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SEC Outlook: Potential Updates Under Nominated Chairman Atkins

The SEC currently has several notable rule proposals that have received public comment but have not yet been finalized. The potential direction of these proposals is likely to be influenced by the leadership of the new SEC...more

FINRA Sheds Light on Path to Digital Asset Security Broker Registration

Interest in engaging in a crypto business seems to be at an all-time high, including doing so in or through regulated and compliant businesses in traditional financial services firms. Brokers-dealers sit atop that list....more

SEC Alleges “Crypto Asset Securities” Insider Trading; Case Has Significant Implications For The Digital Asset Industry

On July 21, 2022, the SEC charged three individuals with insider trading of digital assets via a scheme to trade ahead of multiple announcements regarding crypto assets being made available on a United States-based digital...more

Is the SEC’s Expansion of the “Exchange” and “Dealer” Definitions Part of the Agency’s Crypto and DeFi Strategy?

In March 2022, the U.S. Securities and Exchange Commission proposed rules that would greatly expand the Exchange Act definition of “dealer” and essentially kill the distinction between dealers and traders long-recognized by...more

FINRA 2022 Exam Report Spotlight: Communications with the Public

It came as no surprise that FINRA’s 2022 Examination and Risk Monitoring Program Report highlighted communications with the public as a continued area of focus. The primary theme across this focus area relates to the...more

White House Issues Crypto Executive Order: Appears to Acknowledge Crypto and Blockchain Are Critical and Here to Stay; Studies and...

On March 9, 2022, President Biden issued the Executive Order Ensuring Responsible Development of Digital Assets setting forth six principal policy objectives in furtherance of U.S. initiatives in the crypto and digital asset...more

tZERO ATS Settlement with SEC: Square Peg/Round Hole or Simple Failure to Follow Existing Rules?

On January 10, 2022, tZERO’s ATS settled a matter with the SEC in which it agreed to an $800,000 fine. Given the size of the penalty and substantial attention on the SEC’s approach to regulating digital asset securities,...more

SEC To Permit Custody Of Digital Asset Securities By “Special Purpose” Brokers

Christmas came early for many in the digital asset community by way of a statement from the U.S. Securities and Exchange Commission (“SEC” or “Commission”) on December 23, 2020 that grants relief in the area of broker...more

SEC to Wyoming (Division of Banking): Interpreting Federal Securities Laws and Rules is our Domain

In early November 2020, the staff of the U.S. Securities and Exchange Commission (“SEC”) Division of Investment Management (“IM Division”), in consultation with the SEC’s “FinHub” staff, issued a statement in response to a...more

FINRA (Again) Encourages Members to Report Digital Asset Activities

U.S. broker-dealer activity involving digital assets could implicate various FINRA rules in addition to federal and state securities laws and SEC rules.  As most readers likely know by now, whether this activity is of...more

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