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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 signage requirements for insured depository institutions’ banking channels, including digital and online banking. The Proposal seeks to revise a 2023…

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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 General of the Criminal Division of the Department of Justice (DOJ), Matthew Galeotti, gave a speech at the American Innovation…

The Staff provides the market with additional crypto clarity, holding that liquid staking does not qualify as a security under the Howey test.

By Jenny Cieplak, Zachary Fallon, Yvette D. Valdez, Stephen P. Wink, Hank Balaban,* Adam Bruce Fovent, Daphne Lambadariou, and Deric Behar

On August 5, 2025, the SEC’s Division of Corporation Finance (the Staff or Division) published a Statement on Certain Liquid Staking Activities clarifying that, in the Staff’s view, liquid…

Regulators are directed to avoid reputation risk, identify banks that have engaged in unlawful debanking, and take appropriate remedial actions.

By Marc P. Berger, Betty M. Huber, Arthur S. Long, Benjamin Naftalis, Parag Patel, Stephen P. Wink, Douglas K. Yatter, Pia Naib, and Deric Behar

On August 7, 2025, President Trump issued an executive order titled “Guaranteeing Fair Banking for All Americans” (the Order). The Order, described further in an accompanying fact…

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As the SEC unveils a strategic plan to modernize securities regulations and drive US leadership in blockchain integration within financial markets, the CFTC launches a corresponding “crypto sprint.”

By Stephen P. Wink, Zachary Fallon, Yvette D. Valdez, Douglas K. Yatter, Jenny Cieplak, Adam Bruce Fovent, Daphne Lambadariou, Connor Jobes, and Deric Behar

On July 31, 2025, Securities and Exchange Commission (SEC) Chair Paul Atkins delivered a significant digital asset policy speech at…

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The report reflects collaboration across federal agencies and aims to establish US leadership in digital assets through forward-thinking policy and a clear regulatory framework.

By Jenny Cieplak, Zachary Fallon, Arthur S. Long, Benjamin Naftalis, Parag Patel, Yvette D. Valdez, Eric S. Volkman, Stephen P. Wink, Iris Xie, Douglas K. Yatter, Pia Naib, Adam Bruce Fovent, and Deric Behar

On July 30, 2025, the Presidential Working Group on Digital…

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Considerations on the proposed expansion of CFTC commodity pool regulation.

By Yvette D. Valdez, Adam Fovent, and Mia Stefanou

On July 17, 2025, the House of Representatives passed the Digital Asset Market Clarity Act of 2025 (the CLARITY Act). This pivotal legislation introduces a comprehensive regulatory framework for the digital asset sector and is now awaiting consideration in the Senate. The House passed this bill during what Republican lawmakers called “Crypto Week,” which included the landmark signing of…

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The statute’s new regulatory framework for payment stablecoins paves the way for increased digital asset adoption and innovation.

On July 18, 2025, President Trump signed into law the Guiding and Establishing National Innovation for US Stablecoins Act (the GENIUS Act), legislation that establishes a regulatory framework for payment stablecoins. It is the first federal legislation on digital assets to be enacted since President Trump issued an executive order aiming to make the US the “crypto capital of the world.”

First…

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Banking organizations safekeeping digital assets for customers must do so in a safe and sound manner and in compliance with applicable laws and regulations.

By Arthur S. Long, Parag Patel, Pia Naib, and Deric Behar

On July 14, 2025, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) issued a joint statement (the Joint Statement) on risk-management…

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The Staff highlighted disclosure-related observations and issues identified during reviews of digital asset ETP filings.

By Jenny Cieplak, Paul M. Dudek, Zachary Fallon, Aaron Gilbride, Stephen P. Wink, and Deric Behar

On July 1, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance (the Staff) published a Statement on Crypto Asset Exchange-Traded Products (the Statement). The Statement addresses the application of certain disclosure requirements under the Securities Act of 1933 (Securities Act) and…