On June 8, 2022, the New York State Department of Financial Services (“NYDFS”) released industry guidance applicable to U.S. dollar-backed stablecoins issued by NYDFS-regulated entities (the “Guidance”). The Guidance focuses on NYDFS requirements relating to the redeemability of these stablecoins, the asset reserves that back them (the “Reserves”), and auditor examination and attestations regarding management’s assertions concerning the sufficiency of the Reserves.
By way of background, a stablecoin is a type of digital asset that is intended to ...
About MVA White Collar Defense, Investigations, and Regulatory Advice Blog
As government authorities around the world conduct overlapping investigations and bring parallel proceedings in evolving regulatory environments, companies face challenging regulatory and criminal enforcement dynamics. We help keep our clients up to date in these fast-moving areas and to serve as a thought leader.
The latest from MVA White Collar Defense, Investigations, and Regulatory Advice Blog
- CFPB Finalizes Personal Financial Data Rights Rule 1033
- SEC Settlement Reminds Firms to Periodically Review Their Use of Models, Calculators and Tools When Making Client Recommendations
- THE DESK: MVA’s Swaps & Derivatives Newsletter
- CA Governor Vetoes AI Safety Bill but Indicates Additional AI Regulation Forthcoming