News & Analysis as of

Securities and Exchange Commission (SEC) Securities Exchange Act FinTech

Fenwick & West LLP

SEC Staff Says Certain Protocol Staking Activities Don't Constitute the Sale of Securities

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The SEC’s Division of Corporation Finance recently issued a statement on Certain Protocol Staking Activities, essentially articulating the Division’s view that “Protocol Staking Activities,” do not involve the offer and sale...more

Latham & Watkins LLP

SEC Staff Clarifies That Certain Dollar-Backed Stablecoins Do Not Implicate the Securities Laws

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The Staff noted that a stablecoin generally is not subject to SEC jurisdiction if it is not an investment and used solely for commercial activity....more

Fenwick & West LLP

Entertainment or Investment? The SEC’s Stance on Meme Coins as Securities

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On February 27, 2025, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance (Corp Fin) published a new staff statement intended to clarify the application of federal securities laws to meme coins....more

Cornerstone Research

SEC Enforcement of Cryptocurrency Dropped 30% in the Last Year of the Gensler Administration

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Enforcement during Gensler administration was considerably higher than during the previous administration. The Securities and Exchange Commission (SEC) brought 33 cryptocurrency-related enforcement actions in 2024, the...more

WilmerHale

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

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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

Orrick, Herrington & Sutcliffe LLP

District Court orders fintech to pay $2.8 million for manipulating price of crypto-asset security

On April 20, the U.S. District Court for the Southern District of New York entered a final judgment in which a fintech company and its former CEO (collectively, “defendants”) have agreed to pay the SEC more than $2.8 million...more

Latham & Watkins LLP

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets - SEC and Securities

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Securities issues are covered in Title III (Responsible Securities Innovation) of the Responsible Financial Innovation Act (RFIA). The RFIA would add a new Section 41 to the Securities Exchange Act of 1934 (Securities...more

Goodwin

SBA Implemented Changes to PPP as a Part of American Rescue Plan Act

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In this Issue. The federal bank regulatory agencies announced that the temporary change to the supplementary leverage ratio for depository institutions will expire as scheduled on March 31, 2021; the Small Business...more

Amundsen Davis LLC

Ripple Effect: SEC Lawsuit against Cryptocurrency Company May Provide Guidance For Crypto Industry

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On December 21, 2020, the Securities and Exchange Commission (SEC) filed a high-profile enforcement action against a major cryptocurrency company. The SEC complaint alleges violations of federal securities laws by defendant...more

Perkins Coie

Blockchain Week in Review - January 2020 #3

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U.S. Developments - Federal and State Regulatory Developments - Bill in Hawaii State Senate Addresses Digital Assets Including Authorization for Banks to Serve as Qualified Custodians - SB 2594 before the Hawaii...more

WilmerHale

SEC No-Action Letter Opens the Door to Innovation for Securities Clearance and Settlement

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On October 28, 2019, Paxos Trust Company, LLC (Paxos) received a time-limited (two-year) No-Action Letter from the Division of Trading and Markets of the U.S. Securities and Exchange Commission (SEC). This No-Action Letter...more

McDermott Will & Schulte

SEC Division of Corporate Finance Issues Second No-Action Letter for a Blockchain Token Issuance

The SEC Division of Corporate Finance recently issued a no-action letter to Pocketful of Quarters, confirming that the Division will not recommend any enforcement action if the company sells its blockchain-based tokens...more

Blank Rome LLP

The FinTech Revolution: How Data Breaches Can Result in Regulatory Enforcement Actions

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This is the fifth installment in a series of articles. For more background on this topic, please read our first article in the series, An Introduction to Financial Technology; our second article, The FinTech Revolution:...more

Blank Rome LLP

Fintech Alert: SEC Advises That an Unincorporated Virtual Organization That Issued Virtual Currency Engaged in an Unregistered...

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Financial Services - Action Item: The Securities and Exchange Commission (“SEC”) has provided guidance for digital currency offerings that may run afoul of the U.S. securities laws. Investors, token issuers, and other...more

Goodwin

Goodwin Alert: SEC Issues Long-Awaited Guidance

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The Securities and Exchange Commission (SEC) announced on Tuesday, July 25, 2017, that Initial Coin Offerings (ICOs) and other market participants offering digital assets by “virtual” organizations may be subject to the...more

Latham & Watkins LLP

SEC: Certain Initial Coin Offerings Are Securities Offerings

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SEC’s investigative report sends clear message that virtual transactions using innovative technologies are subject to the application of securities laws. Introduction - On July 25, 2017, the US Securities and Exchange...more

Wilson Sonsini Goodrich & Rosati

SEC Determines That Certain Virtual Tokens Are Securities

On July 26, 2017, the Securities and Exchange Commission (SEC) issued an investigative report concluding that certain tokens (or coins) offered and sold by The DAO, a virtual organization, were securities under the Securities...more

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