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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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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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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…

Congress

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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As federal regulation remains patchy, firms may want to consider a New York state charter as a potential avenue to expand digital asset offerings in a compliant manner.

By Arthur S. Long, Barrie VanBrackle, Stephen P. Wink, and Deric Behar

On March 22, 2024, WisdomTree, Inc., a global asset management firm, announced that the New York Department of Financial Services (NYDFS) granted a New York limited purpose trust company charter to its subsidiary WisdomTree Digital Trust Company…

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A recent bipartisan bill, if enacted, would particularly benefit small lenders and bank-fintech partnerships by promoting transparency, appellate rights, and examiner accountability.

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

On December 14, 2023, a bipartisan group of senators introduced the Fair Audits and Inspections for Regulators’ Exams Act (FAIR Exams Act), which seeks to increase transparency in the bank examination process. The proposed legislation would require examining agencies to act quickly and transparently, while creating an independent review and appeals process under the Federal Financial Institutions Examination Council (FFIEC),[1] which would allow banks to seek independent review of material examiner findings.

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The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending.

By Arthur S. Long, Parag Patel, Barrie VanBrackle, Becky Critchley, Deric Behar, and Charlotte Collins

On December 6, 2023, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2023-37 (Guidance), which clarifies the OCC’s policy positions on the risk management of “Buy Now, Pay Later” (BNPL) lending. These consumer lending arrangements (also known as “point-of-sale installment loans” or “pay-in-4”) involve short-term installment loans repayable in four or fewer payments and carry no finance or interest charges. The OCC expects that banks engaged in BNPL lending “do so within a risk management system that is commensurate with associated risks.”

The Guidance applies to all OCC-regulated institutions, including national banks, federal savings associations, covered savings associations, and federal branches and agencies of foreign banking organizations. The OCC also highlighted that the Guidance applies to community banks engaging in (or considering engaging in) BNPL lending.

A new program addresses innovative banking activities such as bank-fintech partnerships and digital assets while reinforcing guardrails around stablecoin activity.

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

On August 8, 2023, the Board of Governors of the Federal Reserve System (FRB) issued guidance to the banking organizations that it oversees regarding its supervision of novel activities. The guidance also provides information on the process that state banks can follow to engage in certain stablecoin activities.