Firms have six days left to submit their responses to the consultation, which aims to prepare the UK for the emerging “multi-money” ecosystem.
By Brett Carr, Stuart Davis, Christian F. McDermott, Fiona Garrahan, Cameron Jones, and Callum Lee
On 14 July 2026, HM Treasury (HMT) launched its consultation on Modernising Payment Services Regulation, welcoming views on how the UK government should amend the regulatory framework for payment services (Payment Services Regulations 2017 or PSRs)
The request for comment aims to help Treasury devise clear guidelines for stablecoin issuers, promote international coordination, and protect consumers from potential risks.
By Arthur S. Long, Parag Patel, Pia Naib, and Deric Behar
On September 19, 2025, the US Department of the Treasury (Treasury) issued an Advance Notice of Proposed Rulemaking (ANPRM), seeking public comment related to its implementation of the Guiding and Establishing National Innovation for US Stablecoins Act (the GENIUS Act), a comprehensive framework
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
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
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
The Staff stated that most meme coins are not subject to federal securities laws or SEC fraud enforcement; who will oversee meme coins remains an open question.
By Jenny Cieplak, Zachary Fallon, Ghaith Mahmood, Yvette D. Valdez, Stephen P. Wink, and Deric Behar
On February 27, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance published a Staff Statement on Meme Coins (the Statement). The Statement is the first tangible clarification of how
Stablecoin regulation is a top priority for lawmakers, and three recent proposals reflect differing perspectives on how to achieve regulatory clarity while balancing safety and innovation.
By Jenny Cieplak, Arthur Long, Yvette D. Valdez, Stephen P. Wink, Pia Naib, Connor Jobes, and Deric Behar
In the wake of President Trump’s executive order on digital assets aiming to make the US the “crypto capital of the planet” (for more information, see this Latham blog post
With its pro-crypto stance and urgent posture, the executive order promises to make the US the “crypto capital of the planet.”
By Jenny Cieplak, Zachary Fallon, Arthur Long, Yvette D. Valdez, Stephen P. Wink, Douglas K. Yatter, and Deric Behar
On January 23, 2025, President Trump issued a highly anticipated executive order on digital assets titled “Strengthening American Leadership in Digital Financial Technology” (the Order). The Order asserts at the outset that the digital asset industry is critical for US innovation, economic development, and international leadership. It further undertakes “to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy. …”
Highlights of the Order are outlined below.
The CFPB’s proposal, its first attempt to regulate cryptocurrencies and stablecoins, is unlikely to survive the administration change.
By Parag Patel, Adam Bruce Fovent, and Deric Behar
On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) issued a proposed interpretative rule that would extend the consumer protections of the Electronic Funds Transfer Act (EFTA) to certain stablecoin and other virtual currency accounts, video game accounts, and credit card rewards points accounts (the Proposed Interpretation).1 In issuing
The bipartisan bill seeks to foster innovation and promote US dollar dominance while protecting consumers and mitigating illicit finance risks.
By Jenny Cieplak, Arthur Long, Yvette D. Valdez, Stephen P. Wink, Adam Fovent, and Deric Behar
On April 17, 2024, US Senators Cynthia Lummis from the Senate Banking Committee and Kirsten Gillibrand from the Senate Agriculture Committee introduced proposed legislation to create a US regulatory framework for stablecoins. The bipartisan Lummis-Gillibrand Payment Stablecoin Act (the Bill) seeks to promote responsible innovation and preserve US dollar dominance, while protecting consumers and digital asset market participants.