Finance Law and Banking Law

The Federal Reserve Board has issued two comprehensive proposed rulemakings to implement the GENIUS Act's stablecoin regulatory framework, establishing application procedures for bank subsidiaries seeking to become permitted payment stablecoin issuers and prescribing substantive requirements for reserves, capital, redemption, risk management, and custody. These proposals complete the initial interagency rollout of federal stablecoin regulation, with significant implications for banks, holding companies, and

The SEC's innovation exemption order establishes a regulatory framework for trading tokenized US stocks on blockchain-based venues, creating a pathway for secondary-market transactions through automated market makers while imposing strict conditions on access, technology, and investor protection. This interim measure addresses how securities that remain subject to federal law may trade on-chain, following the Senate's failure to advance comprehensive crypto legislation.

New York and Wyoming regulators have established a coordinated framework for overseeing digital asset businesses operating across state lines. The memorandum of understanding introduces streamlined licensing procedures, joint examination protocols, and enhanced information sharing between the two states' financial regulators.