Federal and state regulators have taken an increased interest in regulating cryptocurrencies, digital assets, and the larger blockchain ecosystem. This landscape is opaque and rapidly evolving, and many industry participants have been left without clear guidance as they seek to innovate while complying with the law. At King & Spalding, a cross-practice team of attorneys specializes in helping clients navigate these very issues. In this publication, we provide an overview of recent legal developments in the crypto and blockchain space, including legislative proposals, key enforcement actions from state and federal agencies, and our outlook for future development.