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Howey Securities Decentralized Finance (DeFi)

Fenwick & West LLP

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

Fenwick & West LLP on

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

BakerHostetler

U.S. District Court Signals That In Certain Cases, NFTs May Qualify as Securities

BakerHostetler on

Dapper Labs was founded in 2018 shortly after the debut of its first NFT collection, “CryptoKitties,” which was so successful it created a bottleneck of transactions on the decentralized Ethereum Network. Seeking faster...more

BCLP

Decentralization... What is it good for?

BCLP on

“Decentralization” refers to the movement of supervision and decision-making away from a single central actor, and toward a dispersed network of actors. Such networks are facilitated by the use of blockchain technology and...more

Latham & Watkins LLP

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

Latham & Watkins LLP on

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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