Summary of New York Department of Financial Services Stablecoin Guidance

On July 11, 2022, Cravath prepared for its clients a memo entitled “Summary of New York Department of Financial Services Stablecoin Guidance.” The memo reviews the New York Department of Financial Services’ guidance, released on June 8, 2022, for NYDFS‑regulated entities that issue U.S. dollar‑backed stablecoins, including those with a “BitLicense” and New York‑chartered limited purpose trust companies that engage in virtual currency activity.

Please click here to read the memo.