Joseph A. Castelluccio

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Crypto Guidance Released by US Federal Reserve

USA - August 18 2022 On August 16, 2022, the Board of Governors of the Federal Reserve System (“Federal Reserve”) issued guidance for banking organizations engaging or…

Matthew Bisanz, Andrew Olmem, Jeffrey P. Taft

Request for Comment on Digital Assets Issued by US Treasury Department

USA - July 13 2022 On July 8, 2022, the US Department of the Treasury issued a request for public comment on the responsible development and use of digital assets (the…

Matthew Bisanz, Andrew Olmem, Jeffrey P. Taft

The Lummis-Gillibrand Responsible Financial Innovation Act: What to Know

USA - June 21 2022 On June 7, 2022, US Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced S. 4356 - the Responsible Financial Innovation Act (RFIA)…

Matthew F. Kluchenek, Ellen L. Aldin, Jason S. Bazar, Matthew Bisanz, Julyana C. Dawson, Rohith P. George, Amit S. Neuman, Andrew Olmem, Christina M. Thomas

Stablecoins: The Collapse of TerraUSD and the Road Ahead for the “Less-Risky” Form of Cryptocurrency

USA - May 19 2022 Stablecoins—a digitally native medium of exchange that seeks to maintain a stable relative value—have seen explosive growth in recent years as…

Matthew F. Kluchenek, Matthew Bisanz, Rohith P. George, Christopher B. Leach

US SEC Issues SAB 121: Accounting for Custody of Crypto-Assets

USA - April 7 2022 On March 31, 2022, the US Securities and Exchange Commission (the "SEC") published Staff Accounting Bulletin No. 121 (the "Bulletin"), expressing the…

Elizabeth A. Raymond, Kimberly Ayudant, Matthew Bisanz, Jennifer J. Carlson, Marc Leong, Christina M. Thomas