1-Hour Program

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Overview

Under the Biden Administration, multiple government agencies have made significant efforts towards regulating recent developments in digital assets (often known as cryptocurrency) and related activity in decentralized finance. This digital asset explosion doesn’t clearly correlate to existing regulations, and the government is trying to catch up to developments in the private sector. Federal agencies with significant activity in this area include the SEC, CFTC, OCC, FDIC, FRB, DOJ. As examples, the SEC and CFTC have each brought recent enforcement actions against digital assets and against digital asset exchanges; The President’s Working Group on Financial Markets provided a report on Stablecoins; the three banking agencies have explained that they intend to continue their “crypto sprint” and provide a united regulatory approach towards financial institutions, and the DOJ has created a National Cryptocurrency Enforcement team.

In this Briefing, McGonigle, P.C. partners Stephen T. Gannon and Lisa Weingarten Richards will focus on the following topics and how they may impact the industry:

  • The regulatory framework and how it relates to digital assets and markets – 6 minutes
  • Potential impacts to the industry from
    • President’s Working Group on Financial Markets - report on Stablecoins – 9 minutes
    • Federal banking agencies’ “crypto sprint” – 9 minutes
    • SEC enforcement – 10 minutes
    • OCC “leveling up” – 6 minutes
    • CFTC enforcement – 5 minutes
    • NY Financial Services – “techsprint” – NY Attorney General – Cease and Desist Orders - 5 minutes
    • DOJ – National Cryptocurrency Enforcement Team – 10 minutes

 

Program Level:  Update

Intended Audience:  Outside counsel, in-house attorneys, and industry professionals involved in fintech development and implementing compliance programs will find this presentation instructive

Prerequisites:  None

Advanced Preparation:  None

Credit Details

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