Congress and the federal government under the Trump Administration have made substantial progress in establishing the outlines of a set of interrelated federal regimes for digital financial assets in the United States, but much remains to be done. In particular, the future and contours of market structure legislation for digital securities and commodities remains uncertain, and the federal regulators continue to fill out and tailor those regimes that are in place. The attached presentation from Debevoise’s banking and financial institutions and white collar teams provides a comprehensive overview of key developments in digital financial asset regulation, including market structure reform, payment stablecoin regulation under the GENIUS Act, and implications for the banking sector. This presentation is intended to be useful as a reference guide for those following the space, and will be updated from time to time to reflect significant milestones. Please feel free to reach out with any questions or to schedule a CLE or presentation on these topics.