Regulatory & Compliance

House Stablecoin Legislation

In late July the House Financial Services Committee made tentative plans to consider legislation to regulate stablecoins and require the Federal Reserve to study development of a
Continue Reading Will Cryptocurrency Legislation Gain Momentum in September?

Federal regulatory agencies are closely monitoring crypto-asset developments and banking organizations’ participation in the crypto-asset industry. This GT Alert covers the guidance issued by the FDIC, CFPB, and the Federal
Continue Reading Regulatory Scrutiny on the Rise of Bank and Crypto Company Dealings

On Aug. 8, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed economic sanctions on Tornado Cash, a popular cryptocurrency mixing service that allows customers to
Continue Reading OFAC Sanctions Cryptocurrency Mixing Service for Allegedly Facilitating Money Laundering

On June 8, 2022, the New York State Department of Financial Services (DFS) issued a new Regulatory Guidance, setting foundational criterial for USD-backed stablecoins used by DFS-regulated entities. This
Continue Reading NYDFS Becomes First US Financial Regulator to Issue Stablecoin Expectations to Virtual Currency Industry