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United States: Going for Two! SEC Approves Multi-Crypto Asset ETP
On 29 July 2025, the US Securities and Exchange Commission (SEC) approved a proposed rule change to list and trade shares of a multi-crypto asset exchange-traded product (ETP), under NYSE Arca Rule 8.201-E. This marks the first time that the SEC has approved the listing of an ETP that will invest in more than one type of crypto asset on a spot basis; until now, the SEC has only approved listing rules permitting single crypto asset ETPs to be listed. The approved multi-crypto asset ETP (the...By: K&L Gates LLP
Europe: UK FCA Confirms the Circumstances in Which it May Make Public Announcements About Live Investigations
We discussed in an earlier blog that the United Kingdom’s Financial Conduct Authority has axed proposed “name and shame” rules, retaining only an ability to make a public announcement about an investigation in “exceptional circumstances”....By: K&L Gates LLP
Weekly Blockchain Blog - August 2025 #3
US Stablecoin Issuers Announce Bank Charter Application, New L1 Network - Paxos, a blockchain infrastructure and tokenization platform and issuer of the USDP stablecoin, recently announced that it “has filed an application to convert its New York Department of Financial Services (NYDFS) trust charter into a national trust charter under the supervision of the Office of the Comptroller of the Currency (OCC).”...By: BakerHostetler
SEC Staff Clarifies That Liquid Staking Activities Do Not Implicate US Federal Securities Laws
The Staff provides the market with additional crypto clarity, holding that liquid staking does not qualify as a security under the Howey test....By: Latham & Watkins LLP
Recent Developments in the Law of Federal Property Fraud: It’s a Long and Winding Road
In two recent high-profile decisions, Chastain v. United States and Johnson v. United States, the U.S. Court of Appeals for the Second Circuit reversed wire fraud convictions that were based on theories resembling insider trading.1 In both cases, the government invoked the wire fraud statute, and not a securities fraud statute, because the products at issue (non-fungible tokens and spot foreign currency) were not securities....By: Akin Gump Strauss Hauer & Feld LLP
[Audio] Conversation with Former SEC Chief Economist Dr. Jessica Wachter on Investment Management Rulemaking at the Commission – PE Pathways
This episode of PE Pathways features Dr. Jessica Wachter, former chief economist and director of the Division of Economic and Risk Analysis at the Securities and Exchange Commission (SEC), now a professor in quantitative finance at the Wharton School at the University of Pennsylvania. Hosted by Troutman Pepper Locke attorneys Ben Mittman and Genna Garver, the conversation explores Wachter’s experiences at the SEC during a period of active investment management rulemaking, including her insights...By: Troutman Pepper Locke
UK FCA issues updated Enforcement Information Guide
The UK Financial Conduct Authority published an updated Enforcement Information Guide, which reflects changes in the FCA Handbook to its revised Enforcement Guide (ENFG) and the Decision Procedure and Penalties manual (DEPP). The updated guide provides a high-level overview of the FCA's enforcement powers under the Financial Services and Markets Act 2000 (FSMA) and the process for a typical enforcement case, to help firms and individuals understand how enforcement operates in practice....By: A&O Shearman
D.C. Circuit Court Vacates Preliminary Injunction in NTEU v. CFPB
On August 15, the U.S. Court of Appeals for the District of Columbia issued a decision in the case of National Treasury Employees Union (NTEU) v. Consumer Financial Protection Bureau (CFPB or Bureau). The appellate court vacated the district court’s preliminary injunction, which had previously restricted the CFPB’s actions to halt the Bureau’s operations and terminate its employees....By: Troutman Pepper Locke
Trump nominates Stephen Miran to fill Fed vacancy through January 2026
On August 7, President Trump announced via social media that he intended to nominate Stephen Miran to fill the Fed seat previously held by Governor Adriana Kugler, who resigned effective August 8. Kugler was appointed in 2023 by President Biden, with her term set to expire January 31, 2026....By: Orrick, Herrington & Sutcliffe LLP
Stablecoin issuer applies for OCC national trust charter following NYDFS settlement
On August 11, it was reported that a stablecoin issuer applied to convert its New York trust charter into a national trust charter under the supervision of the OCC. The move would place the firm under federal oversight. The OCC previously gave conditional approval for the firm to launch a national trust bank in 2021, but the approval lapsed in 2023....By: Orrick, Herrington & Sutcliffe LLP
Kansas City Fed report highlights growth and risks of BNPL Services
On August 5, the Kansas City Fed released a report that highlighted the rapid growth of “buy now, pay later” (BNPL) services, which let consumers make purchases through short-term installment payments. BNPL products have gained popularity among millennials, Generation Z, ethnic minorities and financially vulnerable consumers, with surveys estimating that two-thirds of U.S. consumers received BNPL offers in 2023 and up to one-fourth used these services....By: Orrick, Herrington & Sutcliffe LLP
Uncashed Checks Still Count: The IRS Speaks (Again)
The IRS just dropped Revenue Ruling 2025-15, and while it’s not revolutionary, it’s a reminder that when it comes to uncashed distribution checks, constructive receipt still rules the day....By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
Labor Dept. permits fiduciaries to consider alternative investments for 401(k)s
On August 12, the U.S. Department of Labor’s Employee Benefits Security Administration rescinded guidance from December 2021 that discouraged fiduciaries from considering alternative assets in the list of investment options offered for 401(k) retirement plans. The decision to rescind the prior guidance follows President Trump’s Executive Order 14330, “Democratizing Access to Alternative Assets for 401(k) Investors,” which directs the DOL to reexamine its approach to fiduciary decisions and...By: Orrick, Herrington & Sutcliffe LLP
Senators pen letter to bank regulators on matters requiring attention
On August 6, the U.S. Senate Banking Committee sent a letter to the Fed’s Vice Chair for Supervision, Michelle Bowman, as well as Comptroller Jonathan Gould, and the FDIC’s Acting Chairman Travis Hill, urging them to address what it contends are shortcomings in the Matters Requiring Attention (MRAs) process as part of their review of the broader supervisory framework. MRAs are supervisory findings identified during bank examinations that highlight deficiencies or violations of law and which...By: Orrick, Herrington & Sutcliffe LLP
From border collie to doberman – inside the Insolvency Service’s expanding mandate
The Insolvency Service (IS) has set out a bold five-year vision to become the UK's lead enforcement body for corporate and insolvency standards in its investigation and enforcement strategy paper for the period 2026–2031, published on 16 July 2025. The strategy paper signals a substantial shift in the agency's priorities, from reactive insolvency regulation to proactive corporate enforcement and intelligence-led economic crime disruption....By: Hogan Lovells
U.S. Senate banking committee requests extension for comment period on proposed leverage ratio rule
On August 8, several members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs sent a letter to the heads of the Fed, the FDIC, and the OCC. The letter requested more rigorous data and analysis on the economic impacts of the agencies’ proposed reduction of the enhanced supplementary leverage ratio (eSLR). The committee asked the agencies to provide Congress and the public with detailed information on the short- and long-term implications of the proposal, including potential...By: Orrick, Herrington & Sutcliffe LLP
UK Financial Conduct Authority issues feedback on the new standard-setting body for open banking
On August 8, the Financial Conduct Authority (FCA) published feedback on the creation of the primary regulator for open banking, the “Future Entity.” The Future Entity will establish and oversee core standards, including API protocols, to promote consistency and quality across open banking technologies....By: Orrick, Herrington & Sutcliffe LLP
District Court Vacates Regulation II’s Debit Card Interchange Fee Standard
On August 6, the US District Court for the District of North Dakota, in Corner Post, Inc. v. Bd. of Governors of Fed. Rsrv. Sys., vacated the entirety of Regulation II – the Federal Reserve Board’s framework for setting debit card interchange fees (often referred to as “swipe fees”) – after concluding that the rule is contrary to law and the Federal Reserve exceeded its statutory authority.1 Regulation II caps the fees that bank debit card issuers may charge merchants for processing debit card...By: Cooley LLP
Fed official discusses economic outlook and community banking priorities
On August 9, the Fed’s Vice Chair for Supervision, Michelle Bowman, addressed an audience where she discussed the U.S. economic outlook, monetary policy, and regulatory priorities for community banks....By: Orrick, Herrington & Sutcliffe LLP
EBA issues no-action letter on the application of the ESG Pillar 3 disclosure requirements
The European Banking Authority (EBA) has issued an Opinion in the form of a no-action letter dated 5 August, addressing the application of ESG Pillar 3 disclosure requirements under the EBA disclosure implementing technical standards (ITS). The letter includes recommendations to national competent authorities aimed at easing the implementation timeline for revised ESG Pillar 3 disclosure requirements under the Capital Requirements Regulation (CRR)....By: A&O Shearman
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