News & Analysis as of

Digital Assets Securities Regulation Securities Act of 1933

Troutman Pepper Locke

SEC Clarifies Disclosure Requirements for Crypto Asset Securities

Troutman Pepper Locke on

On April 10, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance (the Division) issued a statement aimed at providing greater clarity on the application of federal securities laws to crypto assets....more

Latham & Watkins LLP

SEC Staff Clarifies That Certain Dollar-Backed Stablecoins Do Not Implicate the Securities Laws

Latham & Watkins LLP on

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

A&O Shearman

SEC staff takes a position on the security status of USD-backed stablecoins

A&O Shearman on

On April 4, 2025, the staff of the SEC’s Division of Corporation Finance (the “Staff”) issued a statement concluding that a narrow class of USD-backed, fully reserved, non-yield-bearing stablecoins (“Covered Stablecoins”) do...more

Lowenstein Sandler LLP

SEC Greenlights Proof-of-Work Mining

Lowenstein Sandler LLP on

The Division’s statement specifically addresses the mining of crypto assets that are intrinsically linked to the programmatic functioning of a public, permissionless network. These assets, referred to by the Division as...more

King & Spalding

Meme Coins: Collectibles, Not Securities.

King & Spalding on

On February 27, 2025, the Securities and Exchange Commission’s Division of Corporation Finance (“CorpFin”) issued a Staff Statement announcing its view that meme coin transactions do not involve the offer and sale of...more

Fenwick & West LLP

Looking Under the Hood of $TRUMP’s Legal Strategy

Fenwick & West LLP on

On Friday, January 17, 2024, President Donald J. Trump announced the launch of the $TRUMP memecoin, which was organized and sold by CIC Digital, an affiliate of the Trump Organization. Within 60 hours, $TRUMP reportedly...more

Fenwick & West LLP

SEC v. Ripple Decision Makes Waves in Digital Assets Enforcement

Fenwick & West LLP on

On August 7, 2024, nearly four years after the SEC filed its complaint alleging Ripple sold XRP in unregistered securities transactions in violation of Section 5 of the Securities Act, the district court issued its final...more

Cornerstone Research

Securities Class Action Filings: 2024 Midyear Assessment

Cornerstone Research on

The number of securities class action filings increased in the first half of 2024 relative to the second half of 2023, according to a report released today by Cornerstone Research and the Stanford Law School Securities Class...more

Farrell Fritz, P.C.

SEC’s First Two NFT Enforcement Actions Cast Shadow of Ambiguity

Farrell Fritz, P.C. on

The Securities and Exchange Commission recently brought its first two enforcement actions against issuers of non-fungible tokens (NFTs), resulting in cease-and-desist orders, penalties and other remedies, finding that the...more

Jones Day

Ripple and Terraform Labs: Two New York District Courts Address the Status of Certain Crypto Assets as Securities

Jones Day on

In Short - The Situation: Recently, two judges in Southern District of New York were required to apply the Howey test in separate cases to decide whether sales of certain crypto assets were investment contracts, and thus...more

Latham & Watkins LLP

SEC v. Ripple: A Tale of Two Token Transaction Types

Latham & Watkins LLP on

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

DarrowEverett LLP

The Ripple Effect: SEC’s Battle Vs. Crypto Gains Some Clarity

DarrowEverett LLP on

The U.S. Securities and Exchange Commission (“SEC”) is paying considerable attention to the world of cryptocurrency (“crypto”). According to the SEC website, the SEC has brought more than 50 enforcement actions against crypto...more

Pillsbury Winthrop Shaw Pittman LLP

Coinbase Contests the SEC’s Regulatory Authority over Crypto Exchanges, Staking

Arguments presented by Coinbase in its answer to SEC charges would, if accepted, potentially deprive the SEC of its most effective tool in regulating digital assets. The SEC alleges in a Complaint in SDNY that Coinbase...more

Kohrman Jackson & Krantz LLP

The Sec Had No Love For Blockfi This Valentine’s Day

The Securities and Exchange Commission (SEC) has not hesitated to conclude that crypto assets are securities subject to the Securities Act of 1933, but with BlockFi, the SEC went a step further and, for the first time with...more

Wilson Sonsini Goodrich & Rosati

A Question To The SEC After The Block.One Settlement: Has The Sec Decided To Be Less Aggressive In Sanctioning Violations By...

Until September 30, 2019, Securities and Exchange Commission (“SEC”) enforcement actions in the crypto industry conveyed a consistent message: most crypto is a security, and if a token issuer does not follow the registration...more

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