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On March 11, 2026, the Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission (“CFTC”) announced that they have entered into a new Memorandum of Understanding (“MOU”) to coordinate rulemaking, supervision, examinations and enforcement across areas where the agencies’ jurisdiction overlaps.
On February 25, 2026, the Office of the Comptroller of the Currency (the “OCC”) issued a Notice of Proposed Rulemaking (the “NPRM”) to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act”). The proposal would add a new Part 15 to the OCC’s regulations and establish the supervisory framework applicable to “permitted payment stablecoin issuers” subject to OCC jurisdiction. The comment period will run for sixty days after publication in the Federal Register.
On January 28, 2026, the SEC’s Divisions of Corporation Finance, Investment Management, and Trading and Markets issued a joint statement addressing “tokenized securities.” The staff defines a tokenized security as a financial instrument that already fits within the statutory definition of a “security,” but is “formatted as or represented by a crypto asset,” with ownership recorded in whole or in part on a crypto network. In other words, putting a security “onchain” does not in and of itself change the security into something else.
In the recently grand tradition of Maryland making waves in the consumer financial services space, the Mayor and City Council of Baltimore filed suit against Dave, Inc., a fintech that uses a “proprietary AI underwriting model that analyzes cash flow, not credit scores” to offer a product called “ExtraCash” to consumers when it looks like their budget might be tight.
In a February 3, 2026 speech to the Investment Company Institute’s Winter Board Meeting, Brian Daly, Director of the SEC’s Division of Investment Management, requested industry comment on how the use of artificial intelligence solutions should be addressed by the federal securities laws and processes.
On December 12, 2025, the Office of the Comptroller of the Currency granted the conditional approval of five national trust bank charter applications involving crypto-focused institutions. The approvals include two de novo charters, First National Digital Currency Bank and Ripple National Trust Bank, and the conversion of three state trust companies, BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company, into uninsured national trust banks subject to OCC supervision.
On December 16, 2025, the FDIC issued a notice of proposed rulemaking to implement the application and approval requirements under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act”) for insured state nonmember banks and state savings associations seeking to issue payment stablecoins through a subsidiary. The proposal would add a new § 303.252 to the FDIC’s filing procedures in 12 C.F.R. Part 303, establishing a tailored, statute-driven process for obtaining FDIC approval to form and operate a “permitted payment stablecoin issuer” (“PPSI”) subsidiary.
On December 9, 2025, the Market Participants Division, the Division of Clearing and Risk, and the Division of Market Oversight of the U.S. Commodity Futures Trading Commission issued Staff Letter No. 25-42, providing significant cross-border relief to swap market participants.
The No-Action Letter addresses long-standing inconsistencies among the CFTC’s various definitions of “U.S. person” and “guarantee” applicable to different swap regulatory requirements and permits market participants, subject to conditions, to rely on a single set of definitions across the CFTC’s cross-border framework promulgated by the CFTC in 2020. The concept of “U.S. person” is key to the CFTC’s cross-border regime and, accordingly, has been subject to much interpretation, enforcement and litigation since the enactment of the Wall Street Transparency and Accountability Act of 2010 in 2010.
On December 11, 2025, the staff of the SEC’s Division of Trading and Markets issued a no-action letter stating that it would not recommend enforcement action against The Depository Trust Company in connection with the launch of a pilot version of its DTCC Tokenization Services. The relief permits DTC to operate a preliminary tokenization program that records participants’ security entitlements using distributed ledger technology, rather than exclusively through DTC’s centralized ledger, subject to limitations.