News & Analysis as of

Financial Markets Securities and Exchange Commission (SEC)

Carlton Fields

Paint by Tokenization: SEC Launches Project Crypto

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At the beginning of July, SEC Chair Paul Atkins painted a picture: tokenization was the “next step” in the evolution of securities. Generally, tokenization entails creating a digital representation of a real-world asset —...more

Jones Day

Crypto Exchange-Traded Products: Navigating the Intersection of Crypto and Securities

Jones Day on

Direct ownership of crypto-assets or mere exposure to the value of crypto-assets is an investment decision, with both investment methods requiring specific approaches to mitigate and manage risks effectively....more

Cooley LLP

The SEC Offers Shiny Objects (and Data)

Cooley LLP on

Last week, the SEC announced it has a new statistics and data visualization page that is pretty cool. The information is “interactive,” presented in graphics and also can be downloaded....more

Mayer Brown Free Writings + Perspectives

SEC Staff Issues Guidance on Rule 15c3-3a and Treasury Clearing

On August 6, 2025, the Staff of the Division of Trading and Markets of the Securities and Exchange Commission (SEC) released an updated set of Frequently Asked Questions (FAQs) addressing the application of Rule 15c3-3a to...more

Fenwick & West LLP

SEC Unveils New Statistics and Data Visualization Page

Fenwick & West LLP on

Last week, the Securities and Exchange Commission (SEC) launched a new statistics and data visualization page that includes statistics and interactive graphics on key elements of the capital markets, based on the following...more

Patterson Belknap Webb & Tyler LLP

AI- and Cryptocurrency-Related Securities Class Action Filings in 2025 H1

Cornerstone Research recently published its 2025 midyear assessment of securities class action filings. Compared to the second half of 2024, securities class action filings in the first half of 2025 decreased slightly from...more

Seyfarth Shaw LLP

Retail Money, Institutional Risks: The New Dynamic in Private Equity

Seyfarth Shaw LLP on

Private equity (PE) sponsors are increasingly seeking to broaden their investor base by offering retail access to traditionally institutional-only funds. Recently, statements by the SEC indicated the SEC staff will no longer...more

Troutman Pepper Locke

SEC Launches AI Task Force

Troutman Pepper Locke on

On August 1, the Securities and Exchange Commission (SEC) announced the formation of a new task force dedicated to harnessing artificial intelligence (AI) to enhance innovation and efficiency across the agency. This...more

Seward & Kissel LLP

SEC No-Action Relief Clears Operational Hurdles for Broker-Dealers Handling ETFs with Foreign Holdings

Seward & Kissel LLP on

Who may be interested: Exchange-Traded Funds, Broker-Dealers, Registered Investment Companies, Registered Investment Advisers, Compliance Staff, Boards of Directors - Quick Take: The Securities and Exchange Commission (the...more

Carlton Fields

SEC Cost-Benefit Analysis: A New Face and a New Role

Carlton Fields on

Under the Trump administration, the Securities and Exchange Commission is in the process of revamping its approach to the cost-benefit analysis it performs in support of its regulatory actions. These changes are being spurred...more

Morrison & Foerster LLP

Reminder: Prepare for EDGAR Next

On September 27, 2024, the U.S. Securities and Exchange Commission (the SEC) adopted amendments to Regulation S-T, resulting in major changes to the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) System for SEC...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - June 2025

June marked a pivotal moment in U.S. digital asset oversight with major developments from the SEC, Congress, and the DOJ. First, on June 9, 2025, the SEC’s Crypto Task Force held its final scheduled roundtable called “DeFi...more

Davis Wright Tremaine LLP

Senate Banking Committee Releases Crypto Market Structure Discussion Draft and Request for Information

Coming on the heels of the House's passage of the Digital Asset Market Clarity Act of 2025 ("Clarity Act") with strong bipartisan support, the Senate Banking Committee released its initial discussion draft for crypto market...more

Latham & Watkins LLP

The GENIUS Act of 2025 Stablecoin Legislation Adopted in the US

Latham & Watkins LLP on

On July 18, 2025, President Trump signed into law the Guiding and Establishing National Innovation for US Stablecoins Act (the GENIUS Act), legislation that establishes a regulatory framework for payment stablecoins. ...more

Katten Muchin Rosenman LLP

FINRA Aligns CAT Timestamp Requirements with SEC Relief and Extension to 2030

The Financial Industry Regulatory Authority (FINRA) is updating Rule 6860(a)(2) so that industry members who use time stamps more granular than nanoseconds must continue to truncate (rather than round) those time stamps at...more

Cooley LLP

The Life of Former SEC Chair (and Corp Fin Director) Manny Cohen

Cooley LLP on

Recently, I blogged about the 20 Corp Fin Directors we’ve had at the SEC (we haven’t heard yet who will be the new Corp Fin Director) – and it got me thinking about Manny Cohen, whom many of us don’t know much about since he...more

Jones Day

U.S. House Passes GENIUS and CLARITY Acts, Signaling Bipartisan Support for Digital Assets

Jones Day on

The GENIUS Act's passage marks the first major crypto legislation approved by both chambers of Congress, signaling a significant step toward regulatory clarity for stablecoins, while the CLARITY Act's advancement by the House...more

Vinson & Elkins LLP

Small Gains Yield Big Pain: How a $2,400 Profit Triggered an SEC, FBI, and FINRA Cavalry

Vinson & Elkins LLP on

On July 11, 2025, the Securities and Exchange Commission (“SEC” or the “Commission”) announced that it had settled an enforcement action against two individuals who were alleged to have engaged in insider trading. The SEC’s...more

Latham & Watkins LLP

SEC Staff Clarifies Disclosure Expectations for Crypto Asset Exchange-Traded Products

Latham & Watkins LLP on

The Staff highlighted disclosure-related observations and issues identified during reviews of digital asset ETP filings. On July 1, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance...more

Fenwick & West LLP

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

Fenwick & West LLP on

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

Bradley Arant Boult Cummings LLP

SEC Enforcement in the Second Quarter of 2025

In May 2025, we summarized the U.S. Securities and Exchange Commission’s (SEC) Division of Enforcement activity during the first quarter of the new presidential administration. With the second quarter now concluded, and Paul...more

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 39

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

DLA Piper

SEC Staff Concludes Protocol Staking Activities on Proof-of-Stake Networks Are Not Securities

DLA Piper on

On May 29, 2025, the Division of Corporation Finance of the US Securities and Exchange Commission (SEC) issued a statement clarifying its views on the application of federal securities laws to certain proof-of-stake (PoS)...more

Troutman Pepper Locke

Time to Assess "Foreign Private Issuer" Status - 2025

Troutman Pepper Locke on

It is time to assess “foreign private issuer” status. Foreign public and private issuers enjoy the benefits of significant exemptions and exclusions from registration under U.S. federal securities laws based on whether they...more

Mayer Brown Free Writings + Perspectives

Congress Introduces Bill to Exempt Fixed-Income Securities from Rule 15c2-11: Inside the “Protecting Private Job Creators Act”...

On June 12, 2025, Representative Troy Downing (R-MT) introduced H.R. 3959, the “Protecting Private Job Creators Act.” The bipartisan bill, co-sponsored by Representative Cleo Fields (D-LA), would categorically exempt...more

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