News & Analysis as of

Securities and Exchange Commission (SEC) New Guidance Digital Assets

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...

K&L Gates LLP on

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

Polsinelli

Blockchain+ Bi-Weekly; Highlights of the Last Two Weeks in Web3 Law: June 5, 2025

Polsinelli on

The most important development of the last two weeks is likely the release of a revised bipartisan digital asset market structure bill in Congress, which now gives real momentum to the possibility of comprehensive...more

Seward & Kissel LLP

What We Have Here Is a Success to Communicate: SEC Releases FAQs for BDs and Transfer Agents Relating to Crypto Asset Activities...

Seward & Kissel LLP on

On May 15, 2025, the staff of the Division of Trading and Markets (the “Staff”) of the Securities and Exchange Commission (“Commission”) released responses to frequently asked questions (“FAQs”) relating to crypto assets and...more

Jones Day

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

Jones Day on

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

Morrison & Foerster LLP

Charting a New Course for Digital Asset Securities

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

Mayer Brown Free Writings + Perspectives

SEC Division of Trading and Markets Releases FAQs on Crypto Asset Activities and Distributed Ledger Technology; 2019 Joint Staff...

On May 15, 2025, the staff of the Securities and Exchange Commission (“SEC”) Division of Trading and Markets (the “Staff”) published responses to certain frequently asked questions (“FAQs”) relating to crypto asset activities...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

Eversheds Sutherland (US) LLP

SEC publishes broker-dealer and transfer agent crypto custody guidance

On May 15, the SEC staff provided guidance to SEC-registered broker-dealers and transfer agents on how they can custody and recordkeep digital assets. According to the guidance, non-securities are not subject to the...more

Fenwick & West LLP

SEC Staff Offers New Guidance on Crypto Disclosure, Stablecoins

Fenwick & West LLP on

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

Vedder Price on

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

Woodruff Sawyer

Everything’s Coming Up Roses: Domestic Crypto Regulation in Spring 2025

Woodruff Sawyer on

Last March, I wrote: “Howey Livin’? Domestic Crypto Regulation in 2024.” As elegantly foreshadowed by the hilarious title, the article covered the strange crypto regulatory moment of spring 2024: Bitcoin has been packaged...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

Sheppard Mullin Richter & Hampton LLP

Digital Dollars, Not Investments: SEC Staff Weighs in on Stablecoins

On April 4, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance issued a statement clarifying that reserve-backed U.S. dollar stablecoins are not securities, at least under current law and...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

K&L Gates LLP

United States: Staff Cedes Jurisdiction Over Certain Stablecoins

K&L Gates LLP on

On 4 April 2025, the SEC’s Division of Corporation Finance (Division) issued a statement (Statement) providing that the offer and sale of certain “Covered Stablecoins” do not involve the offer and sale of securities within...more

Jones Day

SEC Division of Corporation Finance: Certain U.S. Dollar-Backed Stablecoins Are Not Securities

Jones Day on

As the Trump administration and Congress seek to establish clear digital asset regulation, uncertainty remains on whether federal agencies consider stablecoins to be "securities" under federal law....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

Latham & Watkins LLP

SEC Staff Clarifies That Crypto Mining Does Not Implicate the Securities Laws

Latham & Watkins LLP on

The Staff Statement provides clarity that Proof-of-Work crypto mining does not involve securities, reducing regulatory uncertainty and enforcement risks for miners....more

Fenwick & West LLP

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

Fenwick & West LLP on

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

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

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