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On June 26, the Conference of State Bank Supervisors (CSBS) released new guidance regarding the treatment of virtual currency in the calculation of a licensee’s tangible net worth under the Money Transmission Modernization Act (MTMA). In the press release announcing the new guidance, Brandon Milhorn, CSBS President and CEO, expressed enthusiasm for the new guidance: “We are very pleased to issue the first CSBS advisory guidance to support the consistent, effective, and transparent implementation of the MTMA. The advisory guidance process will help the MTMA evolve and grow as money transmitters deploy new technologies and develop new products and services to support their customers.”

On June 20, the U.S. Supreme Court issued its opinion in McLaughlin Chiropractic Associates, Inc. v. McKesson Corp., 606 U.S. —- — S.Ct. —- 2025 WL 1716136 (2025), addressing whether, under the Administrative Orders Review Act (Hobbs Act), 28 U.S.C. §2342, district courts are bound by the Federal Communication Commission’s (FCC) interpretation of the Telephone Consumer Protection Act (TCPA). The Fourth, Sixth, Seventh, Eighth, Ninth, Eleventh, and District of Columbia Circuits had held that because the Hobbs Act vests exclusive jurisdiction to determine the validity of FCC orders in the circuit (appellate) courts, district courts were bound by the FCC’s orders interpreting the TCPA.

Today, the Consumer Financial Protection Bureau (CFPB or Bureau) published in the Federal Register an interim final rule extending compliance dates for its 2023 small business lending rule under the Equal Credit Opportunity Act (Regulation B) (Final Rule) This extension comes in response to court orders in ongoing litigation, affecting the timeline for financial institutions to comply with data collection requirements for women-owned, minority-owned, and small businesses.

We are pleased to share with you our latest publication, “Navigating Change: First 100 Days under the Trump Administration,” authored by our Digital Assets + Blockchain team. This retrospective examines the pivotal developments in the digital assets industry during the initial phase of the Trump administration.