News & Analysis as of July 19, 2025

Regulatory Agenda

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

The GENIUS Act: What Is It and What’s Next?

Troutman Pepper Locke on 6/25/2025

On June 17, the U.S. Senate voted 68-30 to pass S.1582, the Guiding and Establishing National Innovation for U.S. Stablecoins Act, known as the GENIUS Act (the Act). This represents a landmark effort by the U.S. Congress to...more

First Attempt to Regulate Spot Digital Asset Activities

Cadwalader, Wickersham & Taft LLP on 4/6/2023

On March 29, the National Futures Association (“NFA”) promulgated Compliance Rule 2-51, setting forth Requirements for Members and Associates Engaged in Activities Involving Digital Asset Commodities, which includes both...more

The Crypto Industry Is Talking Tax, and the Senate Is Listening

Cadwalader, Wickersham & Taft LLP on 6/23/2022

On June 7, 2022, U.S. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Lummis-Gillibrand Responsible Financial Innovation Act (the “Act”), a comprehensive legislative scheme for the regulation of...more

SEC Targets Companies Conducting Cryptomining

Nelson Mullins Riley & Scarborough LLP on 5/11/2022

The SEC recently doubled the size of its Crypto Assets and Cyber Unit. Since its inception in 2017, the SEC’s Crypto Assets and Cyber Unit has launched more than 80 investigations resulting in over $2 billion in monetary...more

California Governor Orders Agencies to Create Transparent Regulatory Framework for Blockchain and Digital Assets

Jones Day on 5/11/2022

California's governor issued an executive order requiring state agencies, led by the Department of Financial Protection and Innovation, to create a "transparent" regulatory framework for blockchain technologies and digital...more

Federal Reserve explores benefits and risks of potential US Central Bank Digital Currency while the Biden Administration issues...

Eversheds Sutherland (US) LLP on 5/9/2022

In January of this year, the Board of Governors of the Federal Reserve System issued a research and analysis paper titled Money and Payments: The US Dollar in the Age of Digital Transformation, in which the Fed...more

President Biden Signs Executive Order Outlining Crypto Policy

Sheppard Mullin Richter & Hampton LLP on 3/10/2022

On March 9, President Biden signed a highly anticipated executive order outlining his administration’s cryptocurrency policy. We have previously blogged about the Biden administration’s working group on stablecoins and the...more

Cryptocurrency Congressional Activity Watch

Akin Gump Strauss Hauer & Feld LLP on 2/15/2022

As the 117th Congress moves into 2022, cryptocurrency and digital assets will continue to be an area of intense focus and discussion for both Democrats and Republicans. Member interest continues to grow in this space, with...more

Regulating Crypto: Cryptocurrency Executives Head to Capitol Hill

Kohrman Jackson & Krantz LLP on 1/11/2022

A recent study found that 16 percent of Americans have invested in, traded or used cryptocurrencies such as Bitcoin and Ether. This widespread use, coupled with the cryptocurrency industry having limited to no regulatory...more

US Financial Regulators Release Much-Anticipated Report on Stablecoins

Mayer Brown Free Writings + Perspectives on 11/12/2021

On November 1, 2021, the President’s Working Group on Financial Markets (PWG) released its much-anticipated Report on Stablecoins (Report). The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of...more

Crypto and the Reach of Unclaimed Property Laws: Is New Illinois Legislation the Future?

Jones Day on 9/30/2021

Cryptocurrencies are quickly becoming part of the financial mainstream, with institutional and retail investors alike adding them to their portfolios in record numbers. State legislatures are trying to keep up with this...more

Tuesday’s Rising Regulatory Chorus On Crypto

Burr & Forman on 9/23/2021

This past Tuesday, September 21, the chorus calling for more regulation over crypto reached a sort of crescendo. The SEC - Earlier, in September 14 testimony before the Senate Banking Committee [1], former CFTC and current...more

House of Pay’n – House Passes Bill to Help Create Legal Framework for Digital Asset Regulation

Polsinelli on 4/28/2021

On Tuesday, April 20, 2021, the House of Representatives passed the Eliminate Barriers to Innovation Act of 2021 (the “Act”). The Act was initially introduced in March with an overarching aim to clarify the roles of the...more

What 2021 Has in Store for Stablecoin

Morgan Lewis on 1/12/2021

The year 2020 won’t soon be forgotten. Despite the challenges that the COVID-19 pandemic presented on a global scale, 2020 ushered in new ways of thinking about stablecoin, a type of cryptocurrency that attempts to peg its...more

Power of the Peirce: SEC Commissioner Spends Some of Her Influence on Trying to Help Crypto Network Developers

Orrick - On the Chain on 2/19/2020

SEC Commissioner Hester Peirce continues to be one of the most vocal persons in leadership positions at federal regulators who are promoting innovation in digital currency and the blockchain....more

Additional Guidance to be issued by the IRS on the Taxation of Crypto-Currency Transactions

Polsinelli on 6/10/2019

Despite the growth of crypto-currencies in number and use, relatively little guidance has been provided by the Internal Revenue Service (IRS) to date related to the federal income taxation of such crypto transactions. ...more

Jones Day Presents: Regulatory Issues and Blockchain

Jones Day on 2/6/2019

Partner Harriet Territt discusses how technologies such as blockchain and digital currencies have outpaced regulators and the steps various governmental agencies are taking to address regulatory issues....more

US creates task force to help with crypto investigations

Hogan Lovells on 7/30/2018

What has happened? US President Donald Trump has signed an executive order, establishing a task force that will develop guidance for the investigation and prosecution of fraud, including "digital currency fraud"....more

U.S. Moves Ahead with Federal “Fintech Sandbox” — CFPB Announces Creation of Office of Innovation

Robinson+Cole Data Privacy + Security Insider on 7/30/2018

In an effort to promote the development of new financial technology (fintech) products, Mick Mulvaney, acting director of the Consumer Financial Protection Bureau (CFPB), announced last week the creation of the Office of...more

Virtual Currency: Anti-Money Laundering and Terrorist Financing Update

Perkins Coie on 7/26/2018

On July 18, 2018, the Financial Action Task Force (“FATF”), published its report to the July 2018 G20 Finance Ministers and Central Bank Governors’ meeting. The report sets out FATF’s ongoing work to fight money laundering...more

SEC, FINRA Target ICOs, Cybersecurity, Secondary Market Trading in 2018 Examination Priorities

Herbert Smith Freehills Kramer on 3/2/2018

Both the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) recently released their respective 2018 examination priorities, providing a glimpse into their plans for the year to...more

Highlights From SEC Speaks 2018 - Retail, Cybersecurity And Cryptocurrency

Orrick, Herrington & Sutcliffe LLP on 3/1/2018

The Commissioners and senior officials of the Securities and Exchange Commission ("SEC" or "Commission") addressed the public on February 23-24 at the annual "SEC Speaks" conference in Washington, D.C. Throughout the...more

SEC Announces 2018 National Examination Priorities

Troutman Pepper Locke on 2/19/2018

The Securities and Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) recently announced its 2018 national examination priorities, which are broken down into five categories...more

Cryptocurrency Roundup - Market Rebounds After SEC Chair Expresses Cautious Optimism But ETFs Are Still Off The Table...For Now

Burr & Forman on 2/16/2018

The cryptocurrency market took a nosedive earlier this month after the stock market tanked and the Peoples Bank of China issued a statement that it would block access to all domestic and foreign cryptocurrency exchanges. ...more

The CSBS Finalizes Model Framework for Virtual Currencies

Morrison & Foerster LLP on 9/29/2015

On September 15, 2015, the Conference of State Bank Supervisors (“CSBS”) issued its final Model Regulatory Framework on virtual currency activities (“Final Framework”). The Final Framework follows the CSBS’s December 2014...more

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