Author

Aiden O'Leary

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On September 16, 2022 the White House released its Comprehensive Framework for Responsible Development of Digital Assets (Framework) for how the administration plans to address digital assets as a part of its “whole-of-government approach”, which was first outlined in a March 9 Executive Order (EO) issued by President Joe Biden. In the short-term, the Framework does little to alter the regulatory uncertainty that has allowed many bad actors in the digital asset space to thrive while stymieing responsible growth. There are…

During the week of August 15, 2022, the Federal Reserve Board (“FRB”) included digital assets (or, as it refers to them, “crypto-assets”) in various internal and external notices, possibly signaling to the industry the emergence of a coordinated stance. While none of these communications alone provide much clarity, taken together we can begin to hear the FRB’s message: proceed, but with the utmost caution. August 15 – FRB Guidelines for approving reserve bank accounts…

On June 7, 2022, Senators Cynthia M. Lummis (R-WY) and Kristen Gillibrand (D-NY) introduced a bill to regulate digital assets and promote financial innovation. The proposed legislation is the first significant, bipartisan effort to apply comprehensive regulation to digital assets. The proposed legislation begins with the premise that digital assets are commodities and their regulation appropriately rests with the Commodity Futures Trading Commission (CFTC). Under the regime as contemplated, the Securities and Exchange Commission (SEC) would be…

In the wake of last month’s collapse of the TerraUSD token, a broad array of regulators and government officials have attempted to introduce a legal framework around stablecoins. Recently, Japan passed comprehensive legislation around the issuance of stablecoins. In the United States, Senators Lummis (R-WY) and Gillibrand (D-NY) recently introduced a bill into the US Congress that would, among other things, set requirements for the amount of backing assets stablecoin issuers would be required to…