News & Analysis as of August 5, 2025

Securities Regulation

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

The Justice Insiders Podcast: Meet the Securities and Exchange (and Human Resources) Commission

SEC Staff Clarifies That Certain Protocol Staking Activities Do Not Implicate the Registration Requirements of the US Federal...

Latham & Watkins LLP on 6/16/2025

The Staff clarifies that protocol staking does not qualify as a security under the Howey Test, clearing the way for market participants to engage in staking....more

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

Fenwick & West LLP on 6/16/2025

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

United States: SEC’s Division of Corporation Finance Clarifies That Participation in Certain Proof-Of-Stake Activities Does Not...

K&L Gates LLP on 6/10/2025

On 29 May 2025, the SEC’s Division of Corporation Finance (the Division) issued a guidance statement (Statement) related to certain protocol staking activities. The Statement addresses the impact of federal securities laws on...more

Crypto Staking: SEC Staff Clarifies Non-Security Status for Certain Protocol Activities

Jones Day on 6/3/2025

A May 29, 2025, U.S. Securities and Exchange Commission ("SEC") Division of Corporation Finance statement explains that "Covered Crypto Assets"—crypto tokens without any inherent rights to passive income, business enterprise...more

A Step Forward for Broker-Dealers and Transfer Agents Engaged in Crypto Asset Businesses

Lowenstein Sandler LLP on 5/19/2025

The Staff noted that Securities Exchange Act (SEA) Rule 15c3-3(b) only applies to securities carried by a broker-dealer. Accordingly, if a broker-dealer carries non-security crypto assets (e.g., Bitcoin or Ether), a...more

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

Latham & Watkins LLP on 4/25/2025

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

The SEC’s Staff of the Division of Corporation Finance Clarifies Its Views on Crypto Mining

Mayer Brown Free Writings + Perspectives on 3/24/2025

On March 20, 2025, the SEC’s Staff of the Division of Corporation Finance (the “Division”) issued a statement providing its views that crypto mining activities (as defined in its statement) do not involve the offer and sale...more

Second Circuit Upholds Dismissal Of Federal Securities Law Claims Against Cryptocurrency Trading Platform Operator

A&O Shearman on 3/12/2025

On February 26, 2025, the United States Court of Appeals for the Second Circuit affirmed the dismissal of federal securities claims against the developers of a decentralized cryptocurrency exchange and the exchange’s venture...more

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

Fenwick & West LLP on 3/5/2025

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

Finally, clarity (or perhaps, “clarity-ish”)

Seward & Kissel LLP on 3/3/2025

After years of refusing to give clear answers on the issue of which tokens are securities, the SEC has finally provided some clarity, at least with respect to meme coins: they are not securities. Well, actually, not quite;...more

SEC Withdraws Appeal of Court Decision to Vacate Its Dealer Rules

Latham & Watkins LLP on 2/25/2025

The SEC’s move is part of a recent shift toward a less enforcement-centric approach that is set to reshape the regulatory framework for digital assets in the US....more

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

Cornerstone Research on 1/24/2025

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

Bitnomial Exchange Sues SEC, Challenging Agency's Authority Over XRP Futures

Katten Muchin Rosenman LLP on 10/14/2024

Bitnomial Exchange, LLC (Bitnomial), a designated contract market (DCM) registered with the Commodity Futures Trading Commission (CFTC), has launched a legal offensive against the US Securities and Exchange Commission (SEC),...more

Inside the Courts – An Update From Skadden Securities Litigators - February 2024

Skadden, Arps, Slate, Meagher & Flom LLP on 3/5/2024

Securities Class Actions Show No Signs of Slowing in 2024 - Key Points - While the volume of securities class actions filings has remained consistently elevated over the past several years, the composition of the class...more

A Question To The SEC After The Block.One Settlement: Has The Sec Decided To Be Less Aggressive In Sanctioning Violations By...

Wilson Sonsini Goodrich & Rosati on 10/18/2019

Until September 30, 2019, Securities and Exchange Commission (“SEC”) enforcement actions in the crypto industry conveyed a consistent message: most crypto is a security, and if a token issuer does not follow the registration...more

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