The changes would account for developments in the cryptoasset markets, modernize investment adviser custody rules, and formalize certain SEC staff guidance.
By Laura Ferrell, Aaron Gilbride, Mike Hart-Slattery, Jennifer Y. Tian, Jamie Lynn Walter, and
The SEC’s Innovation Exemption permits limited on-chain trading of tokenized US-listed equity securities, including third-party tokenizations subject to issuer notice and objection.
By Michele M. Anderson, Jenna B. Cooper, Paul M. Dudek, Zachary Fallon, Dan Gibbons
The no-action relief confirms that PSPs facilitating access to CFTC-regulated derivatives trading need not register as introducing brokers, provided they satisfy certain conditions.
By Yvette D. Valdez, Douglas K. Yatter, Adam Bruce Fovent, Mia Stefanou, and
Firms have six days left to submit their responses to the consultation, which aims to prepare the UK for the emerging “multi-money” ecosystem.
By Brett Carr, Stuart Davis, Christian F. McDermott, Fiona Garrahan, Cameron Jones,
A five-year exemptive order permits limited on-chain trading for US-listed equities through qualifying venues for the first time, subject to limits, disclosure, and issuer-notice conditions.
By Jenny Cieplak, Paul M. Dudek, Zachary Fallon, Dan Gibbons, Stephen
The proposed amendments would strengthen existing transfer agent compliance, risk management, and safeguarding standards; permit the use of distributed ledger technology for recordkeeping; and introduce certain new gatekeeper obligations.
The Proposal would establish two offering exemptions, a conditional safe harbor for investment contracts and broad preemption of state securities laws registration and qualification requirements.
By Paul M. Dudek, Zachary Fallon, Stephen P. Wink, and Deric Behar
Recent developments signal that the regulatory treatment of cryptoasset lending may be shifting.
By Gabriel Lakeman, Axel Schiemann, Thomas Vogel, and Ivan Pizeta
Key Points:
Crypto vaults are drawing regulatory attention, with a recent statement by SEC Commissioner Hester Peirce addressing the application of federal securities laws to these structures.
By Jenny Cieplak, Zachary Fallon, Laura Ferrell, Aaron Gilbride, Yvette D.
Crypto custody services under the microscope: EU regulators turn their attention to compliance with digital operational resilience rules.
By Stuart Davis, Gabriel Lakeman, and Alain Traill
On 8 July 2026, the European Securities and Markets Authority (ESMA) announced
