Spain follows the trajectory of other EU Member States that have similarly recalibrated their transitional periods since ESMA first published its consolidated list.
By Gabriel Lakeman, Paloma Arizón, and Ivan Pizeta
On 1 December 2025, the European Securities and Markets Authority (ESMA) published an updated list of grandfathering periods decided by EU Member
As the fintech landscape evolves, federal banking regulators are taking decisive steps to integrate stablecoins and payments innovations into the traditional banking system.
By Arthur S. Long, Parag Patel, Pia Naib, and Deric Behar
Key Points:
The first of what may be a series of crypto no-action letters supports the view that programmatic token distributions serving as network incentives are not securities.
By Jenny Cieplak, Paul M. Dudek, Zachary Fallon, Stephen P. Wink, Hank Balaban, Daphne Lambadariou, and Deric Behar
On September 29, 2025, the
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
Someone explain this to me: a coin just casually hit a $4B market cap and Crypto Twitter… said nothing. No “wen Binance” copypastas. No wojak memes drowning the feed. Not even a lazy doge edit. Nothing.
The project? MemeCore.
And it’s not even a degen shitcoin — it’s a Layer 1 chain built for
The agencies pledge to “usher in a new era of innovation” through a collaboration on rules and exemptions that aims to provide digital asset markets with clarity.
By Stephen P. Wink, Zachary Fallon, Yvette D. Valdez, Douglas K. Yatter, Jenny Cieplak, Adam Bruce Fovent, and Deric Behar
The SEC’s
On September 8, 2025, the Nasdaq Stock Market submitted a proposed rule change to the Securities and Exchange Commission that, if implemented, would allow for the trading and settlement of tokenized securities. Nasdaq points out that even traditional securities are traded in electronic format, and that it should not be a stretch to allow settlement using
In July 2025, President Donald Trump signed the bipartisan-supported Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act” or the “Act”) into law. The GENIUS Act is the first major federal law that specifically regulates the cryptocurrency industry, establishing a comprehensive regulatory framework for payment stablecoins in the U.S. The Act, which will take effect by January 2027 (or earlier if final regulations implementing the Act are issued), significantly reshapes the legal landscape for digital assets in the U.S. and may provide momentum for further Congressional actions in the digital assets space.
Generally speaking, a stablecoin is a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve asset, such as a fiat currency, a commodity, or a basket of reliable assets. Stablecoins aim to provide price stability, making them useful for everyday transactions, trading, and decentralized finance (DeFi) applications, including liquidity pools for collateral in lending and borrowing and as payments for low-cost borderless transactions. Stablecoins collectively represent hundreds of billions of dollars in market cap, underscoring the significance of the Genius Act’s goal to provide legal clarity and a structured framework for stablecoin issuance and oversight. The law also seeks to enhance trust and reduce the custodial and operational risks of stablecoins that were evidenced in recent years during a major algorithmic stablecoin collapse and a “depegging” incident of a major stablecoin. Overall, the law covers digital finance regulation, consumer protection, anti-money laundering (AML) compliance, federal and state regulatory frameworks, bankruptcy, and U.S. monetary policy in general.
To do this, the Act:
The FDIC seeks to avoid overburdening financial services providers with regulations regarding its logo after assessing market feedback and implementation issues.
By Arthur S. Long, Parag Patel, Pia Naib, Connor Jobes, and Deric Behar
On August 19, 2025, the Federal Deposit Insurance Corporation (FDIC) board of directors approved a proposed rule