The update will create significant time pressure for firms seeking UK authorisation.
By Stuart Davis and Gabriel Lakeman
On 8 January 2026 the FCA published an update on the cryptoasset gateway (the Gateway) for firms seeking approval under the future regulatory regime for cryptoasset activities.1 The timings set out by the FCA will create significant time pressure on firms…
The no‑action relief opens the door to experimentation with blockchain-based market infrastructure while preserving traditional securities market safeguards.
By Jenny Cieplak, Paul M. Dudek, Zachary Fallon, Stephen P. Wink, Hank Balaban, and Deric Behar
Key Points
The no-action letter permits DTC to run a pilot program for asset tokenization under strict guardrails for a three-year…
The OCC affirmed that certain cryptoasset activities are part of, or incidental to, the business of banking and conditionally approved five national trust bank charters for digital asset entities.
By Arthur S. Long, Parag Patel, Pia Naib, Connor Jobes, and Deric Behar
Key Points:
The OCC affirmed that national banks may conduct riskless principal transactions in…
The NAL provides incremental clarity for innovators in the digital asset space and reduces legal risk for similarly structured rewards tokens.
By Zachary Fallon, Stephen P. Wink, Hank Balaban, Connor Jobes, Daphne Lambadariou, and Deric Behar
Key Points:
Pursuant to the NAL, transactions in Fuse Tokens will not be considered to involve securities requiring registration…
An interactive online resource covering the UK’s rapidly evolving cryptoasset landscape.
By Stuart Davis, Gabriel Lakeman, and Emma Trankeenan
Latham & Watkins has launched the UK Cryptoasset Regulatory Tracker, a new online resource that provides cryptoasset businesses with critical information to help them navigate the latest regulatory developments in cryptoassets.
The UK framework for cryptoassets is…
Spain follows the trajectory of other EU Member States that have similarly recalibrated their transitional periods since ESMA first published its consolidated list.
By Gabriel Lakeman, Paloma Arizón, and Ivan Pizeta
On 1 December 2025, the European Securities and Markets Authority (ESMA) published an updated list of grandfathering periods decided by EU Member States under the Markets in…
As the fintech landscape evolves, federal banking regulators are taking decisive steps to integrate stablecoins and payments innovations into the traditional banking system.
By Arthur S. Long, Parag Patel, Pia Naib, and Deric Behar
Key Points:
The FDIC plans to propose an application process for stablecoin issuance by FDIC-regulated institutions by the end of 2025, and is…
The first of what may be a series of crypto no-action letters supports the view that programmatic token distributions serving as network incentives are not securities.
By Jenny Cieplak, Paul M. Dudek, Zachary Fallon, Stephen P. Wink, Hank Balaban, Daphne Lambadariou, and Deric Behar
On September 29, 2025, the SEC Division of Corporation Finance…
The request for comment aims to help Treasury devise clear guidelines for stablecoin issuers, promote international coordination, and protect consumers from potential risks.
By Arthur S. Long, Parag Patel, Pia Naib, and Deric Behar
On September 19, 2025, the US Department of the Treasury (Treasury) issued an Advance Notice of Proposed Rulemaking (ANPRM), seeking public comment related…
The agencies pledge to “usher in a new era of innovation” through a collaboration on rules and exemptions that aims to provide digital asset markets with clarity.
By Stephen P. Wink, Zachary Fallon, Yvette D. Valdez, Douglas K. Yatter, Jenny Cieplak, Adam Bruce Fovent, and Deric Behar
The SEC’s Project Crypto and the CFTC’s…
The FDIC seeks to avoid overburdening financial services providers with regulations regarding its logo after assessing market feedback and implementation issues.
By Arthur S. Long, Parag Patel, Pia Naib, Connor Jobes, and Deric Behar
On August 19, 2025, the Federal Deposit Insurance Corporation (FDIC) board of directors approved a proposed rule (the Proposal) that would amend…
DOJ will focus on criminal intent over mere code creation, seeking to balance legal accountability with support for innovation.
By Zachary Fallon, Jack McNeily, Benjamin Naftalis, Parag Patel, Barrie VanBrackle, Eric S. Volkman, Stephen P. Wink, Iris Xie, Douglas K. Yatter, and Deric Behar
On August 21, 2025, Acting Assistant Attorney…