A federal court’s dismissal of claims against a decentralized cryptocurrency platform and its investors for the actions of scam token issuers is a case of first impression with wider significance.
By Jenny Cieplak, Benjamin A. Naftalis, Stephen P. Wink, Douglas K. Yatter, Gregory Mortenson, and Deric Behar
On August 29,
In its first enforcement action involving NFTs, the SEC focused on issuer marketing that promised outsized returns on investment and platform building.
By Ghaith Mahmood, Nima H. Mohebbi, Stephen P. Wink, Douglas K. Yatter, Adam Zuckerman, and Deric Behar
On August 28, 2023, the Securities and Exchange Commission (SEC) issued
The move becomes effective on October 1, 2023, with the Supreme Court soon to decide on the agency’s rule-writing authority.
By Barrie VanBrackle, Marifiel Gonzalez, and Deric Behar
On February 1, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule (the Proposal) to amend Regulation Z, which implements the Truth in Lending
The Monetary Authority of Singapore announced a new framework that seeks to ensure value stability for stablecoins regulated in Singapore.
By Simon Hawkins, Farhana Sharmeen, Tan Gen Huong, and Adrian Fong
On 15 August 2023, the Monetary Authority of Singapore (MAS), Singapore’s primary regulator for banks and payment services, announced its new
The Act aims to modernize and streamline state regulation of money transmitters while promoting innovation and consumer protection.
By Parag Patel, Mik Bushinski, and Deric Behar
More than a dozen US states have enacted the Money Transmission Modernization Act (MTMA) in whole or in part, while several others have introduced bills to implement
New laws implement regulatory standards and licensing requirements for fintechs seeking to improve employee access to wages.
By Parag Patel, Mik Bushinski, and Deric Behar
On June 13, 2023, Nevada enacted a law that regulates earned wage access (EWA) services provided to state residents. Missouri followed by enacting an EWA law on July
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
A bifurcated decision in a highly anticipated digital assets enforcement action may not provide the clarity that market participants want or need.
By Jack Barber, Jenny Cieplak, Benjamin Naftalis, John Sikora, Stephen P. Wink, Douglas K. Yatter, Luca Marquard, Adam Zuckerman, and Deric Behar
On July 13,
Consumers and businesses stand to benefit from rapid access to funds at any time when routed through participating financial institutions.
By Parag Patel, Barrie VanBrackle, Mik Bushinski, and Deric Behar
On July 20, 2023, the Federal Reserve announced the long-awaited launch of its real-time payment service, FedNow. The new service enables consumers
Regulator clarifies that existing FCA rules will continue to apply but will also reflect the evolving landscape of financial promotions on social media.
By Nicola Higgs, Stuart Davis, Fiona Maclean, Gabriel Lakeman, and Gary Whitehead
On 17 July 2023, the FCA published a guidance consultation (GC23/2) relating to financial