pepper Locke

The SEC's New Cryptocurrency Task Force: A Step Toward Regulatory Clarity

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On Jan. 21, 2025, Mark T. Uyeda, the acting chairman of the U.S. Securities and Exchange Commission (SEC), announced the launch of a cryptocurrency task force. This task force, led by SEC Commissioner Hester Peirce, with...more

Arnall Golden Gregory LLP

Court Mandates SEC to Clarify Stance on Digital Assets Amid Leadership Transition

On January 13, 2025, the U.S. Court of Appeals for the Third Circuit issued a pivotal ruling, directing the Securities and Exchange Commission (“SEC”) to provide a more detailed explanation for its denial of Coinbase Global...more

Bressler, Amery & Ross, P.C.

Coinbase, Inc. v. SEC

In early January, Coinbase achieved a partial victory in the Third Circuit Court of Appeals. Thus, there is hope among crypto companies that the Securities and Exchange Commission (“SEC”) will provide guidelines for...more

Akin Gump Strauss Hauer & Feld LLP

Crypto Course Correction at the SEC

Yesterday, February 4, 2025, SEC Commissioner Hester Peirce shared her first policy statement since being charged with leading the Commission’s new Crypto Task Force. It will come as no surprise that her statement is nothing...more

Troutman Pepper Locke

Third Circuit Demands Greater Clarity from SEC Regarding Digital Asset Regulation

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After two and a half years, Coinbase, Inc. (Coinbase) and other crypto market participants may finally get an answer for why the Securities and Exchange Commission (SEC) has declined to promulgate rules clarifying how and...more

Davis Wright Tremaine LLP

3rd Circuit Rules for Coinbase – Reasoned Analysis and Due Process Do Matter

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

Jones Day

Unanimous Third Circuit Spurs Opportunity, Orders SEC to Justify Crypto Rulemaking Refusal

Jones Day on

The ruling that the SEC acted arbitrarily in denying Coinbase's crypto rulemaking petition, issued in the waning days of the Gensler-era SEC, invites swift action under an Atkins-led SEC....more

Fenwick & West LLP

New SEC Crypto Task Force Led by Commissioner Hester Peirce: Key Takeaways and Path Forward

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On Tuesday, acting SEC Chair Mark Uyeda announced the creation of a Crypto Task Force to devise a “sensible regulatory path” for the $3 trillion cryptocurrency market. This represents a departure from the former chair, Gary...more

Herbert Smith Freehills Kramer

Third Circuit Chides SEC for Terse Refusal To Engage in Crypto Rulemaking

On Jan. 13, 2025, a unanimous panel of the U.S. Court of Appeals for the Third Circuit held that the Securities and Exchange Commission (SEC or the Commission) violated the Administrative Procedure Act (APA) when it offered...more

BCLP

What Will Happen When the SEC Minority Becomes the Majority?

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Many of the actions by the SEC over the past few years came following closely divided 3-to-2 votes. The split arose concerning both rulemaking by the Commission as well as enforcement actions....more

Orrick, Herrington & Sutcliffe LLP

CFPB seeks comments on proposed interpretive rule expanding the application of the EFTA to a wide range of digital assets

On January 10, the CFPB proposed an interpretive rule that could significantly broaden the scope of the EFTA to encompass a broad range of digital assets, including—if they meet certain requirements — cryptocurrency accounts,...more

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