On July 30, 2025, the President’s Working Group on Digital Assets released its report entitled “Strengthening American Leadership in Digital Financial Technology.” The report champions American innovation in crypto, and “endorses the notion that digital assets and blockchain technologies can revolutionize not just America’s financial system, but systems of ownership and governance economy-wide.”Continue Reading ›
The CLARITY Act, Treasury Companies, and the (Digital) Commodity Pool
Considerations on the proposed expansion of CFTC commodity pool regulation.
By Yvette D. Valdez, Adam Fovent, and Mia Stefanou
On July 17, 2025, the House of Representatives passed the Digital Asset Market Clarity Act of 2025 (the CLARITY Act). This pivotal legislation introduces a comprehensive regulatory framework for the digital asset sector and
States Shift Focus to Digital Assets
In recent weeks all eyes have been on Congress as various bills regulating digital assets advance. But state legislatures have been busy as well, with several considering new legislation on digital assets and cryptocurrency.Continue Reading ›
The GENIUS Act of 2025: Stablecoin Legislation Adopted in the US
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
Crypto in the Capitol: States Take the Lead on Strategic Bitcoin Reserves
As the digital economy continues to evolve, the U.S. government and a handful of states are beginning to experiment with new strategies for financial resilience, including the creation of Strategic Bitcoin Reserves (“SBR”). An SBR is a financial policy tool where a government entity, such as a U.S. state, allocates a portion of assets to securely hold Bitcoin as a long-term store of value or hedge against economic risks like inflation. SBRs function similarly to traditional strategic reserves of assets like gold, as there is a finite supply of Bitcoin.[1] A government (or corporation or individual investor) might wish to add a non-sovereign asset like Bitcoin to their portfolio with the expectation that such assets will appreciate over time or at least maintain a relatively stable value. Recent SBR legislation passed in several states shows Bitcoin is increasingly being viewed as a long-term financial strategy rather than as a speculative asset. These laws also serve as a marketing strategy to position those states with SBRs as tech-friendly and pro-crypto – particularly in light of shifting priorities under the new administration.
Banking Agencies Issue Joint Statement on Risk-Management Considerations for Cryptoasset Safekeeping
Banking organizations safekeeping digital assets for customers must do so in a safe and sound manner and in compliance with applicable laws and regulations.
By Arthur S. Long, Parag Patel, Pia Naib, and Deric Behar
On July 14, 2025, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit
SEC Staff Clarifies Disclosure Expectations for Crypto Asset Exchange-Traded Products
The Staff highlighted disclosure-related observations and issues identified during reviews of digital asset ETP filings.
By Jenny Cieplak, Paul M. Dudek, Zachary Fallon, Aaron Gilbride, Stephen P. Wink, and Deric Behar
On July 1, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance (the Staff) published a Statement
A Giant LEAP Forward: Hong Kong Consults on Crypto Dealing and Custody
Government plans to supercharge the digital assets industry, with crypto dealing and custody regimes the icing on the cake for a holistic regulatory framework.
By Simon Hawkins, Adrian Fong, and Sam Maxson
On 26 June 2025, the Hong Kong Financial Services and Treasury Bureau (FSTB) issued its second policy statement on the
Hong Kong’s Stablecoin Regime Comes Into View
Taking effect in August 2025, the new legislation will bring issuers of fiat-referenced stablecoins into the regulatory perimeter.
By Simon Hawkins, Adrian Fong, and Sam Maxson
On 21 May 2025, the Legislative Council of Hong Kong passed the Stablecoin Bill, which was then gazetted as the Stablecoins Ordinance. It will come into
EBA Publishes No Action Letter on Interaction Between MiCA and PSD2
In the short term, firms are likely to face dual authorisation and significant regulatory requirements.
By Stuart Davis, Gabriel Lakeman, Brett Carr, and Emma Trankeenan
On 10 June 2025, the European Banking Authority (EBA) issued a No Action letter on the relationship between the Markets in Crypto-Assets Regulation (MiCA) and the Payment