The first of what may be a series of crypto no-action letters supports the view that programmatic token distributions serving as network incentives are not securities....more
Given the rapid growth in private securities markets, broker-dealers are increasingly being provided with opportunities to facilitate private secondary transactions. “Section 4(a)(1½)” offers flexibility to broker-dealers in...more
In this episode of LathamTECH in Focus, Stephen Wink, Co-Chair of Latham’s Fintech and Digital Assets Industry Group, explains the changes tokenization can bring to the capital markets and the impacts ahead for equity...more
The agencies pledge to “usher in a new era of innovation” through a collaboration on rules and exemptions that aims to provide digital asset markets with clarity....more
9/16/2025
/ CFTC ,
Commodities ,
Cryptoassets ,
Decentralized Finance (DeFi) ,
Digital Assets ,
FinTech ,
Foreign Boards of Trade (FBOT) ,
Harmonization Rules ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC)
DOJ will focus on criminal intent over mere code creation, seeking to balance legal accountability with support for innovation....more
9/3/2025
/ Criminal Prosecution ,
Decentralized Finance (DeFi) ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
FinCEN ,
Intent ,
Money Laundering ,
Money Transmitter ,
Regulatory Reform ,
Software Developers
The Staff provides the market with additional crypto clarity, holding that liquid staking does not qualify as a security under the Howey test....more
8/18/2025
/ Blockchain ,
Cryptoassets ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Howey ,
Investment Contract ,
New Guidance ,
Regulatory Requirements ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934
Regulators are directed to avoid reputation risk, identify banks that have engaged in unlawful debanking, and take appropriate remedial actions. ...more
8/15/2025
/ Anti-Discrimination Policies ,
Banking Sector ,
Banks ,
ECOA ,
Enforcement Actions ,
Executive Orders ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Agencies ,
FTC Act ,
Regulatory Oversight ,
Regulatory Reform ,
Reputation Management ,
Trump Administration
The report reflects collaboration across federal agencies and aims to establish US leadership in digital assets through forward-thinking policy and a clear regulatory framework....more
8/11/2025
/ Banking Regulators ,
Blockchain ,
Central Bank Digital Currency (CBDCs) ,
CFTC ,
Digital Assets ,
Executive Orders ,
FinTech ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
Trump Administration ,
U.S. Treasury ,
Working Groups
As the SEC unveils a strategic plan to modernize securities regulations and drive US leadership in blockchain integration within financial markets, the CFTC launches a corresponding “crypto sprint.”...more
On July 18, 2025, President Trump signed into law the Guiding and Establishing National Innovation for US Stablecoins Act (the GENIUS Act), legislation that establishes a regulatory framework for payment stablecoins. ...more
7/25/2025
/ CFTC ,
Commodities ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Federal Reserve ,
Financial Markets ,
New Legislation ,
OCC ,
Regulatory Requirements ,
Securities ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
U.S. Treasury
The Staff highlighted disclosure-related observations and issues identified during reviews of digital asset ETP filings.
On July 1, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance...more
7/16/2025
/ Compliance ,
Corporate Governance ,
Cryptoassets ,
Digital Assets ,
Disclosure Requirements ,
Exchange-Traded Products ,
Financial Markets ,
Investment Companies ,
Policy Statement ,
Reporting Requirements ,
Risk Factors ,
Securities and Exchange Commission (SEC)
The Staff clarifies that protocol staking does not qualify as a security under the Howey Test, clearing the way for market participants to engage in staking....more
6/16/2025
/ Blockchain ,
Crypto Exchanges ,
Cryptoassets ,
Digital Assets ,
Howey ,
Investment Contract ,
Market Participants ,
Regulatory Requirements ,
Securities Act of 1933 ,
Securities Exchange Act ,
Securities Regulation ,
Stablecoins ,
Unregistered Securities
The SEC’s dismissal of recent “unregistered dealer” enforcement actions cements a scaling back of the dealer definition and reflects a policy shift from the prior SEC....more
Builders and investors in the crypto space are seeing a wave of regulatory change around the world that could impact their businesses. In this episode of LathamTECH in Focus, Stephen Wink, Global Co-Chair of the Fintech...more
The global fintech industry finds itself experiencing a sea change. The US seems on the cusp of regulatory changes, as the Securities and Exchange Commission shifts its attitude toward digital assets under a new...more
The Staff’s most recent actions continue to set the stage for notice-and-comment rulemaking long-awaited by the digital asset industry....more
The Staff noted that a stablecoin generally is not subject to SEC jurisdiction if it is not an investment and used solely for commercial activity....more
4/25/2025
/ Digital Assets ,
FinTech ,
Howey ,
Popular ,
Regulatory Oversight ,
Regulatory Requirements ,
Reves Test ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation ,
Stablecoins
On April 10, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance (the Staff) published a Statement on Offerings and Registrations of Securities in the Crypto Asset Markets (the Statement)....more
The Staff Statement provides clarity that Proof-of-Work crypto mining does not involve securities, reducing regulatory uncertainty and enforcement risks for miners....more
An executive order and related legislation centralizes Bitcoin and digital asset holdings across the federal government to optimize oversight and management of crypto as a US reserve asset.
On March 6, 2025, President...more
The Staff stated that most meme coins are not subject to federal securities laws or SEC fraud enforcement; who will oversee meme coins remains an open question.
On February 27, 2025, the Securities and Exchange...more
3/12/2025
/ CFTC ,
Consumer Protection Laws ,
Cryptoassets ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Investors ,
Non-Fungible Tokens (NFTs) ,
NYDFS ,
Regulatory Oversight ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Token Sales
Stablecoin regulation is a top priority for lawmakers, and three recent proposals reflect differing perspectives on how to achieve regulatory clarity while balancing safety and innovation....more
The SEC’s move is part of a recent shift toward a less enforcement-centric approach that is set to reshape the regulatory framework for digital assets in the US....more
Commissioner Hester Peirce outlined 10 priorities for the Crypto Task Force, aiming for regulatory clarity while promoting innovation in digital asset markets....more
2/11/2025
/ Blockchain ,
Broker-Dealer ,
Cryptocurrency ,
Digital Assets ,
Enforcement Priorities ,
Exchange-Traded Products ,
FinTech ,
Investment Adviser ,
Popular ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
With its pro-crypto stance and urgent posture, the executive order promises to make the US the “crypto capital of the planet.”
On January 23, 2025, President Trump issued a highly anticipated executive order on digital...more
1/28/2025
/ Blockchain ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Executive Orders ,
Federal Reserve ,
Financial Regulatory Reform ,
FinTech ,
Popular ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
Trump Administration