One of the first crypto bills in 2025 is focused on stablecoins. This bill, introduced by Senator Lummis, the , and others, creates a broad framework for stablecoins in the United States. The House also introduced —with minor changes—yesterday.

The Senate bill is straightforward and largely non-onerous on issuers. It defines non-bank payment stablecoins and their issuers, requires 1:1 reserves backing the stablecoins and hands regulation of these entities to the Comptroller of…

The newly released tranche of documents is related to litigation between research firm History Associates Inc., and the FDIC over a Freedom of Information Act request. History Associates that the "FDIC had sent letters (the 'pause letters') to an undisclosed number of supervised financial institutions asking them to pause crypto-related activities—indefinitely." Terming this activity "Operation Choke Point 2.0," History Associates sought to compel the FDIC to comply with FOIA and provide…

And we're off to the races! 

The SEC's new Crypto Task Force will be led by Commissioner Peirce, who has long been known for her  to the Gensler-led SEC's releases and rules. In 2021, Commissioner Peirce published (via GitHub, too!) her  which sought to create some form of regulatory guidance—albeit theoretical—for cryptocurrencies. Now, she is in a position to shape the future of crypto-regulation.

While ultimately declining to order the SEC to institute rule-making proceedings clarifying the regulatory treatment of digital assets, the Third Circuit nevertheless concluded that the SEC's decision "was conclusory and insufficiently reasoned, and thus arbitrary and capricious." This proceeding has been remanded to the SEC for a more complete explanation as to its decision to deny the petition.

Remanding the decision back to the SEC amidst a change in administration may yield an…