The new Administration has a clear mandate to provide a securities regulatory pathway for crypto, but it had been unclear whether the SEC would take the initiative in building a framework for crypto regulation, or whether legislation making its way through Congress would steal the momentum. What is taking shape is a blend of the
OCC Proposes Regulation to Clarify Permissible Activities for Trust Banks
The Proposal addresses recent comments about the scope of permissible activities for national trust banks, as applications to charter new banks continue to be filed.
By Arthur S. Long, Parag Patel, Pia Naib, Connor Jobes, and Deric Behar
Key Points
- The Proposal would amend the OCC’s chartering regulations to clarify that
SEC Staff Provides Clarity on the Custody of Cryptoasset Securities
The Staff statement provides a framework for broker-dealers seeking to maintain “physical possession” of digital asset securities, emphasizing operational security and risk mitigation.
By Zachary Fallon, Stephen P. Wink, Naim Culhaci, and Deric Behar
Key Points:
- The 2025 Crypto Custody Statement clarifies how broker-dealers can maintain “physical possession” of cryptoasset securities under
FDIC Issues Proposal to Implement GENIUS Act
The proposal outlines the application process and the factors that the FDIC will consider in granting approval for an entity to issue payment stablecoins.
By Arthur S. Long, Parag Patel, Pia Naib, Connor Jobes, and Deric Behar
Key Points
- The Proposal would align stablecoin issuer reviews to five statutory factors, including
UK Cryptoasset Regime: Key Takeaways From the Final Draft Statutory Instrument
The publication of the SI marks the latest regulatory development in the UK’s rapidly evolving cryptoasset landscape.
By Stuart Davis, Gabriel Lakeman, Brett Carr, Sam Maxson, and Emma Trankeenan
Key Points
- On 15 December 2025, HM Treasury published the final draft statutory statement (the SI) setting out how activities in relation
FCA Publishes Update to Cryptoasset Gateway
The update will create significant time pressure for firms seeking UK authorisation.
By Stuart Davis and Gabriel Lakeman
On 8 January 2026 the FCA published an update on the cryptoasset gateway (the Gateway) for firms seeking approval under the future regulatory regime for cryptoasset activities.1 The timings set out by the FCA will create
SEC Staff Issues No-Action Letter for DTC’s Tokenization Pilot
The no‑action relief opens the door to experimentation with blockchain-based market infrastructure while preserving traditional securities market safeguards.
By Jenny Cieplak, Paul M. Dudek, Zachary Fallon, Stephen P. Wink, Hank Balaban, and Deric Behar
Key Points
- The no-action letter permits DTC to run a pilot program for asset tokenization under
OCC Continues to Move Digital Assets Into the Banking System
The OCC affirmed that certain cryptoasset activities are part of, or incidental to, the business of banking and conditionally approved five national trust bank charters for digital asset entities.
By Arthur S. Long, Parag Patel, Pia Naib, Connor Jobes, and Deric Behar
Key Points:
- The OCC affirmed that national banks may
SEC Authorizes Pilot Program for Tokenized Securities Trading
In a recent social media post and television interview, Securities and Exchange Commission Chairman Paul Atkins announced that US capital markets are “poised to move on-chain.” At the same time, on December 11, 2025, the SEC staff issued a no-action letter to a prominent registered clearing agency and securities depositary to launch a securities
SEC Staff Issues No-Action Letter for Fuse Crypto Token
The NAL provides incremental clarity for innovators in the digital asset space and reduces legal risk for similarly structured rewards tokens.
By Zachary Fallon, Stephen P. Wink, Hank Balaban, Connor Jobes, Daphne Lambadariou, and Deric Behar
Key Points:
- Pursuant to the NAL, transactions in Fuse Tokens will not be considered