On October 4, 2022, the US Financial Stability Oversight Council (FSOC) released its Report on Digital Asset Financial Stability Risks and Regulation (FSOC Report). Weighing in at over 120 pages, the FSOC Report provides a thorough discussion of the regulation of crypto-assets and their potential financial stability risks. Most importantly, the report sets forth several
Andrew J. Olmem
U.S. Treasury Issues Three Reports on the Future of Digital Assets and Central Bank Digital Currency
On September 16, 2022, the Treasury Department issued three reports pursuant to President Joseph Biden’s March 9 Executive Order 14067 on “Ensuring Responsible Development of Digital Assets.” The issuance of the reports was followed by Treasury Under Secretary for Domestic Finance Nellie Liang giving remarks at the Brookings Institution on September 22 explaining the reports…
PCAOB and China Sign Agreement on Audit Firm Inspections and Investigations: Too Early to Tell if it Will Prevent Delistings Under HFCAA
Last Friday, the United States and China appear to have taken a major step towards resolving their long-standing dispute over inspections and investigations by the U.S. Public Company Accounting Oversight Board (“PCAOB”) of audit firms based in China and Hong Kong that threatens to cause the delisting of approximately $1.5 trillion in U.S.-listed securities by…
Supreme Court Decision in West Virginia v. EPA Casts Doubt on SEC’s Climate Proposal and Other Regulatory Initiatives
On June 30, 2022, the U.S. Supreme Court decided West Virginia et al. v. Environmental Protection Agency, holding that the EPA lacks authority under Section 7411(d) of the Clean Air Act to limit greenhouse gas emissions from power plants through “generation shifting,” i.e., increasing the use of cleaner energy sources like wind and…
Biden Executive Order Calls for Regulatory Proposals on Digital Assets and Central Bank Digital Currency
On March 9, 2022, President Biden signed an executive order titled “Ensuring Responsible Development of Digital Assets” (the “Order”). The Order directs a broad range of federal agencies to recommend legislative and regulatory proposals to foster the development of, and address the risks presented by, digital assets and a central bank digital currency. This Legal…
SEC Commissioner Roisman Resigns
On December 20, 2021, Commissioner Elad L. Roisman submitted his resignation from the US Securities and Exchange Commission (SEC), indicating an intent to step down by end of January 2022. In his statement, Commissioner Roisman expressed gratitude for his time as Commissioner and Acting Chairman of the agency, stating that it has been the…
US Financial Regulators Release Much-Anticipated Report on Stablecoins
On November 1, 2021, the President’s Working Group on Financial Markets (PWG) released its much-anticipated Report on Stablecoins. The Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency joined the PWG in issuing the report, which provides an overview of how stablecoins are created and operate, discusses the risks they present…
The US Moving Toward Adopting New Climate Disclosures
On June 21, 2021, US financial regulators met with US President Joe Biden to discuss the US economy and update him on their efforts to address climate-related risks. According to the White House readout of the meeting, the regulators said “they were making steady progress” on implementing President Biden’s executive order on climate-related risk. The…
US Investment Ban Targeting Companies Deemed Linked to Chinese Military Expanded to Chinese Surveillance Technology Sector
A new executive order (“EO”) signed by President Biden on June 3, 2021, amends existing prohibitions on US investments in companies that the US government has determined support the military of the People’s Republic of China (“PRC”). The EO, Executive Order 14032, builds on the national emergency declared in Executive Order 13959, signed by President…
SEC Adopts Interim Final Rules To Implement the Holding Foreign Companies Accountable Act
On March 24, 2021, the US Securities and Exchange Commission (SEC) adopted interim final rules to implement portions of the Holding Foreign Companies Accountable Act (the HFCA Act), which was signed into law by President Trump on December 18, 2020. As explained in an earlier Mayer Brown Legal Update, the HFCA Act aims to…