News & Analysis as of June 1, 2025

Decentralized Finance (DeFi)

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

The Justice Insiders Podcast: Meet the Securities and Exchange (and Human Resources) Commission

US District Court Vacates Controversial Dealer Rules

WilmerHale on 12/16/2024

On November 21, 2024, the US District Court for the Northern District of Texas vacated rules adopted by the Securities and Exchange Commission (SEC) in February 2024. Those rules had defined language in the definitions of...more

Potential Impact of the SEC’s Rulemaking Agenda on Crypto

WilmerHale on 3/18/2024

The current SEC administration has expressed the view that most crypto assets are offered and sold as securities and has proposed several rules that address “digital asset securities” or “crypto asset securities.” In this...more

The SEC’s Definition of a “Dealer” - End of the Road for DeFi, or Just Another Bump?

Latham & Watkins LLP on 2/28/2024

The SEC’s ambiguous rule could have a chilling effect both on decentralized finance and on the provision of liquidity to centralized crypto exchanges. The Securities and Exchange Commission (SEC) adopted a new rule on...more

“Decentralized Finance (DeFi),” Fintech, Regtech, and the Financial Services Industry (Ch. 8A)

WilmerHale on 2/9/2024

Decentralized Finance (DeFi) is an umbrella term used to describe financial services provided outside of the traditional markets, that rely on blockchain technologies to create innovative products instead of relying on...more

SEC Approves Spot Bitcoin ETFs; CFTC Publishes DeFi Report; FINRA Addresses Crypto Assets; Reports Provide Data on Crypto Scams

BakerHostetler on 1/16/2024

On January 10, the U.S. Securities and Exchange Commission (SEC) simultaneously approved eleven spot bitcoin Exchange Traded Funds (ETFs) on an accelerated basis based on its Order Granting Accelerated Approval of Proposed...more

SEC Seeks Additional Comment on Whether DeFi Systems Must Register as "Exchanges"

Jones Day on 5/4/2023

In Short - The Situation: The U.S. Securities and Exchange Commission ("SEC" or "Commission") has reopened the comment period for its January 2022 proposal to amend Exchange Act Rule 3b-16 to broadly expand the...more

The SEC Redefines “Exchange”: An Act in Three Parts

Morrison & Foerster LLP on 5/4/2023

On April 14, 2023, the Securities and Exchange Commission (SEC) reopened the comment period on proposed amendments to Rule 3b-16 under the Securities Exchange Act of 1934 (the “Exchange Act”) (the “Amendments”). The...more

SEC opens comment period on defining “exchange”

Orrick, Herrington & Sutcliffe LLP on 4/24/2023

On April 14, the SEC reopened the comment period on proposed amendments to the statutory definition of “exchange” under Exchange Act rule 3b-16, which now includes systems that facilitate the trading of crypto asset...more

Top PHive Crypto Enforcement Notes: January Edition

Paul Hastings LLP on 1/13/2023

Happy New Year! While the holidays hopefully provided a chance to rest and recharge, things have not slowed down in the world of digital asset enforcement. We see a growing dedication of resources by government law...more

Top 5 SEC Enforcement Developments for November 2022

Morrison & Foerster LLP on 12/13/2022

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources....more

Is the SEC’s Expansion of the “Exchange” and “Dealer” Definitions Part of the Agency’s Crypto and DeFi Strategy?

Goodwin on 7/15/2022

In March 2022, the U.S. Securities and Exchange Commission proposed rules that would greatly expand the Exchange Act definition of “dealer” and essentially kill the distinction between dealers and traders long-recognized by...more

SEC Enforcement Broadens Its Crypto Focus

Goodwin on 5/10/2022

On May 6, 2022, the U.S. Securities and Exchange Commission announced that it settled charges against NVIDIA Corporation alleging that the company’s disclosures regarding the impacts of increased use of its gaming products by...more

SEC Relaunches and Adds Resources to Division of Enforcement's Crypto Assets and Cyber Unit

Holland & Knight LLP on 5/3/2022

Continuing its focus on crypto enforcement, the SEC on May 3, 2022, announced the addition of 20 positions to its relaunched Crypto Assets and Cyber Unit – formerly the Cyber Unit. The additions nearly double the size of the...more

Avoiding Sticky Situations with Web3: DOJ, SEC Scrutiny of NFT and DeFi Projects Expected to Continue

Holland & Knight LLP on 4/25/2022

Web3 is a term with a shifting, amorphous definition. In its current form, Web3 encompasses both decentralized platforms and the metaverse. Decentralized platforms offer services and assets that use distributed ledger...more

SEC Proposes to Expand Interpretation of “Dealer” and “Government Securities Dealer” Definitions

Latham & Watkins LLP on 4/12/2022

On March 28, 2022, the US Securities and Exchange Commission (SEC) proposed rules (Proposing Release) that would require securities market participants that engage in dealer-like activities - such as a proprietary trading...more

SEC Proposes to Redefine “Exchange” - New Definition Could Subject Blockchain Crypto Platforms to SEC Regulation

Womble Bond Dickinson on 3/11/2022

The Securities and Exchange Commission (“SEC” or “Commission”) has released a proposal to amend Exchange Act Rule 3b-16, Regulation ATS, and Regulation SCI. Criticized by SEC Commissioner Hester Peirce as “too wide-ranging”...more

SEC issues proposed rule that could reach cryptocurrency exchanges

Eversheds Sutherland (US) LLP on 2/14/2022

On January 26, 2022, the US Securities and Exchange Commission (SEC) proposed a rule (Proposed Rule) amending - and significantly broadening - a rule that defines certain terms used in the statutory definition of “exchange.”...more

The Limits of Applying Reves v. Ernst & Young to DeFi and the Perils of Regulating Web3 by Enforcement

Latham & Watkins LLP on 1/26/2022

The SEC’s reliance on a nebulous US Supreme Court decision raises important questions for the future of decentralized finance. Reves v. Ernst & Young,[1] a 30-year-old US Supreme Court decision on farmers’ co-ops, is...more

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Securities Exchange Act › Securities and Exchange Commission (SEC) › Decentralized Finance (DeFi)

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