2025 – FinTech and Blockchain Law Watch

The White House Working Group on Digital Asset Markets Report: What it Means for the Derivatives Industry

Aug 14 2025

By: Cheryl L. Isaac and Clifford C. Histed

The “Strengthening American Leadership in Digital Financial Technology” Report, published in July 2025 by the President’s Working Group on Digital Asset Markets (the PWG), includes comprehensive recommendations for immediate action by the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC). Notably, the PWG is pushing these regulators to rely on their existing rulemaking and exemptive authority–without waiting for Congress to act – to enable the trading of digital assets and “ensure that American businesses can compete internationally.”

Australia: Changes Ahead for Australia’s Payments Sector: The RBA Proposes to Ban Card Surcharging

Aug 07 2025

By: Daniel Knight, Simon Kiburg and Madison Jeffreys

The Reserve Bank of Australia (RBA) has proposed major reforms to the existing card payment and surcharging regulatory landscape in Australia.

United Kingdom: Crypto Regulation: Prudential Requirements

Jul 02 2025

By: Judith Rinearson and Kai Zhang

The United Kingdom is quickening the pace on the new crypto regulatory regime. The Financial Conduct Authority (FCA) published three papers in quick succession in May 2025: a discussion on key policy positions (DP25/1) and two consultations on detailed rules (CP25/14 and CP25/15). This blog focuses on CP25/15. Please see our separate blogs on the other proposals by going here and here.

United Kingdom: Crypto Regulation: Stablecoin

Jun 30 2025

By: Judith Rinearson and Kai Zhang

The United Kingdom is quickening the pace on the new crypto regulatory regime. The Financial Conduct Authority (FCA) published three papers in quick succession in May 2025: a discussion on key policy positions (DP25/1) and two consultations on detailed rules (CP25/14 and CP25/15). This blog focuses on CP25/14. Please see our separate blogs on the other proposals by going here and here.

United Kingdom: Crypto Regulation: Regulated Activities

Jun 27 2025

By: Judith Rinearson and Kai Zhang

The United Kingdom is quickening the pace on the new crypto regulatory regime. The Financial Conduct Authority (FCA) published three papers in quick succession in May 2025: a discussion on key policy positions (DP25/1) and two consultations on detailed rules (CP25/14 and CP25/15). This blog focuses on DP25/1. Please see our separate blogs on the other proposals by going here and here.

Congress Unveils Highly Anticipated Cryptocurrency Market Structure Legislation

May 30 2025

By: Vivian K. Bridges, Joshua L. Durham, and Ryan T. Carney

On 29 May 2025 the House Financial Services Committee (HFSC) and the House Agriculture Committee (Ag) unveiled their highly anticipated cryptocurrency market structure legislation.

United States: The Continuing Shift to Modern Money Transmission Laws

May 05 2025

By: Judith Rinearson, Jeremy McLaughlin, Jennifer Crowder, and Joshua Durham

Within the past two months, three states have adopted the Money Transmission Modernization Act (MTMA). The governors of Virginia, Mississippi, and most recently Colorado, signed bills that implement the MTMA, and two other states are currently considering similar bills (Alaska and Nebraska).

Federal Banking Regulators Adopt a Permissive Stance on Cryptocurrency

Apr 29 2025

By: Grant Bulter , Richard Kerr, and Win Gustin

The federal banking regulators have each recently adopted a more permissive approach to the regulation of cryptocurrency activities within the banking sector. The Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Board of Governors of the Federal Reserve System (FRB) have issued new guidance that relaxes previous restrictions and requirements for banks engaging in crypto-related activities. The three agencies have also withdrawn two interagency statements, the Joint Statement on Crypto-Asset Risks to Banking Organizations (3 January 2023) and the Joint Statement on Liquidity Risks to Banking Organizations Resulting from Crypto-Asset Market Vulnerabilities (23 February 2023).

United States: The SEC Takes Another Key Step Toward Crypto Clarity

Apr 17 2025

By: Keri E. Riemer, Richard F. Kerr, and Caroline N. Roethlisberger

On the heels of other guidance issued by the US Securities Exchange Commission’s (SEC) Division of Corporation Finance (Division), the Division released a statement (Statement) on 10 April 2025 addressing its views about, among other things, certain disclosure requirements for certain registration forms under the Securities Act of 1933, including Form S-1, and registration forms under the Securities Exchange Act of 1934, including Form 10. As Form S-1 is used by commodity based exchange-traded products (ETPs), including spot bitcoin and ether ETPs, the Division’s guidance will impact such ETPs and others that follow a similar registration path.

Hong Kong SFC’s New Roadmap to Develop Hong Kong as a Global Virtual Asset Hub: ASPIRe

Apr 11 2025

By: Jay Lee, Natalie Chow, and Alvin Lam

The Hong Kong Securities and Futures Commission (SFC) has recently unveiled a growth plan for the virtual asset (VA) industry, outlined in a five-pillar roadmap called “A-S-P-I-Re.” This roadmap consists of 12 initiatives organized into five categories: Access, Safeguards, Products, Infrastructure, and Relationships.

Archive:2025