On December 17, 2025, the Staff of the Division of Trading and Markets (the “Division”) of the U.S. Securities and Exchange Commission (“SEC”) issued a Statement explaining its views on the application of paragraph (b)(1) of SEC Rule 15c3-3 to broker-dealers seeking
Blockchain
The Blockchain blog published by Baker McKenzie focuses on legal and regulatory developments related to blockchain technology and digital assets. It covers topics such as cryptocurrency regulation, digital asset custody, stablecoin legislation, crypto trading frameworks, and compliance requirements for crypto lending platforms. The blog analyzes government policies, enforcement actions, and legislative proposals affecting blockchain and crypto markets globally, including U.S., Canadian, and Australian regulatory landscapes. It also discusses strategic implications for institutional investors, public entities, and fintech innovation within the blockchain ecosystem. The content aims to inform legal professionals and industry participants about evolving legal frameworks and market trends in blockchain and digital assets.
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Texas Becomes First State to Make Bitcoin Reserve Purchase
In a groundbreaking move, in late November 2025, Texas executed a $5 million purchase of Bitcoin, marking the launch of its Strategic Bitcoin Reserve under Senate Bill 21 (SB 21), which was passed earlier in 2025. Although the purchase is only…
CFTC Announcement Paves the Way for Spot Crypto Trading on U.S. Regulated Exchanges
On December 4, 2025, the U.S. Commodity Futures Trading Commission (CFTC) announced that spot cryptocurrency products will begin trading for the first time on federally registered futures exchanges. This decision, announced by Acting Chair Caroline Pham, is part of a deliberate…
Australian Securities and Investments Commission Releases Key Updates to Digital Asset Guidance in INFO 225 and Issues No Action Letter
The Australian Securities and Investments Commission (ASIC) has released important updates to its guidance in INFO 225 on the regulation of digital assets, including in relation to digital asset exchanges, digital wallets, tokenisation, and offshore digital asset businesses promoting, selling…
The Canadian Federal Government 2025 Budget Proposes to Create a Legislative Regime Governing Fiat-backed Stablecoins
On 4 November 2025, the Canadian federal government released its 2025 Budget called “Canada Strong” (“Budget 2025“) which signaled a major step toward regulating crypto assets in Canada. For the first time, and after much speculation that such…
CSA Issues Reminder on Crypto Lending Rules
The Canadian Securities Administrators (CSA) have recently issued a reminder to crypto-backed lending platforms regarding their obligations under securities law, reinforcing the importance of regulatory compliance in a rapidly evolving digital asset landscape.
In its October 22, 2025 notice,…
Department of Justice Seizes About $15 Billion in Bitcoin Relating to Pig Butchering Scheme
Three months ago, we wrote about a record $225 million cryptocurrency seizure by the U.S. Secret Service connected to a “pig butchering” scheme. That amount pales in comparison to the U.S. Department of Justice’s announcement on October 14, 2025 that…
Central EU Oversight of Crypto Under ESMA?
We recently wrote about how the United Kingdom and the United States jointly launched the Transatlantic Task Force for Markets of the Future and how it had the potential to reshape the global regulatory landscape for digital assets. We wondered…
Bridging the Atlantic: The U.K.-U.S. Transatlantic Task Force and the Future of Global Crypto Regulation
In a significant move that has the potential to reshape the global regulatory landscape for digital assets, the United Kingdom and the United States have jointly launched the Transatlantic Task Force for Markets of the Future. Announced during U.S. President…
Australian Government Moves to Regulate Digital Asset and Tokenised Custody Platforms
Australia’s long awaited draft legislation for digital assets and tokenised custody platforms was released on 25 September 2025. The proposed changes extend the current financial services regulatory regime to operators of Digital Asset Platforms (DAPs) and Tokenised Custody Platform (TCPs)…