FinTech – FinTech and Blockchain Law Watch

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

Sep 04 2025

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:

Issue and redeem payment stablecoins;
Manage reserves;
Custody payment stablecoins, reserves, or private keys of payment stablecoins; and
Engage in activities that “directly support” the above listed activities.

Australia: Crypto in the Courts – ASIC v Finder Update

Sep 02 2025

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.

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.

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).

Australia: ASIC Prepares Guidance Following the Release of BNPL Regulations

Feb 13 2025

By: Daniel Knight, Madison Jeffreys and Mackenzie Brown

On 5 February 2025, the Australian Government (via the Department of Treasury) released an exposure draft on the National Consumer Credit Protection Amendment (Low Cost Credit) Regulations 2025 (draft Regulations). The draft Regulations follow the recent introduction of the Treasury Laws Amendment (Responsible Buy Now Pay Later and other Measures) Act 2024, which will see Buy Now Pay Later providers regulated as ‘low cost credit contract’ (LCCC) providers under the National Consumer Credit Protection Act 2020 (National Credit Act) from 10 June 2025.

Massachusetts Revamps Its Money Transmission Law

Jan 03 2025

By: Andrew C. Glass, Jeremy M. McLaughlin, and Joshua L. Durham

On 2 January 2025, Massachusetts went from being one of the least regulated states for money transmission to becoming one of the more highly regulated states. Formerly, only entities engaging in foreign money transmission required licensing. Under the newly enacted Money Transmission Act (Massachusetts MTA) (H4840), covered entities will include any entity that sells or issues payment instruments or stored value, as well as any entity that receives money for transmission from a person located in Massachusetts. Such entities will soon be required to obtain a license from, and will be subject to supervision by, the Massachusetts Division of Banks. In signing the Massachusetts MTA into law, Governor Maura Healey expressed that the law is intended to protect Massachusetts consumers “when transferring money to friends and businesses through payment apps.”

BNPL Regulation Takes the Final Step in Australia

Dec 13 2024

By: Daniel Knight, Ben Kneebush and Madison Jeffreys

On 29 November 2024, the Australian Parliament passed the long-awaited Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 (Bill).

Australian Treasury Proposes New Consumer Data Right Rules for Non-Bank Lenders

Dec 04 2024

By: Daniel Knight, Simon Kiburg, Hugo Chow and Madison Jeffreys

The Australian Treasury released an Exposure Draft on 26 November 2024 (Amending Rules) proposing amendments to the Competition and Consumer (Consumer Data Right) Rules 2020 (CDR Rules). Whilst the government designated the non-bank lending sector as subject to the CDR regime on 21 November 2022 and had released draft rules for consultation last year, the new proposed Amending Rules have taken into account stakeholder feedback and reflects the government’s recent ‘reset’ of the CDR regime.

Federal Court Vacates SEC’s Expanded Dealer Definition

Nov 25 2024

By: Richard F. Kerr, Jessica D. Cohn, and Joshua L. Durham

On 21 November 2024, the US District Court for the Northern District of Texas (Court) ruled against the US Securities and Exchange Commission (SEC) in two separate cases, vacating its rule which expanded the definition of securities dealers.

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