FEDERAL REGULATIONS SHIFTING GEAR

• The US Federal Reserve, under Chair Kevin Warsh, has taken a more crypto-friendly stance, diverging from the previous administration's policies.
• The SEC and CFTC continue to oversee digital assets, with the SEC focusing on securities laws and the CFTC on derivatives.
• The absence of a comprehensive federal framework requires market participants to navigate evolving regulations.
• Stablecoin activities are becoming increasingly important, with choice of state jurisdiction playing a key role in licensing and custody.

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