News & Analysis as of

Cryptoassets New Guidance Securities and Exchange Commission (SEC)

Skadden, Arps, Slate, Meagher & Flom LLP

SEC: Certain ‘Protocol Staking Activities’ Are Not Securities Transactions

On May 29, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance issued a statement providing that certain cryptoasset staking activities in connection with proof-of-stake (PoS) networks do...more

K&L Gates LLP

United States: SEC’s Division of Corporation Finance Clarifies That Participation in Certain Proof-Of-Stake Activities Does Not...

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On 29 May 2025, the SEC’s Division of Corporation Finance (the Division) issued a guidance statement (Statement) related to certain protocol staking activities. The Statement addresses the impact of federal securities laws on...more

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - June 2025

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

Morrison & Foerster LLP

SEC Concludes Certain Protocol Staking Activities Are Not Securities Offerings

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

Mayer Brown Free Writings + Perspectives

SEC Division of Corporation Finance Statement on Certain Protocol Staking Activities

On May 29, 2025, the staff (“Staff”) of the Division of Corporation Finance of the U.S. Securities and Exchange Commission continued its recent pattern of issuing Staff guidance addressing cryptocurrency. The May 29 Staff...more

Jones Day

Crypto Staking: SEC Staff Clarifies Non-Security Status for Certain Protocol Activities

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A May 29, 2025, U.S. Securities and Exchange Commission ("SEC") Division of Corporation Finance statement explains that "Covered Crypto Assets"—crypto tokens without any inherent rights to passive income, business enterprise...more

K&L Gates LLP

United States: SEC’s Division of Trading and Markets Issues Crypto Asset-Related FAQs (And Withdraws Previous Guidance)

K&L Gates LLP on

On 15 May 2025, the US Securities and Exchange Commission’s Division of Trading and Markets (Division) released Frequently Asked Questions (FAQs) clarifying how certain broker-dealer and transfer agency rules relate to crypto...more

Lowenstein Sandler LLP

SEC Staff Clarifies That Certain Staking Activities Are Not Securities

Protocol Staking Under the Federal Securities Laws - Historically, the SEC has taken issue with certain staking activities under the federal securities laws. The SEC previously alleged that staking-as-a-service programs...more

Katten Muchin Rosenman LLP

SEC’s Division of Trading and Markets Issues New FAQ Guidance on Broker-Dealer Custody and Net Capital Treatment of Cryptoassets

The Securities and Exchange Commission (SEC) has taken a significant step toward permitting broker-dealers to custody digital assets and toward accounting for such proprietary digital assets in a broker-dealer’s net capital...more

Fenwick & West LLP

SEC Staff Offers New Guidance on Crypto Disclosure, Stablecoins

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On April 10, the SEC staff articulated how existing disclosure requirements under the federal securities laws apply to offerings and registrations involving crypto assets....more

Vedder Price

SEC Division of Corporation Finance Staff Issues Guidance on Crypto Assets

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As previously summarized here, since SEC Commissioner Mark T. Uyeda was named Acting Chairman on January 21, 2025, the SEC has significantly shifted its approach to cryptocurrency regulation and enforcement actions, including...more

Patterson Belknap Webb & Tyler LLP

President Trump’s SEC Trims Crypto Oversight

As we recently reviewed in The First Two Months of the SEC Under President Trump, since taking office for the second time, President Trump has moved quickly to make changes throughout the federal government in keeping with...more

Akin Gump Strauss Hauer & Feld LLP

SEC Staff Provides Disclosure Guidance for Crypto Asset Offerings, Registrations

On April 10, 2025, the staff of the SEC’s Division of Corporation Finance (the “Staff”) published a statement providing its views about the application of certain disclosure requirements under the federal securities laws to...more

DLA Piper

Redeemable, USD-Linked Stablecoins are not Securities – Latest SEC Staff Guidance

DLA Piper on

The Division of Corporation Finance at the US Securities and Exchange Commission (SEC) recently issued guidance regarding the application of federal securities laws to certain stablecoins. While this guidance, released on...more

Fenwick & West LLP

Entertainment or Investment? The SEC’s Stance on Meme Coins as Securities

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On February 27, 2025, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance (Corp Fin) published a new staff statement intended to clarify the application of federal securities laws to meme coins....more

BakerHostetler

Swiss Banks Launch Crypto Offerings; GAO Addresses SEC Crypto Bulletin; UK and Hong Kong Publish Crypto Guidance; DOJ and SEC...

BakerHostetler on

Swiss Banks Launch Tokenization Pilot, Crypto Custody and Trading Services - A recent press release announced a pilot by “SIX, the Swiss National Bank (SNB) and six commercial banks” that seeks “to test, in a live...more

Proskauer - Blockchain and the Law

New York Department of Financial Services Issues Guidance on Cryptoasset Custody in Wake of Recent High-Profile Bankruptcies

Demand for virtual currency services, including custody services, has soared in the past several years. Like their counterparts in traditional finance, these custodians are stewards of retail and institutional customer funds...more

BakerHostetler

Crypto Market Data Published; Digital Assets RFI Issued; BIS Addresses DeFi; NY DFS Issues Crypto Guidance; SEC Brings Crypto...

BakerHostetler on

Reports Address Crypto Ownership, Stablecoins and Dapp Adoption - Recent reports provide new data on various areas of the digital asset market. In one report, a survey published by a cryptocurrency trading platform found...more

Nelson Mullins Riley & Scarborough LLP

SEC Releases Sample Letter to Companies Regarding Crypto Market Developments

Similar to recent sample comment letters released regarding climate change disclosure, China-based companies, and Russia’s invasion of Ukraine, the SEC has released a sample letter to companies regarding recent developments...more

Cadwalader, Wickersham & Taft LLP

SEC’s Division of Corporation Finance Heightens Expectations for Crypto Disclosures

In the wake of mounting crypto bankruptcies and federal investigations into the alleged misappropriation of crypto assets, among other possible wrongdoing by market participants, the U.S. Securities and Exchange Commission’s...more

Mayer Brown Free Writings + Perspectives

Sample Letter to Companies Regarding Recent Developments in Crypto Asset Markets

Last week, the Staff of the Division of Corporation Finance of the Securities and Exchange Commission posted a sample comment letter (see the sample letter) in order to provide guidance to reporting companies regarding the...more

Herbert Smith Freehills Kramer

The SEC’s Limited Guidance on Crypto Tokens in No-Action Letters

The Securities and Exchange Commission (SEC or Commission) has been accused of “regulation by enforcement” when it comes to the standard for determining whether a crypto token is a security. Part of this stems from the fact...more

Goodwin

The Federal Deposit Insurance Corporation (FDIC) Issued Guidance Regarding FDIC Insurance and Crypto Assets

Goodwin on

On July 29, the FDIC issued a Fact Sheet and Advisory (collectively, the Published Documents) regarding FDIC deposit insurance and crypto assets. The Published Documents emphasize that FDIC deposit insurance does not apply...more

Fenwick & West LLP

SEC Issues Guidance on Accounting for Safeguarding Crypto Assets

Fenwick & West LLP on

In light of an increasing number of companies that give platform users the ability to transact in crypto assets and provide a service to safeguard such assets, the staff of the Securities and Exchange Commission issued Staff...more

Sheppard Mullin Richter & Hampton LLP

SEC Announces 2022 Examination Priorities, Includes Crypto-Assets

The U.S. Securities and Exchange Commission (“SEC”) has announced its examination priorities for the fiscal year 2022. Among them is crypto-assets. Specifically, the SEC is targeting robo-advisers, fractionalization, and...more

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