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Articles by Deric Behar
Eighth Circuit Affirms Vacatur of Federal Reserve Debit Interchange Fee Cap
The decision requires a different cost methodology for regulated debit interchange fees but preserves the FRB’s discretion to develop workable replacement standards within the boundaries of the authorizing statute. The Federal Reserve must distinguish marginal authorization, clearance, and settlement costs from fixed expenses when setting debit interchange fee standards.
CFTC Staff Issues Broad No-Action Relief for Passive Software Providers
The no-action relief confirms that PSPs facilitating access to CFTC-regulated derivatives trading need not register as introducing brokers, provided they satisfy certain conditions. The Division extended relief previously granted to Phantom, a self-custodial wallet provider, to all passive software providers and expressly confirmed it is not limited to cryptoasset-related software providers.
SEC Proposes Modernizing Transfer Agent Infrastructure, Including Framework for Tokenized Securities
The proposed amendments would strengthen existing transfer agent compliance, risk management, and safeguarding standards; permit the use of distributed ledger technology for recordkeeping; and introduce certain new gatekeeper obligations.
US Banking Regulators Finalize Rule on Material Risks
The joint final rule narrows the basis for enforcement actions and MRAs to practices that pose material financial risk or constitute actual violations of law. The Final Rule formally defines the term “unsafe or unsound practice,” narrowing enforcement and supervisory attention to practices that are likely to materially harm an institution’s financial condition or present a material risk of loss to the Deposit Insurance Fund.
SEC Proposes Tailored Exemptions for Cryptoasset Offerings
The Proposal would establish two offering exemptions, a conditional safe harbor for investment contracts and broad preemption of state securities laws registration and qualification requirements.
Crypto Vaults: US Regulatory Considerations
Crypto vaults are drawing regulatory attention, with a recent statement by SEC Commissioner Hester Peirce addressing the application of federal securities laws to these structures. Crypto vaults exist on a broad spectrum, from fully automated smart contract allocations to discretionarily managed strategies, and their regulatory treatment depends on their specific design and operation.
Banking Regulators Propose Customer Identification Rules Under the GENIUS Act
The proposal seeks to mitigate illicit finance risks while protecting the US financial system and national security interests. Permitted payment stablecoin issuers would be required to establish and maintain written, risk-based customer identification programs tailored to their size and business models.
Illinois Interchange Fee Law Maxes Out After Permanent Injunction and Legislative Postponement
Illinois’s interchange fee law is permanently enjoined for most entities after OCC preemption, but a fragmented outcome sets the stage for further appeals. Following OCC intervention, the IFPA’s Interchange Fee Limitation was permanently enjoined for national banks, federal savings associations, out-of-state state banks, and payment card networks.
FDIC Issues Proposal on Illicit Finance Standards under GENIUS Act
The Proposal would establish principles-based AML/CFT and sanctions compliance standards for stablecoin issuers aligned with FinCEN and OFAC, as well as supervision and enforcement provisions. The FDIC has proposed new anti-money laundering, counter-terrorist financing, and sanctions compliance standards for stablecoin issuers aligned with Treasury rules, including requirements administered by FinCEN and OFAC.
President Trump Issues Executive Order on Fintech Innovation, While FRB Proposes Payment Accounts
The Order aims to integrate digital asset providers and innovative technologies into traditional financial services via broader access to the FRB’s payment infrastructure. The Order requires all federal financial regulators to review existing rules, guidance, and application processes within 90 days and take affirmative steps to encourage fintech innovation within 180 days.
FFIEC Proposes Revisions to the CAMELS Rating System
The proposed changes would refocus supervisory ratings on material financial risks, reduce the influence of the Management component, and increase transparency across the framework. The Proposal would remove the “special consideration” historically given to the Management component in determining composite ratings.
OCC Preempts Illinois Interchange Fee Law
The OCC issued two interim final actions preempting the Illinois Interchange Fee Prohibition Act, causing the Seventh Circuit to vacate and remand related proceedings to the district court. The OCC issued an interim final rule clarifying that national banks have longstanding authority to charge non-interest fees (including interchange fees) regardless of whether those fees are set by a third party, directly addressing the Northern District of Illinois’s rationale for denying IFPA preemption.
US Banking Regulators Finalize Rule Eliminating Use of Reputation Risk
The OCC and FDIC’s jointly codified rule prohibits regulators from using reputational risk as a basis for criticisms, adverse actions, or pressure on banks’ customer relationships.
SEC Staff Issues Statement on Broker-Dealer Registration for Cryptoasset Securities Interfaces
[co-author: Haoyu Gu] The SEC Staff sets out conditions under which providers of certain cryptoasset securities-transaction interfaces may operate without broker-dealer registration. The Statement lists 12 conditions (including routing transparency, disclosures, and the absence of discretionary functions) under which the Staff will not object to a Covered User Interface Provider operating without broker-dealer registration.
SEC Clarifies the Application of the Securities Laws to Cryptoassets
The Interpretive Release supersedes prior Staff guidance on cryptoassets, establishing a five-part token taxonomy and formally recognizing that tokens can change their character as investment contracts.
What the CFTC’s New No-Action Relief Really Means for Self-Custody Crypto Wallets
The no-action relief permits use of non-custodial wallet software in connection with CFTC-regulated derivatives trading, subject to certain conditions. The relief is a meaningful and incremental expansion on existing CFTC staff no-action relief on passive technology service provider and independent software vendor activities.
OCC Issues Proposal to Implement the GENIUS Act
Key Points: Issuers would be prohibited from paying interest or yield to stablecoin holders, with a rebuttable presumption that certain affiliate and related third-party arrangements violate this prohibition. The OCC proposed two alternative approaches to reserve diversification: a principles-based standard with an optional safe harbor or mandatory quantitative requirements for all issuers.
OCC Finalizes Rule on National Trust Bank Activities
The Rule provides critical regulatory clarity for entities seeking national trust bank charters to engage in digital asset activities. The Final Rule amends the OCC’s chartering regulations to clarify that national trust banks are not limited to fiduciary activities as defined in the OCC’s regulations. The Final Rule is framed as a clarification to reduce regulatory ambiguity, not a change in chartering authority.
Increased FINRA Gift Limit to Become Effective March 30 | JD Supra
[co-author: Haoyu Gu] The amended Gifts Rule marks the first adjustment since 1992 and codifies longstanding guidance on gift valuation, aggregation, and exclusions with minor adjustments. The new rule increases the annual per-person gift limit from $100 to $300. Firms must maintain a supervisory system for gifts pursuant to which, among other things, associated persons may not self-determine whether their gifts fall outside the rule’s scope.
FRB Proposes to Eliminate Reputation Risk from Banking Supervision | JD Supra
The Proposal aims to center the FRB’s supervisory decisions on material financial risks and increase supervisory clarity and precision. The Proposal would prohibit the FRB from encouraging or compelling banks to deny services based on customers’ constitutionally protected political or religious beliefs, or involvement in lawful but politically disfavored business activities.
Federal Court Partially Upholds Illinois Law Limiting Interchange Fees | JD Supra
The decision clears a legal path for state-level regulation of credit and debit card swipe fees (while striking down data usage restrictions), setting the stage for a high-stakes appeal. The court found that the IFPA does not directly regulate national banks and falls outside National Bank Act preemption because payment card networks set interchange fees, not banks.
10 Key Focus Areas for US Bank Regulators in 2026 | JD Supra
In this publication, we explore 10 key focus areas for US bank regulators in the year ahead. Building on a fast start in 2025, 2026 is shaping up to be an extraordinarily active year, as US bank regulators continue down their revolutionary path of implementing deregulation, streamlining supervision, and attempting to foster innovation in financial services, including further integrating digital assets into the banking system.
OCC Proposes Regulation to Clarify Permissible Activities for Trust Banks | JD Supra
The Proposal addresses recent comments about the scope of permissible activities for national trust banks, as applications to charter new banks continue to be filed. The Proposal would amend the OCC’s chartering regulations to clarify that national trust banks are not limited to fiduciary activities as defined by the OCC. If adopted as proposed, the Proposal would further increase the attractiveness of the national trust bank charter.
SEC Staff Provides Clarity on the Custody of Cryptoasset Securities | JD Supra
The Staff statement provides a framework for broker-dealers seeking to maintain “physical possession” of digital asset securities, emphasizing operational security and risk mitigation.
FDIC Issues Proposal to Implement GENIUS Act | JD Supra
The proposal outlines the application process and the factors that the FDIC will consider in granting approval for an entity to issue payment stablecoins. The Proposal would align stablecoin issuer reviews to five statutory factors, including the ability to meet reserve and disclosure requirements, management fitness and competence, and a clear, timely redemption policy.
SEC Staff Issues No-Action Letter for DTC’s Tokenization Pilot | JD Supra
The no‑action relief opens the door to experimentation with blockchain-based market infrastructure while preserving traditional securities market safeguards. The no-action letter permits DTC to run a pilot program for asset tokenization under strict guardrails for a three-year period. DTC has committed to extensive reporting obligations and operational safeguards during the pilot.
OCC Continues to Move Digital Assets Into the Banking System | JD Supra
The OCC affirmed that certain cryptoasset activities are part of, or incidental to, the business of banking and conditionally approved five national trust bank charters for digital asset entities. The OCC affirmed that national banks may conduct riskless principal transactions in cryptoassets, when conducted in a safe and legally compliant manner.
OCC and FDIC Withdraw From Leveraged Lending Guidance | JD Supra
Banks subject to the Agencies’ jurisdiction will now be expected to manage leveraged lending using general risk management principles for safe and sound lending. The withdrawal of prescriptive 2013 Guidance allows supervised banking institutions to engage in leveraged lending according to their own risk management practices in alignment with broader principles of safety and soundness.
SEC Staff Issues No-Action Letter for Fuse Crypto Token | JD Supra
The NAL provides incremental clarity for innovators in the digital asset space and reduces legal risk for similarly structured rewards tokens. Pursuant to the NAL, transactions in Fuse Tokens will not be considered to involve securities requiring registration under the securities laws. The Fuse Token is designed for consumer utility, and not for capital raising, profit, or speculative investment.
The Road Ahead for Fintech Rulemaking | JD Supra
As the fintech landscape evolves, federal banking regulators are taking decisive steps to integrate stablecoins and payments innovations into the traditional banking system. The FDIC plans to propose an application process for stablecoin issuance by FDIC-regulated institutions by the end of 2025, and is also collaborating with other banking regulators to develop broader prudential standards for all stablecoin issuers as required under the GENIUS Act.
Federal Reserve Board Finalizes Revisions to Its Supervisory Rating Framework | JD Supra
The FRB will focus on overall safety and soundness rather than single deficiencies, allowing more large financial institutions to qualify as “well managed.” Under the updated framework, banks can maintain a single “deficient-1” rating across the components of capital, liquidity, and governance and controls while still being considered “well managed.” Banks with a single “deficient-1” rating will no longer face activity or acquisition restrictions, and the presumption of enforcement action for...
OCC Takes Action to Curtail Debanking | JD Supra
OCC Bulletins 2025-22 and 2025-23 clarify the agency’s approach to evaluating banks’ compliance with fair banking practices and protecting customers’ financial records. The Office of the Comptroller of the Currency (OCC) published two bulletins (Bulletins 2025-22 and 2025-23) in September 2025 aimed at eliminating unlawful debanking in the federal banking system.
Treasury Invites Public Input on GENIUS Act Implementation | JD Supra
The request for comment aims to help Treasury devise clear guidelines for stablecoin issuers, promote international coordination, and protect consumers from potential risks.
Treasury Invites Public Input on GENIUS Act Implementation
The request for comment aims to help Treasury devise clear guidelines for stablecoin issuers, promote international coordination, and protect consumers from potential risks.
SEC and CFTC Announce Harmonization Initiative and New Crypto Developments | JD Supra
The agencies pledge to “usher in a new era of innovation” through a collaboration on rules and exemptions that aims to provide digital asset markets with clarity.
FDIC Issues Proposal on Signage and Advertising Requirements | JD Supra
The FDIC seeks to avoid overburdening financial services providers with regulations regarding its logo after assessing market feedback and implementation issues. On August 19, 2025, the Federal Deposit Insurance Corporation (FDIC) board of directors approved a proposed rule (the Proposal) that would amend signage requirements for insured depository institutions’ banking channels, including digital and online banking.
DOJ Official Addresses DeFi Platform Developer Liability Under Money Transmission Statute | JD Supra
DOJ will focus on criminal intent over mere code creation, seeking to balance legal accountability with support for innovation.
SEC Staff Clarifies That Liquid Staking Activities Do Not Implicate US Federal Securities Laws | JD Supra
[co-author: Hank Balaban] The Staff provides the market with additional crypto clarity, holding that liquid staking does not qualify as a security under the Howey test.
President Trump Issues Executive Order on Fair Banking | JD Supra
Regulators are directed to avoid reputation risk, identify banks that have engaged in unlawful debanking, and take appropriate remedial actions. On August 7, 2025, President Trump issued an executive order titled “Guaranteeing Fair Banking for All Americans” (the Order).
Presidential Working Group Issues Report and Recommendations on Digital Asset Markets | JD Supra
The report reflects collaboration across federal agencies and aims to establish US leadership in digital assets through forward-thinking policy and a clear regulatory framework. On July 30, 2025, the Presidential Working Group on Digital Asset Markets (the Working Group or PWG) issued a comprehensive report on digital assets, “Recommendations to Strengthen American Leadership in Digital Financial Technology” (the Report).
SEC and CFTC Launch Crypto Initiatives to Revamp Regulations and Promote Innovation | JD Supra
As the SEC unveils a strategic plan to modernize securities regulations and drive US leadership in blockchain integration within financial markets, the CFTC launches a corresponding “crypto sprint.” On July 31, 2025, Securities and Exchange Commission (SEC) Chair Paul Atkins delivered a significant digital asset policy speech at the America First Policy Institute in Washington, D.C. (“American Leadership in the Digital Finance Revolution”).
SEC and CFTC Launch Crypto Initiatives to Revamp Regulations and Promote Innovation
As the SEC unveils a strategic plan to modernize securities regulations and drive US leadership in blockchain integration within financial markets, the CFTC launches a corresponding “crypto sprint.” On July 31, 2025, Securities and Exchange Commission (SEC) Chair Paul Atkins delivered a significant digital asset policy speech at the America First Policy Institute in Washington, D.C. (“American Leadership in the Digital Finance Revolution”).
Presidential Working Group Issues Report and Recommendations on Digital Asset Markets
The report reflects collaboration across federal agencies and aims to establish US leadership in digital assets through forward-thinking policy and a clear regulatory framework. On July 30, 2025, the Presidential Working Group on Digital Asset Markets (the Working Group or PWG)1 issued a comprehensive report on digital assets, “Recommendations to Strengthen American Leadership in Digital Financial Technology” (the Report).
The GENIUS Act of 2025 Stablecoin Legislation Adopted in the US | JD Supra
Key points The GENIUS Act, the US’s first federal legislation on digital assets, establishes a regulatory framework for payment stablecoins. Insured depository institution and insured credit union subsidiaries that issue payment stablecoins are subject to the regulatory oversight of their primary financial regulator, and federally licensed nonbank stablecoin issuers are subject to oversight by the OCC.
Banking Agencies Issue Joint Statement on Risk-Management Considerations for Cryptoasset Safekeeping | JD Supra
Banking organizations safekeeping digital assets for customers must do so in a safe and sound manner and in compliance with applicable laws and regulations.
SEC Staff Clarifies Disclosure Expectations for Crypto Asset Exchange-Traded Products | JD Supra
The Staff highlighted disclosure-related observations and issues identified during reviews of digital asset ETP filings. On July 1, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance (the Staff) published a Statement on Crypto Asset Exchange-Traded Products (the Statement).
Banking Regulators Propose to Ease Enhanced Supplementary Leverage Ratio for Large US Banks | JD Supra
The proposal aims to free up large bank balance sheets and promote US Treasury market intermediation, which the current regulations may hinder.
SEC Staff Clarifies That Certain Protocol Staking Activities Do Not Implicate the Registration Requirements of the US Federal Securities Laws | JD Supra
The Staff clarifies that protocol staking does not qualify as a security under the Howey Test, clearing the way for market participants to engage in staking.
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