News & Analysis as of

Decentralized Finance (DeFi)

Lowenstein Sandler LLP

Crypto Brief - Lowenstein Crypto Newsletter - September 11, 2025

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On Sept. 8, Nasdaq announced its Form 19b-4 submission seeking the U.S. Securities and Exchange Commission’s (SEC) approval to amend its rules and enable trading of tokenized equities on the Nasdaq Stock Market (Proposal)....more

WilmerHale

DOJ Signals Approach to Digital Assets - What It Means for Developers and Platforms

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On August 21, 2025, Acting Assistant Attorney General Matthew R. Galeotti delivered remarks at the American Innovation Project (AIP) Summit in Jackson, Wyoming. Mr. Galeotti’s remarks focused on the digital asset ecosystem...more

Robins Kaplan LLP

DAOs and the New Fiduciary Frontier: When Code Meets Duty

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Picture this: A trustee receives an email notification that a “governance proposal” needs their vote, because the trust owns tokens in something called a DAO—and suddenly, they’re not just holding digital assets, they’re...more

Foley & Lardner LLP

Tornado Cash and the Legality of Mixers

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On August 6, 2025, after a four-week trial in the Southern District of New York (S.D.N.Y.), the jury in the Tornado Cash case reached an impasse. While it found Roman Storm, the founder of a crypto mixing service known as...more

Hogan Lovells

Digital disputes on the rise: international arbitration at the forefront?

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The worldwide digital assets market is projected to generate revenue of $100.2 billion by 2025 and grow annually by 9.94%. ...more

Orrick, Herrington & Sutcliffe LLP

SEC and CFTC announce joint effort to harmonize crypto and market regulation

On September 5, the SEC and CFTC issued a joint statement outlining new regulatory coordination as the markets for securities and non-securities become increasingly intertwined. SEC Chair Paul Atkins and CFTC Acting Chair...more

Morrison & Foerster LLP

SEC and CFTC Invite Crypto Innovation and Announce Joint Roundtable

On September 2, 2025, the Divisions issued a joint statement announcing a cross-agency initiative to coordinate efforts regarding the process for enabling the trading of certain spot crypto asset products. This initiative is...more

Cooley LLP

Everything You Want to Know About RWAs But Are Afraid to Ask

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As the digital transformation of finance accelerates, tokenized real-world assets (RWAs) are emerging as a bridge between traditional finance and decentralized markets. The innovation also raises critical legal and regulatory...more

Jones Day

Why Can't We Be Friends? The SEC and CFTC Vow More Cooperation

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On September 5, 2025, the Securities and Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC") released a joint statement (the "Statement") outlining a renewed commitment to regulatory cooperation...more

Davis Wright Tremaine LLP

SEC and CFTC Call for Regulatory Harmonization Opportunities

On September 5, 2025, the SEC and CFTC issued a joint statement on regulatory harmonization opportunities and announced a joint SEC/CFTC roundtable to be held at the end of September. This release came on the heels of an...more

Pillsbury Winthrop Shaw Pittman LLP

SEC and CFTC Chairs’ Joint Statement Raises Prospect of Competitive Onshoring of Perpetual Derivatives

Securities regulators signaled an openness to “innovation exemptions” allowing U.S. perpetual contracts and leveraged crypto markets to become competitive with offshore markets....more

BakerHostetler

Weekly Blockchain Blog - September 2025

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Stablecoin Launches and Integrations, Crypto Acquisitions Announced - A major self-custodial crypto wallet provider, MetaMask, recently announced the launch of its “native stablecoin,” MetaMask USD ($mUSD). According to a...more

Alston & Bird

DOJ Refines Illicit Finance Enforcement Approach for DeFi

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Our White Collar, Government & Internal Investigations Group reviews several Department of Justice statements that together signal how it will enforce illicit finance risks in decentralized finance (DeFi), focusing on...more

Lowenstein Sandler LLP

Crypto Brief - Lowenstein Crypto Newsletter - September 4, 2025

On Sept. 2, the Securities and Exchange Commission’s (SEC) Division of Trading Markets and the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight and Division of Clearing and Risk issued a joint...more

Fenwick & West LLP

SEC Staff Statement: Certain Liquid Staking Activities and Staking Receipt Tokens Do Not Involve the Offer and Sale of Securities

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On August 5, 2025, the Securities and Exchange Commission Division of Corporation Finance released a statement on liquid staking as a follow-on to its May 29, 2025, protocol staking statement. The liquid staking statement...more

Venable LLP

Cryptocurrency Victory Amid a Shifting Political Environment: Lesser Charge Still Brings Important Ramifications for Decentralized...

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On Wednesday, August 6, a Southern District of New York jury found Roman Storm, the founder of Tornado Cash, guilty of conspiracy to operate an unlicensed money-transmitting business in violation of Section 371 of Title 18 of...more

K&L Gates LLP

The White House Working Group on Digital Asset Markets Report: What it Means for the Derivatives Industry

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The “Strengthening American Leadership in Digital Financial Technology” Report, published in July 2025 by the President’s Working Group on Digital Asset Markets (the PWG), includes comprehensive recommendations for immediate...more

Latham & Watkins LLP

DOJ Official Addresses DeFi Platform Developer Liability Under Money Transmission Statute

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DOJ will focus on criminal intent over mere code creation, seeking to balance legal accountability with support for innovation....more

Lowenstein Sandler LLP

Crypto Brief - Lowenstein Crypto Newsletter - August 28, 2025

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A coalition of 115 digital asset builders, investors, and advocates submitted a letter to the Senate Committee on Banking and the Committee on Agriculture on August 27, advocating for the protections afforded to open-source...more

Paul Hastings LLP

Wyoming Launches Stablecoin, SEC Chair Discusses Tokenization and Congress Eyes Market Structure Legislation

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There were significant crypto developments at both the state and federal levels. In Wyoming, the Frontier Stable Token (FRNT) officially launched on mainnet, making the state the first public entity in the United States to...more

Ballard Spahr LLP

Tornado Cash Jury Deadlocked on Most Serious Charges, but Convicted Founder Roman Storm on Conspiracy to Operate an Unlicensed...

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On August 6th, 2025, following a four-week trial, a jury found Roman Storm, the founder of a crypto mixing service called Tornado Cash, guilty of conspiracy to operate an unlicensed money transmitting business. The jury was...more

Wilson Sonsini Goodrich & Rosati

Public Comment Begins Under the GENIUS Act: Treasury Department Seeks Comment on Detecting Illicit Activity Involving Digital...

The U.S. Department of the Treasury issued a Request for Comment required by the recently passed Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), seeking public input on the use of...more

Davis Wright Tremaine LLP

CFTC Announces Latest Crypto Sprint Initiative

Just days after the closing of the comment period for the CFTC's first initiative under its Crypto Sprint, on August 21, 2025, the CFTC announced the beginning of its next Crypto Sprint initiative. The CFTC previously...more

Farrell Fritz, P.C.

Super-Apps, Self-Custody and Safe Harbors: SEC’s New Crypto Playbook

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For years, the SEC has been painted as the cop on the beat when it comes to crypto, more likely to file an enforcement action than to roll out the welcome mat.  But SEC Chairman Paul Atkins’ announcement this summer of a new...more

Troutman Pepper Locke

Treasury Issues Request for Comment on Innovative Methods to Detect Illicit Activity Involving Digital Assets

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On August 18, the U.S. Department of the Treasury issued a Request for Comment, inviting interested members of the public to provide input on innovative methods to detect and mitigate illicit finance risks involving digital...more

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