The decision clears a legal path for state-level regulation of credit and debit card swipe fees (while striking down data usage restrictions), setting the stage for a high-stakes appeal.
By Arthur S. Long, Jack McNeily, Parag Patel, Barrie VanBrackle, Pia Naib, and Deric Behar
Updated on March 5, 2026
On March 2, 2026, the Seventh Circuit granted the banking and credit union trade groups’ unopposed motion to fast-track their appeal, seeking resolution on whether and
The enforcement action offers insight for global firms into the FCA’s approach under the financial promotions regime.
By Stuart Davis and Gabriel Lakeman
On 10 February 2026, the FCA publicised that it has commenced proceedings against an offshore crypto platform for breach of the UK financial promotions regime for cryptoassets. This is the first enforcement action the FCA has taken following expansion of the financial promotion regime to cryptoassets on 8 October 2023 — although we are aware that
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 Crypto-Assets Regulation (MiCA). These transitional periods enable firms currently providing services pursuant to pre-MiCA Virtual Asset Service Provider (VASP) registrations
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
In the short term, firms are likely to face dual authorisation and significant regulatory requirements.
By Stuart Davis, Gabriel Lakeman, Brett Carr, and Emma Trankeenan
On 10 June 2025, the European Banking Authority (EBA) issued a No Action letter on the relationship between the Markets in Crypto-Assets Regulation (MiCA) and the Payment Services Directive 2 (PSD2).
The No Action letter responds to a request from the European Commission (Commission) in December 2024 that sought clarification on issues
The NYAG’s action highlights various pitfalls in the MCA space, underscoring the importance of proper structuring and marketing of merchant cash advances.
By Parag Patel, Mik Bushinski, Connor Jobes, and Deric Behar
On January 22, 2025, New York Attorney General (NYAG) Letitia James announced a judgment and settlement against cash advance provider Yellowstone Capital, its officers, and two dozen affiliates (Yellowstone) for more than $1 billion for predatory loans disguised as merchant cash advances (MCAs) made to
A Republican Congress and the incoming Trump administration may employ the CRA to quickly overturn recent rules that faced heavy criticism from the financial services industry.
By Jenny Cieplak, Zachary Fallon, Arthur Long, Parag Patel, Barrie VanBrackle, Stephen Wink, Connor Jobes, and Deric Behar
Every four years in American politics is an opportunity to turn the tables on the party in power. But leading up to and following an election that shifts control