On Sept. 8, 2025, the Nasdaq Stock Market filed a proposed rule change with the U.S. Securities and Exchange Commission to enable the trading of tokenized equity securities and exchange-traded products on its platform. The proposal, published for public comment,
On July 29, 2025, the U.S. Securities and Exchange Commission (SEC) voted to approve orders allowing in-kind creations and redemptions for crypto asset exchange-traded products (ETPs), including those based on bitcoin and ether. This marks a significant shift from the
On July 14, 2025, U.S. banking regulators issued a joint statement clarifying risk management and legal expectations for banks handling crypto-asset safekeeping. While not introducing new rules, the guidance marks a shift to principles-based oversight, urging banks to independently assess
On July 18, 2025, President Trump enacted the GENIUS Act, the first comprehensive crypto legislation in U.S. history. The law introduces rigorous rules for payment stablecoins, including mandatory federal or state approval, 1:1 reserve backing, and enhanced disclosure obligations. Digital
On May 29, 2025, the U.S. Securities and Exchange Commission’s Division of Corporation Finance issued a statement clarifying its view that certain types of protocol staking—a process used in proof-of-stake (PoS) blockchain networks—do not involve the offer and sale of
The Board of Governors of the Federal Reserve System (Board) has withdrawn supervisory guidance for Board-supervised banks concerning crypto-asset and dollar token activities and Board expectations for these activities. The Board, the Federal Deposit Insurance Corporation (FDIC), and the Office
In late April, at the government’s request, an Indiana federal judge put a final end to the prosecution of an Indiana man for allegations that he engaged in unlicensed money transmission (and related tax offenses) in connection with his operation
President Trump has signed into law a bill that repeals Internal Revenue Service (IRS) regulations that required decentralized finance (DeFi) platforms to be treated as brokers for purposes of reporting customer transactions.
On April 10, 2025, the SEC’s Division of Corporation Finance issued a nonbinding statement explaining the general application of existing disclosure requirements under the federal securities laws to crypto asset offerings, and provided example disclosures under certain requirements. The statement
In a recent statement, the SEC’s Division of Corporation Finance determined that certain types of stablecoins, specifically those designed to maintain a stable value relative to the U.S. dollar and backed by low-risk, liquid assets, do not constitute securities.
