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On December 8, the CFTC announced a series of staff actions addressing the use of digital assets and tokenized assets as collateral in regulated derivatives markets. The actions include issuance of staff guidance on tokenized collateral, a staff no-action letter applicable to futures commission merchants, and withdrawal of a prior staff advisory related to virtual currencies held in segregation.Continue Reading CFTC Rolls Out Digital Asset Collateral Pilot, Issues Tokenized Collateral Guidance, and Withdraws Prior Virtual Currency Advisory

On October 16, Federal Reserve Governor Michael Barr delivered remarks highlighting the significant implementation gaps regulators must bridge under the GENIUS Act, the newly enacted federal framework for payment stablecoins (previously discussed here). Barr’s comments centered on areas where the statute leaves critical details to regulators, including reserve composition, supervisory authority, and consumer safeguards, which will determine whether the framework effectively mitigates systemic and operational risks.Continue Reading Federal Reserve Governor Barr Highlights Gaps Regulators Must Bridge Under GENIUS Act

On October 8, the payment processor and North Dakota’s only state-owned bank announced the “Roughrider Coin,” the state’s first stablecoin. The initiative will make Roughrider Coin available to North Dakota banks and credit unions in 2026 as part of the state’s effort to modernize interbank and merchant payments.Continue Reading North Dakota Launches State’s First Stablecoin

On August 19, the Wyoming Stable Token Commission announced the launch of the Frontier Stable Token (FRNT), making Wyoming the first public entity in the United States to issue a state-backed, blockchain-based stablecoin. The program is authorized under the Wyoming Stable Token Act and chaired by Governor Mark Gordon.Continue Reading Wyoming Launches First State-Issued Stable Token

On August 12, a coalition of banking trade associations sent a joint letter to Congress warning that the recently enacted GENIUS Act contains a loophole that could allow the indirect payment of interest or yield on payment stablecoins. The Act (previously discussed here) establishes a federal regulatory framework for payment stablecoins, including restrictions on interest payments, limits on nonfinancial company issuers, and provisions affecting state-chartered institutions.Continue Reading Trade Groups Urge Congress to Address GENIUS Act Loopholes

On July 18, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS ACT) was signed into law, creating the first federal regulatory framework for payment stablecoins. The law prohibits the issuance of payment stablecoins in the United States unless the issuer is a permitted entity under a state or federal regime that meets strict reserve, redemption, compliance, and disclosure requirements.Continue Reading Stablecoin Regulation Takes Effect Under Newly Enacted GENIUS Act

On June 2, the California State Assembly unanimously passed Assembly Bill 1180, which now moves to the California Senate for consideration. The bill would require the Department of Financial Protection and Innovation (DFPI) to adopt regulations permitting payments required under the California Digital Financial Assets Law (DFAL) to be made using digital assets. If enacted, the law would take effect on July 1, 2026.Continue Reading California Assembly Advances Bill to Permit Crypto Payments under DFAL

On May 20, the U.S. Senate voted 66-32 to move forward with the Guardrails and Enforcement for Neutral Issuers of United States Stablecoins (GENIUS) Act (the “Act”), pushing the stablecoin bill past a major procedural hurdle. The vote sets the stage for full Senate debate and potential passage of the Act as early as next week.Continue Reading Senate Advances Stablecoin Bill

On April 4, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance issued a statement clarifying that reserve-backed U.S. dollar stablecoins are not securities, at least under current law and circumstances. The nonbinding guidance marks the latest effort by SEC staff to articulate the boundaries of the agency’s jurisdiction in an evolving crypto regulatory landscape.Continue Reading Digital Dollars, Not Investments: SEC Staff Weighs in on Stablecoins

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