In its third action involving NFTs, the SEC targets a restaurant membership token tied to fundraising and promises of potential price appreciation for buyers.
By Jenny Cieplak, Ghaith Mahmood, Nima H. Mohebbi, Stephen P. Wink, and Deric Behar
On September 16, 2024, the Securities and Exchange Commission (SEC) issued a cease-and-desist order (the Order) against Flyfish…
The proposal would make key changes to the definition of “deposit broker” with significant ramifications for banks, fintechs, bank-fintech partnerships, and other third parties in the financial services industry.
By Arthur S. Long, Parag Patel, Barrie VanBrackle, Pia Naib, and Deric Behar
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) recently approved a…
Online resource provides overview of delegated acts, technical standards, and guidelines for cryptoasset businesses.
Latham & Watkins has launched the Markets in Crypto-Assets Regulation Tracker, a new online resource that provides cryptoasset businesses with critical information to help navigate MiCA — a robust and detailed regulatory framework for cryptoassets.
Since MiCA was first published in the EU Official Journal in…
Paycheck advance products that are deemed consumer loans under the CFPB’s new proposal would be subject to increased disclosure and regulatory protections.
By Parag Patel, Barrie VanBrackle, and Deric Behar
The Consumer Financial Protection Bureau (CFPB) recently proposed an interpretive rule titled “Consumer Credit Offered to Borrowers in Advance of Expected Receipt of Compensation for Work” (the Proposal).
The case involves substantive litigation that could yield important legal principles for the treatment of decentralised projects.
By Dominic Geiser, Simon Hawkins, Sam Maxson, and Truman Mak
Decentralised autonomous organisations (DAO) are unique structures that operate autonomously in accordance with preset rules, utilising a blockchain and coordinated through a distributed consensus model. Whilst numerous DAOs are operating…
The UK’s consultation on deregulating commercial agents could have knock-on impacts on payment services and create regulatory divergence from the EU.
By Christian McDermott, Brett Carr, and Grace Erskine
On 16 May 2024, the UK government launched a consultation into the deregulation of the Commercial Agents (Council Directive) Regulations 1993 (the Commercial Agents Regulations). The Commercial Agents Regulations…
The government will enact the new legislation to bring issuers of fiat-referencing stablecoins into the regulatory perimeter.
By Simon Hawkins, Adrian Fong, and Sam Maxson
On 17 July 2024, the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority (HKMA) released the consultation conclusions on their legislative proposal for a regulatory regime governing stablecoin issuers…
Recent Supreme Court administrative law rulings change the power dynamic between the executive and the judiciary in critical areas of statutory interpretation, enforcement, and immunity from legal challenge.
By Jenny Cieplak, Arthur S. Long, Nima H. Mohebbi, Benjamin A. Naftalis, Marlon Q. Paz, Yvette D. Valdez, Stephen P. Wink, Douglas K. Yatter…
Proposed rule would be implemented by statute and would give primacy to parties’ choice of governing law and jurisdiction.
By Stuart Davis, Nell Perks, and Matthew Unsworth
There is at least a tentative consensus in English law that cryptocurrencies and other digital assets are capable of giving rise to property rights.[1] However, there remains considerable uncertainty around…
The centralized repository would assist the CFPB and law enforcement in detecting patterns of misbehavior and recidivism adversely affecting consumers.
By Arthur S. Long, Barrie VanBrackle, and Deric Behar
On June 3, 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule (Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders) (the Rule) to track…
FIT21 would provide regulatory certainty for the US digital asset ecosystem, balancing support for innovation with consumer protection.
By Yvette D. Valdez, Stephen P. Wink, Adam Fovent, and Deric Behar
On May 22, 2024, the US House of Representatives (the House) passed H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), with a…
Professional investors will benefit from increased exposure to cryptoassets via traditional financial instruments, though retail investors’ exposure remains limited.
By Stuart Davis, Gabriel Lakeman, and Ivan Pizeta*
In the fast-paced world of cryptocurrency, regulatory clarity is essential for both investors and market participants. In March this year, the Financial Conduct Authority (FCA) made a significant announcement regarding…
