Topic
Stablecoins
332 published works
The Blockchain Monitor
Financial Firms Launch New Crypto Products, NFTs Trending, Crypto Exchange Acquires Broker-Dealer, SEC, DOJ, IRS and CFTC Actions Target Crypto Actors
By Jordan R. Silversmith, Veronica Reynolds, Joanna F. Wasick, Keith R. Murphy, Robert A. Musiala
In this issue: • US Institutional Financial Firms, and Fintech Startups, Launch Crypto Products • Creative NFT Launches and Bitcoin Giveaways Continue To Trend • US Crypto Exchange Acquires Broker…
Blockchain Legal Resource
New York Attorney General Announces Settlement with Bitfinex
As we previously reported, the New York Attorney General has been in protracted litigation with crypto exchange Bitfinex and affiliated stablecoin-issuer Tether. On February 23, 2021, the Attorney General announced…
Cleary FinTech Update
OCC Affirms Authority of National Banks to Engage in Additional Cryptocurrency-Related Activities, Including Issuing Stablecoins
By Derek M. Bush, Katherine Mooney Carroll, Graham Bannon, Michael G. Sanders, Hugh C. Conroy, Jr.
On January 4, 2020, the Office of the Comptroller of the Currency (“OCC”) published an interpretive letter (the “Letter”) clarifying that national banks and federal savings associations (“banks”) may engage…
Global Regulation Tomorrow
UK Government consults on plan to regulate stablecoins
On 7 January 2021 HM Treasury published a call for evidence on a proposed expansion of the UK’s regulatory perimeter to stablecoins, whilst also seeking input on investment and wholesale…
Money Laundering Watch
The OCC Embraces Technology, Proposes Exemption to SAR Requirements and Announces Acceptance of Distributed Ledgers and Stablecoins
The Comptroller of the Currency (the “OCC”) has been busy, and focused on technology. We discuss two recent developments: proposed regulations that would allow the OCC to grant exemptions relating…
Blockchain Legal Resource
Designing Stablecoins: Federal Regulators Issue Statement Highlighting Key Regulatory and Supervisory Considerations
The President’s Working Group (PWG), a federal interagency working group of financial regulators established by Executive Order in 1988, has issued a statement outlining key regulatory and supervisory considerations related…
Blockchain Legal Resource
New Legislation Proposes to Merge Crypto and Banking
Newly-proposed federal legislation would require all issuers of stablecoins and certain other digital asset companies to obtain a bank charter as a condition to operation. Referred to as the Stablecoin…
Global Regulation Tomorrow
FSB publishes high-level recommendations for regulation, supervision and oversight of “global stablecoin” arrangements
On 13 October 2020, the Financial Stability Board (FSB) published the final version of its high-level recommendations for the regulation, supervision and oversight of “global stablecoin” (GSC) arrangements following an…
Cov Financial Services
OCC Issues Guidance on National Banks and Stablecoin Activities
By Covington Financial Services
On September 21, 2020, the Office of the Comptroller of the Currency (“OCC”) published a letter addressing the authority of nationals banks to hold deposits that serve as reserves for…
Financial Services Observer
The OCC and SEC’s FinHub Issue Guidance on Fiat-Backed Stablecoin Reserves
By Barbara A. Jones, William Mack, Jocelyn M. Coney, Greenberg Traurig
On Sept. 21, 2020, the Office of the Comptroller of the Currency (the OCC) issued guidance pertaining to whether national banks could hold stablecoin reserves. That same day, the Securities…