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The white paper examines how generative AI might shape the global derivatives markets, including new opportunities for industry stakeholders.

ISDA Future Leaders in Derivatives (IFLD) is a cohort of emerging leaders in the derivatives space representing financial services institutions, buy- and sell-side firms, and law firms (including Latham & Watkins, represented by associate Naffie Lamin).

In the white paper, IFLD provides guidance to regulators, financial institutions, technology providers, and other industry stakeholders to understand and explore potential use cases for…

The federal banking agencies continue to open the channels for regulated entities to engage in digital asset activities.

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

On May 7, 2025, the Office of the Comptroller of the Currency (OCC) published Interpretive Letter 1184 (a response to an inquiry from a regulated entity) affirming that national banks and federal savings associations (collectively, banks) may provide and outsource cryptocurrency custody and execution services on behalf of…

US Cryptoasset Regime Tracker Microsite 2025_3to2

Online resource provides a single source to track legislative and regulatory developments related to blockchain, cryptocurrencies, and digital assets.

By Stephen P. Wink, Yvette Valdez, and Zachary Fallon

Latham & Watkins has launched the US Crypto Policy Tracker, a new online resource that provides up-to-date information, analysis, and source links on the latest legislative and regulatory developments in the rapidly evolving blockchain, cryptocurrency, and digital asset landscape in the United States.

Since the new administration took office…

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FRB eases crypto restrictions on supervised entities in alignment with the new administration’s support for the digital asset industry.

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

On April 24, 2025, the Board of Governors of the Federal Reserve System (FRB) announced that it was rescinding guidance for banks issued in 2022 related to digital asset and stablecoin activities. It also announced that, together with the Federal Deposit Insurance Corporation (FDIC), it is joining the Office of…

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The proposed legislation will bring cryptoassets into the full scope of UK financial services regulation and enable the UK’s future cryptoasset regime.

By Stuart Davis and Gabriel Lakeman

On 29 April, UK Chancellor Rachel Reeves unveiled draft legislation aimed at regulating cryptoassets at the International Fintech Growth Summit (IFGS) in London, sponsored by Latham & Watkins.

The proposed legislation will bring cryptoassets (including stablecoins) and cryptoasset-related activities in scope of the UK regulatory perimeter, providing the fundamental legislative framework for the UK’s future financial services regime for cryptoassets. When implemented, firms issuing stablecoins, operating cryptoasset trading platforms, and providing custody, brokerage, or dealing services will require full authorisation to conduct activity in the UK.1

SEC

The Staff noted that a stablecoin generally is not subject to SEC jurisdiction if it is not an investment and used solely for commercial activity.

By Jenny Cieplak, Zachary Fallon, Arthur S. Long, Yvette D. Valdez, Stephen P. Wink, Adam Bruce Fovent, Connor Jobes, and Deric Behar

On April 4, 2025, the SEC’s Division of Corporation Finance (the Staff) published a Statement on Stablecoins clarifying that in the Staff’s view the offer and…

SEC

The Staff highlights a range of disclosure matters it identified during its reviews of the digital asset markets.

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

On April 10, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance (the Staff) published a Statement on Offerings and Registrations of Securities in the Crypto Asset Markets (the Statement). The Statement addresses the application of certain disclosure requirements under the Securities Act…

SEC

The Staff Statement provides clarity that Proof-of-Work crypto mining does not involve securities, reducing regulatory uncertainty and enforcement risks for miners.

By Jenny Cieplak, Zachary Fallon, Stephen P. Wink, Connor Jobes, and Deric Behar

On March 20, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance (the Staff) published a Statement on Certain Proof-of-Work Mining Activities (the Statement). The Statement is the Staff’s second non-binding clarification on how it views the federal securities laws…

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New FDIC guidance permits crypto activities by supervised institutions without prior approval, emphasizing risk management and compliance with applicable laws and regulations.

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

On March 28, 2025, the Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution Letter (FIL-7-2025) that provides new guidance for FDIC-supervised institutions engaging in or seeking to engage in crypto-related activities (the Guidance). Specifically, the Guidance clarifies that FDIC-supervised institutions can engage in…

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An executive order and related legislation centralizes Bitcoin and digital asset holdings across the federal government to optimize oversight and management of crypto as a US reserve asset.

By Jenny Cieplak, Zachary Fallon, Arthur S. Long, Yvette D. Valdez, Stephen P. Wink, Connor Jobes, and Deric Behar

On March 6, 2025, President Trump issued an executive order for the “Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile” (the Order). As…

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In a break from restrictive Biden-era policies, OCC-supervised banks may now engage in crypto without supervisory nonobjection, potentially opening new avenues for innovation.

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

On March 7, 2025, the Office of the Comptroller of the Currency (OCC) reaffirmed that national banks and federal savings associations (collectively, banks) may participate in a range of cryptocurrency activities, including crypto custody, certain stablecoin activities, and participation in independent node verification…