Debevoise & Plimpton LLP has published a guide to the potential impact of the U.S. election on the financial services industry, including possible regulatory implications. The key takeaways from the guide, which was authored by 18 lawyers from the firm’s Antitrust, Banking, Data Strategy and Security, M&A and White Collar Groups, are:

• Although he has did not focus on financial services apart from crypto during his campaign, Trump will almost certainly have a significant impact on the status quo.
• In particular, Trump will replace many key personnel. In the regulatory sphere it is often the case that personnel is policy.
• Republican control of Congress will enhance Trump’s ability to implement his policy priorities.
• Trump’s regulatory policy tools to implement his agenda could include Executive Orders, revisiting or declining Biden rule proposals, overturning rules via the CRA, and pausing enforcement of regulations.
• Ramifications for banking organizations may include less stringent capital and liquidity requirements, changes in SEC regulatory and enforcement priorities, shifts in crypto regulation, limits to outbound investments, and continued enforcement for cross-border activities such as AML and sanctions compliance.

View the full guide; it will be updated periodically.