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 neither candidate has focused on financial services, Trump almost certainly would have a more significant impact on the status quo than Harris, although both appear more favorable to crypto than the Biden Administration.
• Regardless, the new Administration will be able to replace many key personnel. In the regulatory sphere it is often the case that “personnel is policy.”
• The new Administration could issue Executive Orders on day one, and, if Trump is elected, he may revoke prior Biden Executive Orders.
• The new Administration will be shaped by less agency deference by the judiciary in light of Loper Bright, including new uncertainty if prior rulemakings are invalidated by the courts.

View the full guide; it will be updated periodically.