The Investment Advisers Act of 1940 (the “Advisers Act”) is a relatively compact statute, and for many years the U.S. Securities and Exchange Commission (SEC) adopted relatively few regulations specifically targeting Advisers...more
3/6/2026
/ Compliance ,
Compliance Management Systems ,
Division of Investment Management ,
Exemptions ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
New Guidance ,
Policies and Procedures ,
Registered Investment Advisors ,
Regulatory Oversight ,
Regulatory Requirements ,
Reporting Requirements ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
Please see below for this week’s Financial Markets & Innovation Weekly Update from Morrison Foerster, tracking how digital asset firms, regulators, and policymakers are shaping the future of financial markets. Covering...more
3/6/2026
/ Artificial Intelligence ,
Banking Sector ,
Blockchain ,
CFTC ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Federal Reserve ,
Financial Markets ,
FinTech ,
Insider Trading ,
New Legislation ,
Proposed Legislation ,
Regulatory Oversight ,
Stablecoins
On February 19, a U.S. District Judge ruled that certain sports events contracts are swaps in a case regarding a potential enforcement action with Kalshi. In a memo granting Kalshi’s motion for a preliminary injunction, the...more
2/27/2026
/ Artificial Intelligence ,
CFTC ,
Cryptocurrency ,
Cybersecurity ,
Designated Contract Markets (DCMs) ,
Digital Assets ,
Enforcement Actions ,
FinTech ,
OCC ,
Proposed Rules ,
Risk Management ,
Stablecoins ,
State Attorneys General ,
Swaps ,
U.S. Treasury
On February 12, the CFTC announced the members of the Innovation Advisory Committee, which was created to help the Commission stay up to date on how innovations such as AI and blockchain influence derivatives and commodity...more
2/20/2026
/ Artificial Intelligence ,
Blockchain ,
CFTC ,
Cryptoassets ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Innovation ,
New Legislation ,
Regulatory Oversight ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Stablecoins
On January 30, 2026, Securities and Exchange Commission (SEC) Chair Paul Atkins and Commodity Futures Trading Commission (CFTC) Chair Michael Selig announced that Project Crypto—previously an SEC-led initiative—will proceed...more
2/2/2026
/ Blockchain ,
CFTC ,
Cryptoassets ,
Cryptocurrency ,
Derivatives ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Financial Regulatory Reform ,
Popular ,
Regulatory Oversight ,
Regulatory Reform ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Tokenization
On January 28, 2026, the SEC’s Division of Corporation Finance, Division of Investment Management, and Division of Trading and Markets (collectively, the “Division Staff”) issued a joint statement outlining their views on the...more
1/30/2026
/ Blockchain ,
Cryptoassets ,
Digital Assets ,
Digital Securities ,
Distributed Ledger Technology (DLT) ,
FinTech ,
Innovation ,
New Guidance ,
Regulatory Oversight ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Tokenization
Overview of the SEC Staff Guidance-
On December 17, 2025, the staff of the SEC’s Division of Trading and Markets (the, “Staff”) issued a statement, expressly limited in scope, regarding how broker-dealers that carry...more
1/14/2026
/ Blockchain ,
Broker-Dealer ,
Compliance ,
Cryptoassets ,
Cryptocurrency ,
Custody ,
Customer Protection Rule ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
FinTech ,
New Guidance ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Regulation
On December 3, 2025, the United States Securities and Exchange Commission (SEC) issued an exemptive order (the “Order”) further delaying the implementation and compliance for short-sale and securities-lending reporting rules...more
1/8/2026
/ Administrative Procedure Act ,
Compliance Dates ,
Dodd-Frank ,
Exemptive Orders ,
Institutional Investors ,
Investment Management ,
Regulation SHO ,
Regulatory Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Regulation ,
Short Selling
On December 4, 2025, the Commodity Futures Trading Commission (CFTC) announced the upcoming launch of the first leveraged spot cryptocurrency product to be listed on a CFTC-regulated exchange, Bitnomial Exchange, LLC...more
12/10/2025
/ CFTC ,
Commodity Exchange Act (CEA) ,
Crypto Exchanges ,
Cryptocurrency ,
Derivatives ,
Designated Contract Markets (DCMs) ,
Digital Assets ,
National Futures Association ,
NFA ,
Regulatory Oversight ,
Regulatory Reform ,
Regulatory Requirements ,
Trading Platforms
On November 17, 2025, the staff of the Division of Trading and Markets (the “Staff”) of the U.S. Securities and Exchange Commission (SEC) issued no-action relief allowing for registered representatives associated with...more
12/1/2025
/ Broker-Dealer ,
Business Entities ,
Fees ,
Financial Services Industry ,
Limited Liability Company (LLC) ,
No-Action Letters ,
Registration Requirement ,
Regulatory Oversight ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Regulation
On November 12, 2025, SEC Chairman Paul Atkins delivered remarks outlining the SEC’s ongoing work under “Project Crypto,” a regulatory initiative launched earlier this year to encourage crypto asset innovation and clarify how...more
11/20/2025
/ Blockchain ,
CFTC ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
FinTech ,
Proposed Rules ,
Regulatory Oversight ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Tokenization
On September 29, 2025, the Division of Corporation Finance (the “Staff”) of the U.S. Securities and Exchange Commission (SEC) granted no-action relief to DoubleZero Foundation from the registration requirements of Section 5...more
10/20/2025
/ Blockchain ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Howey ,
No-Action Letters ,
Regulatory Requirements ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Regulation
On September 30, 2025, the U.S. Securities and Exchange Commission (SEC) issued an order (the Order) granting conditional exemptive relief related to certain requirements of the National Market System Plan governing the...more
10/9/2025
/ Consolidated Audit Trail ,
Exemptions ,
Financial Services Industry ,
New Guidance ,
Recordkeeping Requirements ,
Regulation NMS ,
Regulatory Oversight ,
Regulatory Reform ,
Regulatory Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Regulation ,
Self-Regulatory Organizations
FINRA’s recent settlement with member Velocity Clearing, LLC spotlights supervisory priorities, serving as another reminder that even amid shifting SEC priorities and resource allocation, FINRA continues to impose significant...more
On September 30, 2025, the SEC Staff of the Division of Investment Management (the “Staff”) issued a no-action letter (the “Letter”) that clarifies how SEC-registered investment advisers (“RIAs”), registered investment...more
10/3/2025
/ Cryptoassets ,
Cryptocurrency ,
Custody Rule ,
Digital Assets ,
Due Diligence ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
New Guidance ,
No-Action Letters ,
Registered Investment Advisors ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On September 2, 2025, the Divisions issued a joint statement announcing a cross-agency initiative to coordinate efforts regarding the process for enabling the trading of certain spot crypto asset products. This initiative is...more
9/10/2025
/ Blockchain ,
CFTC ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
FinTech ,
Innovation ,
Popular ,
Regulatory Oversight ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Trading Platforms
On August 28, 2025, the staff of the Division of Market Oversight (CFTC Staff) of the Commodity Futures Trading Commission (CFTC) issued Staff Advisory Letter No. 25–27 (Staff Advisory). The Staff Advisory reaffirms and...more
9/9/2025
/ CFTC ,
Commodity Exchange Act (CEA) ,
Commodity Futures Contracts ,
Compliance ,
Cross-Border Transactions ,
Cryptoassets ,
Digital Assets ,
Foreign Exchanges ,
Futures Commission Merchants (FCMs) ,
Regulatory Oversight ,
Regulatory Requirements ,
Trading Platforms
On July 30, 2025, the White House released a 166-page report titled “Strengthening American Leadership in Digital Financial Technology” (the “Report”).[1] Authored by a working group of cabinet members and federal agency...more
8/7/2025
/ AML/CFT ,
Banking Sector ,
Biden Administration ,
Blockchain ,
CFTC ,
Cryptocurrency ,
Cybersecurity ,
Decentralized Finance (DeFi) ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
Financial Regulatory Reform ,
FinTech ,
IRS ,
Multi-Factor Authentication ,
NIST ,
Popular ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Stablecoins ,
U.S. Treasury
On July 29, 2025, the Securities and Exchange Commission (SEC) signaled a significant policy shift, approving orders that permit in-kind creations and redemptions for crypto asset exchange-traded products (ETPs). This marks a...more
8/4/2025
/ Bitcoin ,
Blockchain ,
Capital Markets ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Exchange-Traded Products ,
Investment ,
Investment Management ,
Investors ,
New Rules ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On July 1, 2025, the Staff of the Division of Corporation Finance (the “Staff”) of the U.S. Securities and Exchange Commission (SEC) released new guidance on disclosure requirements for offerings and registrations of...more
On July 18, 2025, President Trump signed into law S. 1582, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act” or the “Act”). The Act covers payment stablecoins[1]—a relatively new form...more
7/22/2025
/ Banking Sector ,
Digital Assets ,
Federal Reserve ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
New Legislation ,
Proposed Legislation ,
Regulatory Reform ,
Regulatory Requirements ,
Rulemaking Process ,
Stablecoins ,
The GENIUS Act ,
U.S. Treasury
On June 25, 2025, the U.S. Securities and Exchange Commission (SEC) voted to extend the compliance deadline for recent amendments to Exchange Act Rule 15c3-3 (the “Customer Protection Rule”) to June 30, 2026. The amendments,...more
7/1/2025
/ Broker-Dealer ,
Capital Markets ,
Compliance Dates ,
Corporate Counsel ,
Customer Protection Rule ,
Filing Deadlines ,
Final Rules ,
Financial Institutions ,
Net Capital Rule ,
New Regulations ,
Regulatory Reform ,
Regulatory Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On May 29, 2025, the Staff of the Division of Corporation Finance (the “Staff”) of the U.S. Securities and Exchange Commission (SEC) issued a statement[1] (the “Staking Statement”) concluding that certain protocol staking...more
6/10/2025
/ Blockchain ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Howey ,
Investment Contract ,
New Guidance ,
Offerings ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On May 15, 2025, the Division of Trading and Markets (the “Division”) of the U.S. Securities and Exchange Commission (SEC) and the Office of General Counsel of the Financial Industry Regulatory Authority, Inc. (FINRA)...more
On May 8, 2025, SEC Commissioner Hester Peirce delivered a speech at the SEC’s 31st International Institute for Securities Market Growth and Development in Washington, D.C. In her speech, Commissioner Peirce underscored the...more