Digital Assets Download: Don't Stop Believin'... As summer transitions into autumn, the "Journey" of the Digital Asset Download continues "Faithfully." While many eyes in the crypto world will be watching the US Congress to see if it will deliver a market structure bill to overhaul the US crypto regulatory framework, our Lead Block delivers commentary on US state and federal developments, as well as the Hong Kong Stablecoin Bill. As always, we are "Happy to Give" you another "Lingo" term from our library – in this edition, "staking."
For the Uninitiated: Digital Assets Download is a curated mix of insights and headlines that provide a Layer 3 Legal Perspective" on the digital assets multiverse—created by Mayer Brown's global Digital Assets, Blockchain & Cryptocurrency group.
The Lead Block
Perspectives and insights from Mayer Brown lawyers and other thought leaders that touch on digital assets, decentralized finance, cryptocurrencies and related fields.
Illinois Adopts Regulatory Regime for Digital Assets
Illinois recently enacted Senate Bill 1797, the Digital Assets and Consumer Protection Act, which establishes a regulatory framework designed to enhance customer protections for digital asset activities and to position the state as a well-regulated environment for digital asset innovation. We describe key parts of the Act and discuss its implications for the digital asset sector in this Legal Update.
President Trump Signs Debanking Executive Order
This Legal Update describes President Donald Trump's August 2025 Executive Order, "Guaranteeing Fair Banking for All Americans," which directs federal banking regulators to prevent financial institutions from denying services to individuals or businesses based on political or religious beliefs or lawful activities.
GENIUS Act Signed into Law US Enacts Federal Stablecoin Legislation
The GENIUS Act, signed into law by President Donald Trump, establishes the first federal regulatory framework for stablecoins in the United States, marking a major step in digital asset legislation. This Legal Update analyzes the law, which includes provisions on licensing, anti-money laundering compliance, consumer protection, and regulatory oversight, and was significantly shaped by the Hagerty Amendment, which refined rules around interest-bearing tokens, state regulation, and issuer eligibility.
SEC Statement on Disclosure Best Practices for Crypto Asset ETFs
In this Legal Update, our team provides an overview of the SEC's statement on disclosure best practices regarding crypto asset ETFs.
The Hong Kong Stablecoins Bill and its Impact on the Crypto Landscape
In a Legal Update published in Global Blockchain Business Council (GBBC)'s International Journal of Blockchain Law (IJBL), Amita Haylock and Justin Lai discuss Hong Kong's newly gazetted Stablecoins Bill and its key features, while considering its impact on the broader crypto industry.
News Node
Regulatory/Enforcement
SEC and CFTC Clear Path for US Exchanges to Trade Spot Crypto
US Federal Reserve to Hold Conference with Focus on Stablecoins, Tokenization
Markets
US Bancorp Revives Institutional Bitcoin Custody Service
Trump-Backed World Liberty Ethereum Token Debut: Here's How It Played Out
Jamie Dimon says JPMorgan Chase Will Get Involved in Stablecoins as Fintech Threat Looms
Citigroup Considers Issuing its Own Stablecoin, CEO Says
BofA is Looking for 'Legal Clarity' as It Explores Stablecoin Initiatives, CEO Says
Crypto Infrastructure Giant Talos Acquires Coin Metrics for More Than $100 Million
Courts
9th Circ. Finding that NFTs are Goods Will Change TM Law
Select Events
Impact of the AML Provisions in the GENIUS Act
The passage of the GENIUS Act has opened the floodgates for stablecoins. Dozens of new issuers (if not more) are expected to enter the market in the coming months, and the total volume outstanding continues to increase at a rapid pace. On Thursday, September 11, Mayer Brown partners Matthew Bisanz and Brad Resnikoff will be presenting on the impact of AML provisions in the GENIUS Act.
On September 9, 2025, Mayer Brown partner Joe Castelluccio will participate in the "From Wild West to Wall Street: The Rise of Regulated Crypto" panel. This session will provide a Crypto business model primer, regulatory updates and compliance and legal considerations for digital asset programs.
11th Annual Alternative Finance Summit: Fintech, Blockchain, and Crowdfunding
On September 3, Mayer Brown partner Anna Pinedo participated in a "Securities Offering and Private Placement Developments: A Prolific, Controversial Year of Rulemaking" session at PLI's 11th Annual Alternative Finance Summit: Fintech, Blockchain, and Crowdfunding.
Digital (Tokenized) Bonds: What to Know About a Growing Asset Class
On August 11, Mayer Brown partners Steffen Hemmerich and Matthew Bisanz presented a PLI webinar on tokenized bonds. Attendees gained an understanding of the legal, operational, and technological issues that must be overcome to structure a successful tokenized bond issuance, including ownership recordation, custodial arrangements, and servicing mechanisms.
LEARN THE LINGO
For those new to the digital assets and DeFi world, each edition of the Digital Assets Download will highlight a different term to help you be a part of the conversation.
STAKING
Staking cryptocurrencies is a process that involves committing crypto assets to support a blockchain network and confirm transactions. Crypto assets are "staked" by depositing them with a protocol in exchange for rewards. The purpose for the staking varies by protocol, but the most common form of staking is within the proof-of-stake consensus mechanism (an alternative to proof-of-work) used by certain blockchains to verify new blocks of data that are added to the network. In a proof-of-stake protocol, stakers perform the exercise of validating new blocks of transactions to be added to the network. The staked assets are at risk and will be lost if the staker processes fraudulent transactions; as a result, each validator's stake acts as an incentive to ensure the security of the network. In exchange for the committed tokens, validators receive rewards denominated in the native cryptocurrency..
Writing on the Wall, Translating 'Crypto' Terms with Mayer Brown
From Airdrop to Wrapped Token, our illustrated glossary, "Writing on the Wall, Translating Securities with Mayer Brown," has been updated with additional digital assets and cryptocurrency terms. Check out our "featured" list for the crypto terms and the full list of terms.
Digital Assets Download
View previous editions and additional content in our Digital Assets Download Resource Center.
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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.
