On January 8, the OCC announced a notice of proposed rulemaking to amend its national bank chartering regulations to make clear that national trust companies can engage in non-fiduciary activities. According to the OCC, the proposal would neither expand nor contract its chartering authority under the National Bank Act.Continue Reading OCC Proposes Clarifying Amendments to National Trust Bank Chartering Rule
On April 1, the Conference of State Bank Supervisors (CSBS) submitted a letter to the House Financial Services Committee expressing concerns with an introduced draft of H.R. 2392—the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025 (the “Act”)—which purports to establish a comprehensive regulatory framework for payment stablecoins in the U.S. In the letter, CSBS expresses support for the development of a national framework for payment stablecoin issuers (PSIs), while warning that the current draft would unnecessarily preempt state regulatory authority and introduce risks to consumer protection and financial stability.Continue Reading CSBS Flags Key Risks in Draft Stablecoin Legislation
As 2024 concludes, financial markets are witnessing significant shifts, particularly within the world of cryptocurrency. As crypto investors profit, many cash out from more volatile assets, such as Bitcoin, to safer options such as real-world asset (“RWA”) tokens—tokenized representations of tangible assets traded on a blockchain, and stablecoins—assets pegged to traditional currencies like the U.S. dollar. The regulation of digital currencies is an ongoing focus for federal and state regulators (previously discussed here, here, and here). As stablecoin and RWA token products gain popularity with consumers, it will be interesting to see how consumer finance regulators choose to address the novel risks that these products pose.Continue Reading Riding the Wave: How the Crypto Surge is Influencing Finance