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:…
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…
The week of July 14 to 18, 2025 marked a historic moment for the U.S. cryptocurrency industry, as the U.S. House of Representatives officially designated it “Crypto Week.” This initiative signaled a profound shift in how Washington approaches the burgeoning digital asset landscape, moving from cautious observation to active legislative engagement. While much of the attention landed on the GENIUS Act, it is also important to understand the implications of the CLARITY Act and the…
On July 18, 2025, President Trump signed into law the Guiding and Establishing National Innovation for US Stablecoins Act (“GENIUS Act”), marking a pivotal moment in the evolution of digital asset regulation. As the first comprehensive federal framework governing payment stablecoins, the GENIUS Act introduces a robust regulatory regime designed to enhance market integrity and consumer protection. The GENIUS Act will take effect on the earlier of (i) January 18, 2027 (i.e., 18 months following…
On April 17, 2024, Republican Senator Cynthia Lummis and Democratic Senator Kirsten Gillibrand introduced the bipartisan Lummis-Gillibrand Payment Stablecoin Act, which creates a clear regulatory framework for payment stablecoins that the Senators said will protect consumers, enable innovation and promote U.S. dollar dominance while preserving the dual banking system. Heads of both the Federal Reserve and the Treasury Department have recently called for Congress to regulate stablecoins. The Bill provides, among other things: (1) For depository institutions (banks)…
In a long-awaited update on its plans for the UK’s crypto regulatory framework, on 30 October 2023, HM Treasury issued three interlinked policy documents on the future regulation of crypto, covering fiat-backed stablecoins, the wider cryptoasset regulatory regime, and the failure of systemic digital settlement asset firms. The UK regulators followed shortly after, issuing a set of discussion papers and documents on 6 November 2023 on the forthcoming stablecoin regime, setting out their initial views…
On October 5, 2023, the Canadian Securities Administrators published guidance on dealing in Stablecoins, including by imposing updated terms and conditions for crypto asset trading platforms that offer Stablecoins, and requiring issuers of certain Stablecoins to provide undertakings in a form substantially acceptable to the regulators by December 1, 2023. For a complete discussion, click here.
On September 18, 2023 the New York State Department of Financial Services (DFS) issued an update on an ongoing initiative to strengthen DFS oversight of virtual currencies. A central aspect of the proposed guidance are enhanced criteria for coin-listing and delisting procedures. DFS wants to establish itself (or, as DFS sees it, maintain is role) as the leading cryptocurrency regulator in the country. Towards that end, the DFS press release states: “The Department has added more…
On September 7th, 2023, the U.S. Commodity Futures Trading Commission (“CFTC”) announced settlement orders against three operators of decentralized finance (“DeFi”) protocols: Opyn, Inc. (“Opyn”), Deridex, Inc. (“Deridex”), and ZeroEx, Inc. (“ZeroEx”). The announcement is a clear message that the CFTC will be asserting jurisdiction in the DeFi space, and may be as much a signal to the SEC as it is a message to the DeFi industry that the CFTC is claiming crypto regulatory…