On July 19, 2021, the President’s Working Group on Financial Markets (PWG) met to discuss stablecoins – including their recent rapid growth, potential uses as a form of payment, and potential risks to end-users, the financial system, and U.S. national security.

At the meeting Treasury Secretary Yellen “underscored the need to act quickly to ensure

On July 16, 2021, Secretary of the Treasury Janet Yellen announced that the President’s Working Group on Financial Markets (PWG), the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) would all convene to discuss interagency work on stablecoins this upcoming July 19. A stablecoin is a type of cryptocurrency

On June 30, 2021, the Financial Crimes Enforcement Network (“FinCEN”) issued its first-ever Anti-Money Laundering and Countering the Financing of Terrorism National Priorities (the “Priorities”). FinCEN was required to do this by the Anti-Money Laundering Act of 2020 (“AMLA”), enacted on January 1, 2021, as part of the National Defense Authorization Act of 2021. FinCEN

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) recently announced settlements with two virtual currency service providers, Bit Pay, Inc. (Bit Pay) and BitGo, Inc. (BitGo), for alleged sanctions violations. Separately, Coinbase Global Inc., (Coinbase) the largest virtual currency exchange in the U.S., has disclosed that its services may have been