Potentially in connection with the recent events rocking the crypto industry, FINRA is conducting a new sweep on âCrypto Asset Communicationsâ by broker-dealers. If they havenât already received the request, broker-dealers with crypto-related affiliates likely will be contacted. Notably, this is the first announced sweep that FINRA has issued in over a year. This Crypto Asset sweep is not limited to communications about crypto assets that are âsecurities,â and it requests recent crypto asset communications over a…
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 âwhole-of-government approachâ, 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…
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…