News & Analysis as of

Securities and Exchange Commission (SEC) Regulatory Oversight

Carlton Fields

SEC Engages in “Targeted, Common-Sense” Reorganization

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It has been reported that the Securities and Exchange Commission (SEC) recently reduced head count by an estimated 12% due to the Trump administration’s effort to rapidly downsize the federal government. Particularly hard-hit...more

Cooley LLP

The Coming SEC-PCAOB Merger? Arguments Against Abolishing the PCAOB

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The House Financial Services Committee voted to include a provision in the 2025 budget reconciliation bill that would abolish the PCAOB. The proposal would reassign PCAOB functions to the SEC....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

Bradley Arant Boult Cummings LLP

SEC Enforcement in the First Quarter of the New Administration

The new presidential administration began on January 20, 2025, and change came quickly to many federal agencies, including the U.S. Securities and Exchange Commission (SEC). On Inauguration Day, Paul S. Atkins was nominated...more

Eversheds Sutherland (US) LLP

SEC Chairman Atkins champions crypto innovation

On Friday, April 25, 2025, newly sworn in SEC Chairman Paul S. Atkins spoke for the first time in his new role at the SEC’s third roundtable in its series discussing crypto asset regulation called Know Your Custodian: Key...more

WilmerHale

Complex and Divided Securities Enforcement Falling to States

WilmerHale on

The Trump administration is bringing significant personnel and policy changes across the federal government’s financial regulators. President Donald Trump has signed an executive order putting agencies and regulators—such as...more

Latham & Watkins LLP

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

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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

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

ArentFox Schiff

SEC Commissioner Crenshaw Critiques Stable Coin Analysis: Understates the Risks

ArentFox Schiff on

On April 4, US Securities and Exchange Commission (SEC) Commissioner Caroline A. Crenshaw, the sole Democrat serving as a Commissioner, issued a statement critiquing the Division of Corporation Finance’s analysis in its...more

Wilson Sonsini Goodrich & Rosati

Paul Atkins Confirmed as SEC Chairman

On April 9, 2025, the U.S. Senate voted 52-44, along party lines, to confirm the nomination of Paul Atkins as chairman of the U.S. Securities and Exchange Commission (SEC)...more

Troutman Pepper Locke

SEC Reportedly Announces Major Reorganization of Enforcement and Exams Divisions

Troutman Pepper Locke on

The U.S. Securities and Exchange Commission (SEC) has reportedly announced internally a major reorganization of its enforcement and exams divisions. This restructuring, effective April 9, 2025, was detailed in a staff memo...more

Cooley LLP

Is the SEC facing a death by 1,000 cuts?

Cooley LLP on

Bloomberg reports that staff from the Department of Government Efficiency is currently at the SEC, according to communications to SEC staff, who were “instructed to treat them as internal employees.” Bloomberg also reports...more

Proskauer Rose LLP

Confirmation Hearing for SEC Chair Nominee Atkins — Takeaways for Fund Managers

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The Senate Banking Committee convened on Thursday to consider the nomination of Paul Atkins, President Trump’s nominee for Chair of the Securities and Exchange Commission, along with the nominees for the Comptroller of the...more

Mayer Brown Free Writings + Perspectives

SEC Crypto Task Force & Other Crypto Developments

On March 21, 2025, the Securities and Exchange Commission (“SEC”) held the inaugural roundtable of its Crypto Task Force to explore the legal issues involved in classifying crypto assets under the federal securities laws. ...more

Flaster Greenberg PC

SEC Offers Updated Guidance for Rule 506(c) Private Placements

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On March 12, 2025, the SEC published a No-Action Letter clarifying accredited investor verification requirements under Rule 506(c)....more

Mayer Brown Free Writings + Perspectives

The SEC’s Staff of the Division of Corporation Finance Clarifies Its Views on Crypto Mining

On March 20, 2025, the SEC’s Staff of the Division of Corporation Finance (the “Division”) issued a statement providing its views that crypto mining activities (as defined in its statement) do not involve the offer and sale...more

Nelson Mullins Riley & Scarborough LLP

No Soup for You - SEC Commissioners Revoke Authority of Director of Enforcement to Launch Investigations

In a famous Seinfeld episode, a master soup maker had strict rules for ordering his delicious confections.  A violation of his rules, resulted in “No soup for you!”...more

Paul Hastings LLP

The Bybit Hack of 2025 — Potential Implications

Paul Hastings LLP on

On February 21, 2025, Dubai-based Bybit, one of the world’s leading cryptocurrency exchanges, suffered a massive security breach, resulting in the loss of approximately $1.5 billion in Ethereum (ETH). The incident, which is...more

Cooley LLP

Shadow SEC argues for retention of SEC independence

Cooley LLP on

At the end of last year, in this post on the CLS Blue Sky Blog, two leading authorities on securities law, Professors John C. Coffee, Jr. and Joel Seligman, made some predictions about SEC regulation under the new...more

Latham & Watkins LLP

SEC Staff Clarifies That Meme Coins Are Not Securities

Latham & Watkins LLP on

The Staff stated that most meme coins are not subject to federal securities laws or SEC fraud enforcement; who will oversee meme coins remains an open question. On February 27, 2025, the Securities and Exchange...more

DLA Piper

SEC Crypto Task Force to Host Series of Roundtables

DLA Piper on

On March 3, 2025, the Securities and Exchange Commission (SEC) announced that its Crypto Task Force, the formation of which we discussed in our prior blog, will host a series of roundtables to discuss key areas of interest in...more

Holland & Knight LLP

DOJ Forsakes Defending the ALJ Process Against Article II Challenges

Holland & Knight LLP on

On Feb. 18, 2025, in a case seeking declaratory and injunctive relief against the SEC, the U.S. Department of Justice (DOJ) filed a Notice of Change in Position indicating that the DOJ will no longer defend in litigation "the...more

McDermott Will & Emery

SEC Pumps Fun

While we anticipated a relaxed US Securities and Exchange Commission (SEC) under the new administration, even the biggest proponents of a lax SEC did not expect a “meme coin” blessing within weeks of a new SEC chair being...more

K&L Gates LLP

Trump Administration Asserts Control Over Independent Agencies

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The Trump administration has taken two actions that will dramatically increase White House control over federal commissions, boards, and officials that were previously considered independent. These actions are likely to...more

Genova Burns LLC

President Trump to Federal Agencies: “I’ve Got This”

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President Trump’s February 18th Executive Order entitled, “Ensuring Accountability for All Agencies,” represents a sweeping effort to consolidate federal executive branch lawmaking power with the President. The Order’s...more

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