stablecoins

The GENIUS Act and State-Issued Stablecoins Raise Important Issues of Federalism

By David Krause September 11, 2025 by renholding

The enactment of the GENIUS Act of 2025 marks a watershed moment in American cryptocurrency regulation, establishing the first comprehensive federal framework for payment stablecoins.[1] Yet within this law lies a provision that may fundamentally reshape the balance between …

Skadden Discusses the Trump Administration’s Comprehensive Report on Digital Assets

By Mark Chorazak, Alexander C. Drylewski, Alessio D. Evangelista, Eytan J. Fisch and Chad E. Silverman August 13, 2025 by renholding

Executive Summary

• What is new: The Trump administration’s Working Group on Digital Asset Markets released a comprehensive report outlining some 100 policy and legislative recommendations to position the U.S. as a global leader in digital assets and blockchain innovation.
• Why

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Cleary Gottlieb Discusses Federal Stablecoin Regulatory Framework

By Robin M. Bergen, Hugh C. Conroy, Jr., Deborah North, Brandon M. Hammer and Alec F. Mitchell July 23, 2025 by renholding

On July 18, 2025, President Trump signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUSAct” or the “Act”), a first-of-its kind bill that establishes a comprehensive federal regulatory framework …

The CLARITY Act’s Unfinished Business

By David Krause July 22, 2025 by renholding

After nearly two decades of regulatory uncertainty, digital assets stand at a critical juncture in American financial law. On July 18, 2025, President Trump signed the “Guiding and Establishing National Innovation for US Stablecoins Act,” known as the GENIUS Act, …

Shadow SEC Statement No. 6: The Not-So-GENIUS Act

By John Coates, John C. Coffee, Jr., James D. Cox, Merritt B. Fox and Joel Seligman July 14, 2025 by renholding

On June 17, 2025, the Senate passed the GENIUS Act, shorthand for the Guiding and Establishing National Innovation for U.S. Stablecoins Act, by a bipartisan vote of 68-30, with 18 Democratic Senators supporting the Bill.  The GENIUS Act would amend …

The GENIUS Act: Countering Criticisms and Charting a Path for Stablecoins

By David Krause June 9, 2025 by renholding

Stablecoins have emerged as a central pillar of the digital asset ecosystem, offering a bridge between traditional fiat currencies and decentralized finance. The GENIUS Act, a stablecoin regulation proposal, is advancing with bipartisan support through the U.S. Senate.^[1] Given …

Wachtell Lipton Discusses Cryptoasset Developments: Continued Progress Toward U.S. Regulatory Clarity

By Kevin S. Schwartz and David M. Adlerstein June 9, 2025 by renholding

As regulators and policymakers across the federal government press forward with creating long-sought rules of the road for the cryptoasset industry, several recent developments bear particular significance for the promise of the decentralized internet, or Web3. Among these is the …

Morrison & Foerster Discusses Top Five SEC Enforcement Developments for April 2025

By Michael D. Birnbaum, Haimavathi V. Marlier, Craig D. Martin, Nicole K. Serfoss and Patrick Byxbee June 5, 2025 by renholding

For the month when Paul Atkins was sworn in as SEC Chairman, we examine:

• The SEC’s position that “Covered Stablecoins” are not securities under federal securities law;
• An SEC victory in the Fifth Circuit regarding the imposition of a receivership

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The GENIUS Act Needs a Rule on Extraterritoriality

By Benedikt Bartylla April 29, 2025 by renholding

Congress seems on its way to passing the first piece of federal crypto-regulation, the Guiding and Establishing National Innovation for U.S. Stablecoins – or GENIUS – Act. The law would create a comprehensive regulatory framework for payment stablecoins, which are …

Uniswap’s Reprieve Reveals the Uncertainty of DeFi Regulation

By Richard Fair April 28, 2025 by renholding

In 2024, the Securities and Exchange Commission (SEC) issued Wells notices to at least 13 crypto companies – several of which were decentralized finance (DeFi) platforms –  including Uniswap Labs (Uniswap), the second largest decentralized exchange (DEX) by trading volume

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A&O Shearman Discusses SEC Staff Position on USD-Backed Stablecoins

By F. Dario de Martino, Susan Gault-Brown, C. Wallace DeWitt and Bill Satchell April 10, 2025 by renholding

On April 4, 2025, the staff of the SEC’s Division of Corporation Finance (the “Staff”) issued a statement addressing the status of certain stablecoins under the U.S. securities laws.

The statement concludes that a narrow class of USD-backed, fully reserved, …

SEC Offers Views on Stablecoins

By Securities and Exchange Commission April 7, 2025 by renholding

As part of an effort to provide greater clarity on the application of the federal securities laws to crypto assets,[1] the Division of Corporation Finance is providing its views[2] on certain types of crypto assets commonly referred to …

Wilson Sonsini Discusses the New SEC Crypto Task Force

By Amy Caiazza and Alice Cao March 12, 2025 by eorozco

The lead of the U.S. Securities and Exchange Commission’s (SEC’s) new Crypto Task Force (Task Force), Commissioner Hester Peirce, recently laid out principles for how the Task Force will approach regulation and provided a roadmap for specific issues the Task …

Why Stablecoins and Central Bank Digital Currencies Need to Co-Exist

By Yuliya Guseva, Sangita Gazi and Douglas Eakeley June 21, 2024 by renholding

Money is a complex construct consisting of public and private elements. It is not all coined or printed by a government; a significant portion originates with private-sector entities like banks, against which other private parties have contractual claims. In a …

How to Regulate FinTech, Crypto Assets, DeFi, and Other Financial Innovations

By Steven L. Schwarcz April 10, 2024 by renholding

In a new article, I attempt to build a systematic framework for regulating FinTech-driven innovations. In doing so, I clarify and simplify the confusing terminology that makes FinTech appear more complicated than it is.

“FinTech” refers to the use of …

Wachtell Lipton Discusses Regulating Cryptoassets With Existing Tools

By Kevin S. Schwartz, Rosemary Spaziani , David M. Adlerstein, David E. Kirk and Sabina M. Beleuz August 23, 2022 by renholding

For all the press lamenting the “crypto winter” and urging long-term legislative overhaul, there has not been sufficient attention to how existing regulatory tools can be employed to address some of the key risks and vulnerabilities in the current crypto …

Skadden Discusses Senate Bill to Create Regulatory Structure for Crypto and Other Digital Assets

By Alexander C. Drylewski, Nathan W. Giesselman, Stuart D. Levi, Daniel Michael, Bao Nguyen and Andrew R. Beatty June 23, 2022 by renholding

In recent years, innovation in the blockchain or “Web3” space has been impacted by uncertainty on the regulatory front. Undoubtedly, the greatest area of uncertainty has involved the Securities Exchange Commission (SEC) and its application of the so-called Howey test …

Wachtell Lipton Discusses Emerging Issues in Decentralized Governance and the Lessons of Corporate Governance

By Kevin S. Schwartz, David M. Adlerstein, David E. Kirk and I. Andrew Mun June 6, 2022 by renholding

While recent gyrations in cryptoasset markets have focused attention on the future contours of stablecoins, market-making, and impending regulation, another feature of the blockchain landscape is also confronting noteworthy challenges.  Specifically, a new breed of business organization has emerged …

SEC Chair Gensler Speaks on Crypto Markets

By Gary Gensler April 5, 2022 by renholding

Thank you. It’s great to be with you all at this event, particularly as the University of Pennsylvania is my alma mater. I was over at Wharton, and what I knew of the law school is that the library stacks

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It’s Time to Regulate Stablecoins as Deposits and Require Their Issuers to Be FDIC-Insured Banks

By Arthur E. Wilmarth, Jr. January 17, 2022 by renholding

In November 2021, the President’s Working Group on Financial Markets (PWG) issued a report analyzing the rapid expansion and growing risks of the stablecoin market.[1]  Stablecoins are digital assets that claim to maintain a “stable” value with reference to …