Fintech Regulation

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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…

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  • The FDIC plans to propose an application process for stablecoin issuance by FDIC-regulated institutions by the end of 2025, and is also collaborating with other banking regulators to develop broader prudential standards for all stablecoin issuers as required under the GENIUS
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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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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…

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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…

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The FinmadiG introduces material implementation measures for the European Digital Finance Package.

By Axel Schiemann and Lasse Winzer

On 18 December 2024, the German Parliament (Deutscher Bundestag) has passed the Financial Market Digitisation Act (Finanzmarktdigitalisierungsgesetz — FinmadiG). The FinmadiG serves as the German implementation of several European rules, inter alia, Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA) and Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain cryptoassets (FTR). Under the amendments introduced by…

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FINRA begins a dialogue with financial market participants about the metaverse’s potential opportunities, applications, and risks.

By Jenny Cieplak, Ghaith Mahmood, Stephen P. Wink, Naim Culhaci, and Deric Behar

On October 24, 2024, the Office of Financial Innovation (OFI) of the Financial Industry Regulatory Authority, Inc. (FINRA) published “The Metaverse and the Implications for the Securities Industry” (the Report).

FINRA cited current estimates that around 37.6 million users spend over $28 billion a year in metaverse platforms, with economic growth projected to reach $5 trillion by 2030. OFI therefore consulted with securities firms and other financial institutions, hardware and software providers, academics, industry observers, and government entities to better understand the opportunities and risks that metaverse platforms may present for the US financial industry. The Report outlines OFI’s findings and covers an overview of how it defines “the metaverse,” market trends, potential applications for metaverse platforms that the securities industry is exploring, potential use cases, challenges and related factors associated with metaverse platforms, and potential regulatory considerations.

The rule aims to reduce market concentration by guaranteeing consumer access to personal financial data, but faces strident criticism and immediate legal challenge.

By Arthur S. Long, Parag Patel, Barrie VanBrackle, Pia Naib, Mik Bushinski, and Deric Behar

On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) finalized the Personal Financial Data Rights rule (the Rule) under Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Rule requires…

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The deadline is fast approaching for in-scope financial entities and their ICT service providers to conform to the EU’s new digital operational resilience regulation.

By Christian F. McDermott and Alain Traill

With effect from 17 January 2025, a broad range of EU financial entities will be subject to the new EU regulation on digital operational resilience for the financial sector (DORA), with significant impact for firms and their third-party ICT service providers. As the new landscape takes shape, below is an overview of some of the key changes and steps that impacted financial entities and providers should be taking ahead of the deadline.