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Challenging economic conditions combined with heightened scrutiny require greater sophistication when it comes to anticipating the impact of regulatory developments on the asset management industry.
On Reg is a global podcast series that explores the ever-changing landscape of financial regulations and the key issues shaping the future of asset management. In each episode, we speak with Dechert colleagues and other industry experts about the most pressing issues in financial regulation.
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Latest Episode: Episode 15 – A Deep Dive on New U.S. Crypto Legislation
How will the recently adopted GENIUS Act, the pending CLARITY Act and other recent regulatory developments affect the crypto market in the U.S.? In this installment of Dechert On Reg, host Angelo Lercara is joined by Dechert partners Brenden Carroll and Neel Maitra to highlight what these new developments mean for crypto traders and asset managers, the role of the SEC and banking agencies and the potential for tokenization of securities. The discussion also explores the challenges of regulating decentralized finance and the prospect for harmonization between U.S. and EU regulations.
Speakers:
Angelo Lercara | Partner, Financial Services and Investment Management, Dechert
Brenden Carroll | Partner, Financial Services and Investment Management, Dechert
Neel Maitra | Partner, Financial Services and Investment Management, Dechert
Show Notes:
Key Takeaways
The GENIUS Act: The GENIUS Act establishes a clear regulatory framework for payment stablecoins, requiring licensed issuers to hold high-quality, short-term liquid reserves, provide investor redemption rights, meet disclosure and supervision obligations, and prohibits foreign issuers unless they meet stringent conditions such as being from qualifying jurisdictions and maintaining U.S.-based reserves.
The CLARITY Act: The pending CLARITY Act seeks to restructure U.S. crypto market regulation by allocating jurisdiction between the SEC and CFTC, granting the CFTC expanded authority over spot trading of digital asset commodities, and creating regulated pathways for offering digital assets to retail investors.
New SEC and Banking Guidance: Recent guidance from the SEC and banking agencies has been active and relatively crypto-friendly, addressing issues like custody and staking while encouraging banks and custodians to support safekeeping of crypto assets, though this guidance may evolve or be superseded once new legislation passes.
About Dechert's Financial Services Group
With over 200 financial services lawyers in 17 offices throughout the world, Dechert was the first and is the leading law firm with a funds practice in all key European fund domiciles, including the UK, Ireland, Luxembourg, Germany and France, as well as the U.S., the Middle East and Asia. The firm is consistently recognized as a top law firm for investment funds by a number of publications in the U.S., Europe, Asia and the Middle East, including Chambers, The Legal 500 and Best Lawyers. Learn more.
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