News & Analysis as of

Digital Assets Securities Regulation

Troutman Pepper Locke

Senate Banking Committee Releases Draft Digital Asset Market Structure Bill and Request for Information

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Since the House passed the CLARITY Act on July 17, the U.S. Senate Banking Committee, which has oversight of the Securities and Exchange Commission (SEC), has been busy working on its own version of the U.S. crypto regulatory...more

Morrison & Foerster LLP

SEC Permits In-Kind Creations and Redemptions for Crypto ETPs

On July 29, 2025, the Securities and Exchange Commission (SEC) signaled a significant policy shift, approving orders that permit in-kind creations and redemptions for crypto asset exchange-traded products (ETPs). This marks a...more

Paul Hastings LLP

Update on Crypto Market Structure Legislation: Senate Banking Draft and CLARITY Act

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The Senate Banking Committee, which has jurisdiction over the SEC, released its long-anticipated digital asset market structure legislation, titled the “Responsible Financial Innovation Act of 2025.” The Committee’s draft...more

Morrison & Foerster LLP

Sec Lit IQ: MoFo’s Quarterly Federal Securities Litigation and Delaware Corporate Litigation Newsletter (Q2 2025)

In our latest edition of MoFo’s quarterly federal securities and Delaware corporate litigation newsletter, we provide a rundown of select developments from the second quarter of 2025. The SEC’s New Crypto Guidance- On July...more

Troutman Pepper Locke

FINRA Continues to Scrutinize Customer Facing Communications on Crypto Offerings

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On July 16, TradeStation Securities, Inc., a member firm of the Financial Industry Regulatory Authority (FINRA), submitted a Letter of Acceptance, Waiver, and Consent (AWC) to FINRA’s Department of Enforcement. This AWC...more

A&O Shearman

UK Mansion House 2025: UK government supports digitisation of UK shareholding framework

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The Digitisation Taskforce has published its final report, recommending a three-step plan to modernise the UK shareholding framework by eliminating paper share certificates and transitioning to a fully digitised and...more

Orrick, Herrington & Sutcliffe LLP

What Does SEC Commissioner Peirce's July 9 Statement Mean for Tokenized Securities Regulation?

Although digitized initial offerings of securities may not be novel, blockchain tokenization of existing securities is still evolving. In SEC Commissioner Hester Peirce’s July 9 statement, she emphasized that while...more

Whiteford

Client Alert: Jurisdictional Win Shields Businesses From Texas State Securities Board Overreach

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The Texas State Office of Administrative Hearings (SOAH) set aside an Emergency Cease Order issued by the Texas State Securities Board (TSSB) against Billionico Academy, Auratus, and related respondents in Texas State...more

Bennett Jones LLP

New CSA Amendments Regarding Investments in Crypto Assets Come into Force

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New amendments and changes to National Instrument 81-102 Investment Funds (NI 81-102) and its Companion Policy 81-102CP took effect on July 16, 2025, regulating public investment funds that invest in crypto assets....more

BakerHostetler

Weekly Blockchain Blog - July 2025 #2

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According to a recent press release, a major stablecoin consortium announced a new partnership with a leading international crypto exchange. The exchange has now integrated USDG and seeks to offer the stablecoin to its 60...more

Lowenstein Sandler LLP

Crypto Brief - Lowenstein Crypto Newsletter - July 17, 2025

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On July 16, Commissioner Hester M. Peirce gave a speech at London’s Guildhall with other financial regulators and industry leaders. In her speech, Commissioner Peirce highlighted the historic ties between the U.S. and the...more

Fenwick & West LLP

SEC Division of Corporation Finance Issues Statement on Crypto Asset Exchange-Traded Products

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On July 1, the SEC’s Division of Corporation Finance (Corp Fin) issued a statement regarding Crypto Asset Exchange-Traded Products (crypto asset ETPs). Crypto asset ETPs are investment products that are listed and traded...more

Seward & Kissel LLP

Securities are Securities

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On July 9, 2025, Commissioner Hester Peirce, head of the SEC’s Crypto Task Force, in a published statement said, “Tokenized securities are still securities.” And, as such, the federal securities laws apply to transactions...more

Lowenstein Sandler LLP

Crypto Brief - Lowenstein Crypto Newsletter - July 10, 2025

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On July 9, the Senate Banking Committee held a hearing titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets,” which focused on bipartisan efforts to establish a federal regulatory framework for digital...more

Orrick, Herrington & Sutcliffe LLP

Congressional Research Service issues report on the CLARITY Act

On July 7, the Congressional Research Service published an insight on H.R. 3633, the Digital Asset Market Clarity Act of 2025, which if enacted would create a comprehensive regulatory framework for digital commodities. Per...more

Paul Hastings LLP

Some Sunshine for Crypto Investment Products: SEC Issues First Comprehensive Disclosure Guidance for Crypto ETPs

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In another step toward regulatory clarity for crypto investment products, the SEC Division of Corporate Finance staff has issued detailed disclosure guidance on how crypto exchange-traded products (ETPs) should navigate...more

Secretariat

Reflections on Initial SEC Policy Changes Early in the Atkins Era

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Since Paul Atkins became Chairman of the U.S. Securities and Exchange Commission (SEC) on April 21, 2025, the SEC has announced significant pivots in its approaches to enforcement, regulatory guidance, investment adviser...more

Hogan Lovells

Hong Kong launches public consultation on licensing regimes for digital asset dealing and custodian services

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On 27 June 2025, the Financial Services and the Treasury Bureau (“FSTB”) and the Securities and Futures Commission (“SFC”) jointly launched a public consultation (the “Consultation”) on new legislative proposals aimed at...more

Mayer Brown Free Writings + Perspectives

SEC Statement on Disclosure Best Practices for Crypto Asset ETFs

On July 1, 2025, the staff of the Division of Corporation Finance at the U.S. Securities and Exchange Commission (the “SEC”) issued another in a series of statements regarding crypto assets. This particular statement, titled...more

Orrick, Herrington & Sutcliffe LLP

The Download: How Is Blockchain Driving Disruption?

Albert: So, to set the stage here, my name is Albert Vanderlaan. I am the head of the capital markets group here at Orrick. I'm really pleased to be joined today by Robert Leshner, the CEO and co-founder of Superstate. I...more

Lowenstein Sandler LLP

Crypto Brief - Lowenstein Crypto Newsletter - July 3, 2025

On July 1, the Securities and Exchange Commission (SEC) Division of Corporation Finance issued guidance outlining disclosure expectations for crypto asset exchange-traded products, including both spot and derivative-based...more

Skadden, Arps, Slate, Meagher & Flom LLP

How Asset Managers Are Capitalizing on Hong Kong’s Regulations Permitting Virtual Asset Funds

Key Points - - Under Hong Kong’s liberal regulations, several dozen asset managers have been licensed to manage virtual asset funds. - A number of index funds, tied to individual cryptocurrencies and baskets, have also...more

Latham & Watkins LLP

A Giant LEAP Forward: Hong Kong Consults on Crypto Dealing and Custody

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Government plans to supercharge the digital assets industry, with crypto dealing and custody regimes the icing on the cake for a holistic regulatory framework....more

Whiteford

Client Alert: CLARITY Act and SEC Exemption: U.S. Crypto Regulation Update

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The U.S. crypto landscape is transforming, with new regulations poised to redefine how digital asset businesses operate. We previously explored stablecoin rules under the GENIUS Act (read more here), which recently passed the...more

K&L Gates LLP

ASIC Appeals Full Federal Court's Finding in Favour of Block Earner: Key Takeaways for Crypto Companies

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The crypto-asset industry has undergone unparalleled expansion and growth in recent years, leaving regulators globally grappling with how to keep up and enforce the existing regulatory frameworks. In Australia, the...more

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