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
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
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
The SEC’s September 17, 2024, actions signal its commitment to penalize non-compliance, while encouraging market participants to self-report violations.
On September 17, 2024, the US Securities and Exchange Commission...more
9/30/2024
/ Compliance ,
Cooperation ,
Enforcement Actions ,
Filing Requirements ,
Institutional Investors ,
Investment Adviser ,
Investment Management ,
Market Participants ,
Required Forms ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Self-Reporting
In its third action involving NFTs, the SEC targets a restaurant membership token tied to fundraising and promises of potential price appreciation for buyers....more
9/23/2024
/ Cease and Desist Orders ,
Corporate Counsel ,
Cryptoassets ,
Enforcement Actions ,
Howey ,
Investment Contract ,
Marketing ,
Membership Interest ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Token Sales ,
Unregistered Securities
Recent Supreme Court administrative law rulings change the power dynamic between the executive and the judiciary in critical areas of statutory interpretation, enforcement, and immunity from legal challenge....more
7/15/2024
/ Administrative Authority ,
Administrative Procedure Act ,
Administrative Proceedings ,
Chevron Deference ,
Corner Post Inc v Board of Governors of the Federal Reserve System ,
Cryptoassets ,
Cryptocurrency ,
FinTech ,
Government Agencies ,
Judicial Authority ,
Jury Trial ,
Loper Bright Enterprises v Raimondo ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Seventh Amendment ,
Statute of Limitations ,
Statutory Authority ,
Statutory Interpretation
FIT21 would provide regulatory certainty for the US digital asset ecosystem, balancing support for innovation with consumer protection....more
5/30/2024
/ Blockchain ,
CFTC ,
Commodities ,
Consumer Protection Laws ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
FinTech ,
Investment Contract ,
Non-Fungible Tokens (NFTs) ,
Pending Legislation ,
Rulemaking Process ,
Securities ,
Securities and Exchange Commission (SEC) ,
Stablecoins
The legislation allows decentralized autonomous organizations to gain legal entity status and operate within the bounds of applicable law. ...more
4/2/2024
/ CFTC ,
Corporate Governance ,
Decentralized Autonomous Organization (DAO) ,
Ether ,
Ethereum ,
Governance Standards ,
Howey ,
Indemnification ,
Investment Contract ,
Legal Entities ,
Liability ,
Limited Liability ,
Market Participants ,
Membership Interest ,
Nonprofits ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Service of Process
The SEC’s ambiguous rule could have a chilling effect both on decentralized finance and on the provision of liquidity to centralized crypto exchanges.
The Securities and Exchange Commission (SEC) adopted a new rule on...more
2/28/2024
/ Crypto Exchanges ,
Dealers ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Financial Industry Regulatory Authority (FINRA) ,
Liquidity ,
Market Participants ,
New Rules ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Securities Dealers ,
Securities Exchange Act
SEC defines the phrase “as part of a regular business” to capture private funds and other market participants that take on liquidity-providing roles.
The Securities and Exchange Commission (SEC) adopted new rules that...more
2/26/2024
/ Dealers ,
Financial Industry Regulatory Authority (FINRA) ,
Government Securities ,
Liquidity ,
Market Participants ,
New Rules ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Securities Dealers ,
Securities Exchange Act ,
Securities Traders ,
SRO
The SEC’s long-awaited green light for spot bitcoin ETPs is welcomed by the market, but the ambivalent decision raises more questions than it answers.
On January 10, 2024, the Securities and Exchange Commission (SEC)...more
The proposed amendment seeks to modify the existing framework of FINRA Rule 2210 to accommodate the use of certain projections and targeted returns.
On November 13, 2023, the Financial Industry Regulatory Authority...more
The priorities highlight emerging and core risk areas for investment advisers, broker-dealers, and other entities, including cybersecurity and crypto assets.
On October 16, 2023, the Securities and Exchange Commission’s...more
11/3/2023
/ Broker-Dealer ,
Clearing Agencies ,
Compliance ,
Cryptoassets ,
Cybersecurity ,
FinTech ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Companies ,
Market Participants ,
Marketing ,
Private Funds ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
In its second action involving NFTs, the SEC targets an offering tied to fundraising and promises of future value.
On September 13, 2023, the Securities and Exchange Commission (SEC) issued a cease-and-desist order (the...more
An appeals court panel rules that the SEC rejection of a proposed spot bitcoin ETP was arbitrary and capricious, opening the door for the potential launch of numerous ETPs in the near future.
On August 29, 2023, a...more
In its first enforcement action involving NFTs, the SEC focused on issuer marketing that promised outsized returns on investment and platform building. On August 28, 2023, the Securities and Exchange Commission (SEC) issued a...more
8/31/2023
/ Cease and Desist ,
Civil Monetary Penalty ,
Disgorgement ,
Enforcement Actions ,
Misrepresentation ,
Non-Fungible Tokens (NFTs) ,
Securities ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Unregistered Securities
A bifurcated decision in a highly anticipated digital assets enforcement action may not provide the clarity that market participants want or need.
On July 13, 2023, Judge Analisa Torres of the US District Court for the...more
7/26/2023
/ Aiding and Abetting ,
Civil Monetary Penalty ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Digital Platforms ,
Due Process ,
Enforcement Actions ,
Fair Notice ,
Institutional Investors ,
Investment Platforms ,
Personal Liability ,
Ripple ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations ,
Token Sales ,
Unregistered Securities
The proposed bill sets forth a comprehensive framework for the digital asset ecosystem by bridging regulatory gaps, promoting innovation, and protecting consumers.
On June 2, 2023, Patrick McHenry, Chairman of the House...more
6/30/2023
/ Advisory Committee ,
Anti-Fraud Provisions ,
Anti-Manipulation Rule ,
CFTC ,
Commodity Exchange Act (CEA) ,
Consumer Protection Laws ,
Cryptoassets ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investment Contract ,
Non-Fungible Tokens (NFTs) ,
Proposed Legislation ,
Registration Requirement ,
Regulatory Authority ,
Securities and Exchange Commission (SEC) ,
Stablecoins
Form 13F filers will need to file their first Form N-PX covering the period of July 1, 2023, to June 30, 2024, by August 31, 2024.
Rule 14Ad1 of the Securities Exchange Act of 1934 (Exchange Act), which was adopted by...more
The narrower M&A broker exemption supersedes the 2014 M&A broker no-action letter while leaving state-level restrictions and foreign M&A broker relief unaffected. On March 29, 2023, the Securities Exchange Act of 1934...more
5/25/2023
/ Broker-Dealer ,
Consolidated Appropriations Act (CAA) ,
EBITDA ,
Exemptions ,
Extraterritoriality Rules ,
Foreign Agents ,
Institutional Investors ,
M&A Brokers ,
No-Action Letters ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act