A new proposal would subject financial institutions and exchanges to onerous recordkeeping and reporting requirements for certain digital currency transactions.

By Miles P. Jennings, Benjamin A. Naftalis, Eric S. Volkman, Margaret Allison Upshaw, and Deric Behar

In a surprise release in the waning days of the Trump administration, the Financial…


The no-action letter is the first to expressly permit token transfer off-platform to non-users and conversion to fiat currency by token holders.

By Stephen P. Wink, Shaun Musuka, and Deric Behar

As crypto prices surge, we find ourselves in the midst of another crypto wave. Given the unrelenting flow of…


The CFTC issues stringent guidelines for FCMs seeking to custody digital assets in connection with physically delivered futures contracts or swaps.

By Yvette D. Valdez, Adam Bruce Fovent, and Deric Behar

The US Commodity Futures Trading Commission’s (CFTC’s) Division of Swap Dealer and Intermediary Oversight (DSIO) issued CFTC Staff Letter…


In setting forth its rationale, FINRA observed that private placement retail communications reviewed by AdReg have “revealed significant and pervasive” violations of FINRA Rule 2210.

By Dana G. Fleischman, Stephen P. Wink, Naim Culhaci, and Deric Behar

On October 28, 2020, the Financial Industry Regulatory Authority, Inc. (FINRA) filed with…


By Alan W. Avery, Todd Beauchamp, Stephen P. Wink, Pia Naib, Loyal T. Horsley, Charles Weinstein, and Deric Behar

On September 21, 2020, the US Office of the Comptroller of the Currency (OCC) issued Interpretive Letter #1172 (the Letter), giving national banks and federal savings associations (FSAs) the greenlight to…


By Brett Carr, Charles Weinstein, and Deric Behar

Consumers’ rights to access and use their personal financial information has been a key focus of innovators and regulators over the past decade.

The development of “open banking” fintech models has proliferated, as customers discover the value in allowing third-party financial service…


A new Payments Charter could enable entities to engage in payments-related activities on a nationwide basis, rather than by state.

By Alan W. Avery, Todd Beauchamp, Pia Naib, Loyal T. Horsley, and Charles Weinstein

The US Office of the Comptroller of the Currency’s (OCC) newly appointed Acting Comptroller, Brian P…


By Alan W. Avery, Todd Beauchamp, Yvette D. Valdez, Pia Naib, Loyal T. Horsley, Charles Weinstein, and Deric Behar

On July 22, 2020, the US Office of the Comptroller of the Currency (OCC) issued Interpretive Letter #1170 (the Letter), giving national banks and federal savings associations (FSAs) the greenlight to…


By Yvette D. Valdez, J. Ashley Weeks, and Deric Behar

Earlier this year, the US Commodity Futures Trading Commission (CFTC) approved final interpretive guidance (Guidance) concerning retail commodity transactions involving certain digital assets. The Guidance clarifies the CFTC’s views regarding the “actual delivery” exception to Section 2(c)(2)(D) of the Commodity…


The three US federal banking agencies have taken steps to enable the financial system to continue functioning during the pandemic.

By Alan W. Avery and Pia Naib

During the course of this week, the three US federal banking agencies — the Board of Governors of the Federal Reserve System (Federal…

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