The SEC’s Innovation Exemption outlines a conditional framework for on-chain trading of tokenized NMS stocks and certain related market activities.
SEC Issues ‘Innovation Exemption’ for On-Chain Trading of Tokenized NMS Stocks
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SEC Staff Grants No-Action Relief for Digital Asset Custody
On August 12, 2026, the SEC’s Division of Investment Management issued a No-Action Letter (the Letter) granting no-action relief to Franklin Templeton under Section 17(f) of the Investment Company Act of 1940 (the 1940 Act) and Rule 17f-2. The Letter
SEC Proposes ‘Regulation Crypto Assets,’ Creating Tailored Crypto Offering Exemptions and Investment Contract Safe Harbor
On Aug. 18, 2026, the U.S. Securities and Exchange Commission issued a 402-page proposing release for Regulation Crypto Assets, which would establish a standalone offering framework for certain investment contracts involving crypto assets.
California DFAL Is Now Operative: Stablecoins, Enforcement, Custody, and What’s Next
California’s Digital Financial Assets Law became operative July 1, 2026, marking a significant shift in the state’s regulatory landscape. Recent legislation and pending bills signal California’s move toward a broader framework covering licensing, custody, enforcement, and public integrity in digital
SEC Staff Clarifies Broker-Dealer Registration Expectations for Non-Custodial Crypto Wallet Providers
The staff of the SEC’s Division of Trading and Markets issued a statement explaining how non-custodial crypto wallet providers may offer services and receive fees without broker-dealer registration.
The Rise of Digital Debt Securities in the Middle East
The GCC is emerging as a regional leader in digital debt securities, with landmark digitally native bond and sukuk issuances reshaping how capital is raised and settled. As regulatory frameworks evolve and infrastructure matures, market participants should consider how digital
SEC Clarifies Status of Crypto Assets Under Federal Securities Laws, Signals Potential Exemptive and Safe Harbor Framework
On March 17, 2026, the U.S. Securities and Exchange Commission issued an interpretive release addressing the application of the federal securities laws to crypto assets and related transactions. The Commodity Futures Trading Commission joined the interpretation and indicated it will
Treasury Department and IRS Propose Digital Asset Broker Regulations
The Treasury Department and the IRS have released proposed regulations that would allow digital asset brokers to furnish required transaction statements to customers solely through electronic means.
The proposed regulations (REG-105064-25), issued March 5, would establish an alternative process for
SEC Issues Guidance on Applying Federal Securities Laws to Tokenized Securities
The U.S. Securities and Exchange Commission staff issued a joint statement on Jan. 28, 2026, providing greater clarity on the application of the federal securities laws to the category of crypto assets commonly referred to as tokenized securities.
CFTC Opens Door to Spot Crypto Trading on Regulated Exchanges
Commodity Futures Trading Commission (CFTC) Acting Chairman Caroline Pham, currently the only CFTC Commissioner of the five-member commission, announced on Dec. 4, 2025, that spot trading in cryptocurrency products will be available on CFTC-regulated exchanges for the first time.
Although