Archive:2025

1
From E-Commerce to A-Commerce: The Dawn of Agentic AI Payments
2
Will Payment Stablecoins Mean the End of State Money Transmitter Licensing?
3
The Global Stablecoin: Stablecoin Regulatory Framework in Singapore 
4
Australia: Crypto in the Courts – ASIC v Finder Update
5
The White House Working Group on Digital Asset Markets Report: What it Means for Stablecoins and Payments
6
The White House Working Group on Digital Asset Markets Report: What it Means for the Derivatives Industry
7
Australia: Changes Ahead for Australia’s Payments Sector: The RBA Proposes to Ban Card Surcharging
8
United Kingdom: Crypto Regulation: Prudential Requirements
9
United Kingdom: Crypto Regulation: Stablecoin
10
United Kingdom: Crypto Regulation: Regulated Activities

From E-Commerce to A-Commerce: The Dawn of Agentic AI Payments

By: Judith Rinearson, Linda Odom, and Joshua L. Durham

Google’s recent announcement of the Agent Payments Protocol (AP2) raises a range of fascinating legal questions. The concept behind AP2 is to have a payment system that allows consumers to instruct AI empowered agents to search for and make purchases on that consumer’s behalf, using “intent mandates” and “cart mandates” that can provide “a non-repudiable audit trail” to establish “authorization and authenticity, providing a clear foundation for accountability.”

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Will Payment Stablecoins Mean the End of State Money Transmitter Licensing?

By: Judith Rinearson, Jennifer L. Crowder, and Joshua L. Durham

The GENIUS Act (Act) allows “permitted payment stablecoin issuers”—which term includes nonbanks that are either Federal qualified payment stablecoin issuers (FQPSI) (regulated by the OCC) or State qualified payment stablecoin issuers (SQPSI) (regulated by their qualifying state)—to:

  1. Issue and redeem payment stablecoins;
  2. Manage reserves;
  3. Custody payment stablecoins, reserves, or private keys of payment stablecoins; and
  4. Engage in activities that “directly support” the above listed activities.
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The Global Stablecoin: Stablecoin Regulatory Framework in Singapore 

By: Lucas Nicolet-Serra, Edward Bennett, and Judith Rinearson

With the passage of the GENIUS Act in the US, there has been an increased focus on how different countries have approached Stablecoin regulation. This blog examines stablecoin regulation in Singapore.

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Australia: Crypto in the Courts – ASIC v Finder Update

By: Daniel Knight, Ben Kneebush and Thais Fernandes

The Federal Court of Appeal has dismissed ASIC’s appeal and upheld the primary judge’s decision that Finder Wallet’s (Finder) product “Finder Earn” was not a “debenture” and they did not have to hold an Australian Financial Services License (AFSL). ASIC is still considering the implications of this decision and have not yet indicated whether they will seek to appeal to the High Court of Australia.

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The White House Working Group on Digital Asset Markets Report: What it Means for Stablecoins and Payments

By: Jeremy M. McLaughlin and Joshua L. Durham

On 30 July 2025, the President’s Working Group on Digital Asset Markets published its long-awaited report, entitled “Strengthening American Leadership in Digital Financial Technology” (the Report). The Report introduces actionable directives to the prudential banking regulators to further stablecoin policies, both domestically and internationally, including directives on implementing the GENIUS Act.

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

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.”

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United Kingdom: Crypto Regulation: Prudential Requirements

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.

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United Kingdom: Crypto Regulation: Stablecoin

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.

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United Kingdom: Crypto Regulation: Regulated Activities

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.

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