In a recent Law360 article, Baker McKenzie partner David Zaslowsky examines the FDIC’s most recent proposed rule to implement the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. The proposed rule represents the financial crime compliance pillar of this emerging regime, following earlier agency proposals addressing application procedures and prudential requirements.Under the proposed rule, FDIC-supervised permitted payment stablecoin issuers would be required to implement robust, risk-based compliance programs. These programs would encompass core…
On June 22, 2026, the U.S. Senate passed sweeping bipartisan housing legislation—the 21st Century ROAD to Housing Act—aimed primarily at increasing housing supply and improving affordability. The House followed suit the next day in a 358-32 vote. President Trump was scheduled to sign the bill on June 24, 2026, but, at the last moment, cancelled the signing ceremony. Tucked within the bill is a provision with potentially far-reaching consequences for the future of digital finance:…
A lawsuit pending in the New York Supreme Court (the trial level court) presents a novel and consequential legal question in the digital asset space: can long-dormant Bitcoin wallets be treated as “abandoned property” under traditional state law? The case, ABC Company, XYZ Company, and Noah Doe v. John Does 1–39,069 (Index No. 153119/2026), seeks a declaratory judgment awarding to a private claimant ownership of 39,069 inactive Bitcoin wallets. They collectively hold approximately 3.8 million…
The Federal Deposit Insurance Corporation (FDIC) has taken a significant step toward implementing the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act”) by approving a notice of proposed rulemaking (NPRM) that would establish a comprehensive Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance framework for certain stablecoin issuers. The proposal signals that stablecoin issuance within the U.S. regulatory perimeter will be subject to compliance expectations closely aligned with those applicable…
In the high-stakes world of central banking, Switzerland has long been associated with monetary orthodoxy, combining substantial gold holdings with a disciplined, stability-focused policy framework. Yet a recent effort sought to bring the 21st century’s so-called “digital gold” inside the Swiss National Bank’s (SNB) fortress. The “Bitcoin Initiative,” a campaign to amend the Swiss Federal Constitution to require the SNB to hold Bitcoin (BTC) alongside its gold and foreign currency reserves, came to an end…
At the end of last week, after months of quiet stalemate, Senate negotiators finally resolved the single most contentious issue blocking progress on the Digital Asset Market Clarity Act (the “CLARITY Act”): whether and how stablecoin holders may earn “yield.” The long-awaited compromise was brokered by Senators Thom Tillis (R-N.C.) and Angela Alsobrooks (D-Md.) and released on Friday, May 1, 2026. While the banking lobby won tighter restrictions on yields, the digital asset ecosystem has…
One of the most anticipated features of the bi-partisan Digital Asset Protection, Accountability, Regulation, Innovation, Taxation, and Yields Act (the PARITY Act) has been its attempt to mitigate the tax reporting burdens associated with small‑value digital asset transactions. When the bill was first released in discussion draft form in December 2025, it proposed a relatively familiar solution: a de minimis exception modeled on existing foreign‑currency rules. When a revised draft was released on March 26, 2026,…
For years, blockchain developers have urged U.S. courts to provide clearer ex ante guidance on when writing or deploying decentralized software crosses the line into regulated financial activity. A March 26, 2026 decision by Chief Judge Reed O’Connor of the Northern District of Texas underscores just how difficult that path remains. Case Background The plaintiff, blockchain developer Michael Lewellen, sued the Department of Justice (DOJ) seeking declaratory relief that his Ethereum‑based crowdfunding tool, “Pharos,” did…
In a recent Law360 article, Baker McKenzie partners David Zaslowsky and Peter Chan explore how the US Digital Asset Market Clarity Act, though still pending in Congress, can be used to influence litigation strategy in crypto‑related matters in terms of shaping how courts, regulators and litigants view questions of jurisdiction, classification and regulatory uncertainty.David and Peter explain that even before enactment, the Clarity Act can be used to strengthen fair‑notice and due‑process arguments, support stays…
IRS Form 1099-DA, “Digital Asset Proceeds,” is being rolled out starting with the 2025 tax year. With this new form, the federal government is moving crypto reporting toward the familiar broker-based regime long used for stocks and bonds. However, for those who actively engage with decentralized finance (DeFi), Form 1099-DA may cause increased confusion, inaccurate reporting, and heightened audit risk stemming from the mismatch between how crypto transactions actually function and how they will be…