On September 17, 2026, the US Securities and Exchange Commission (SEC) announced the issuance of an exemptive order to facilitate trading in certain tokenized securities. The SEC’s “Innovation Exemption” is scheduled to expire in five years and, in the interim, is intended to promote experimentation with securities tokenization that could lead to future SEC rulemaking.
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Senate Fails to Advance CLARITY Act
On September 15, 2026, a cloture vote in the US Senate failed on a definitive market-structure bill for the crypto industry known as the CLARITY Act. The failed cloture vote means the Senate failed to obtain the 60 votes needed to end a filibuster. While the Senate may revisit a version of the bill in…
SEC Proposes “Regulation Crypto Assets”
On August 18, 2026, the US Securities and Exchange Commission (SEC) proposed a comprehensive new offering and disclosure regime for crypto asset securities entitled “Regulation Crypto Assets.” The proposed rules are specifically designed for the offer and sale of what the SEC terms “covered investment contracts,” which are investment contracts whose subject is a crypto…
FDIC Proposes AML and Sanctions Rule for Permitted Stablecoin Issuers
On May 22, 2026, the Federal Deposit Insurance Corporation (FDIC) released proposed rules to implement Bank Secrecy Act (BSA) and sanctions compliance standards applicable to FDIC-supervised permitted payment stablecoin issuers (PPSIs) required under the GENIUS Act.Continue Reading ›
SEC Chairman Atkins Highlights Onchain Rulemaking Priorities
In prepared remarks delivered May 8, 2026, US Securities and Exchange Commission Chairman Paul Atkins highlighted future rulemaking priorities for onchain trading systems. The Chairman continued to reference “future proofing” regulations, which is his shorthand for engaging in rulemaking that cannot easily be undone by a subsequent administration.Continue Reading ›
Bill Seeks to Expand Access to Federal Reserve Payment Systems
On April 23, 2026, Rep. Young Kim (R-CA) and Rep. Sam Liccardo (D-CA) introduced a bill in the House of Representatives entitled the Payments Access and Consumer Efficiency (PACE) Act. The bill seeks to modernize the payment system by allowing qualified nonbank financial companies, including certain FinTech and digital asset businesses, to directly access Federal…
SEC Staff Issues Statement on Covered User Interfaces
On April 13, 2026, staff in the US Securities and Exchange Commission (SEC) Division of Trading and Markets issued a Staff Statement Regarding Broker-Dealer Registration of Certain User Interfaces Utilized to Prepare Transactions in Crypto Asset Securities. Absent further action by the SEC, the statement will be considered withdrawn five years from the date of
SEC Issues Interpretive Guidance on Crypto Assets
On March 17, 2026, the US Securities and Exchange Commission (SEC) announced the release of interpretive guidance (Guidance) seeking to clarify the application of the federal securities laws to various categories of crypto assets. The Commodity Futures Trading Commission also joined the guidance to assure market participants it would interpret the Commodity Exchange Act in…
Treasury Issues Report on Innovative Technologies to Counter Illicit Finance Involving Digital Assets
On March 6, 2026, the Treasury Department published a report to Congress entitled “Innovative Technologies to Counter Illicit Finance Involving Digital Assets.” Required under the GENIUS Act, the report evaluates how financial institutions can use new technologies to detect and prevent illicit finance involving digital assets, and recommends regulatory and policy actions.Continue Reading ›
OCC Proposes Stablecoin Rules
On February 25, 2026, the federal Office of the Comptroller of the Currency (OCC), published draft regulations for payment stablecoin issuers under the GENIUS Act. The proposed rules focus on stablecoin activities of entities that the OCC will supervise under the GENIUS Act, including stablecoin issuers that are owned or chartered as national banks,…