Digital Assets

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The Staff of the Division of Trading and Markets (the “Staff”) of the Securities and Exchange Commission (the “SEC” or the “Commission”) recently issued a statement (the “Statement”) providing its views on the application of the broker-dealer registration requirements under Section 15(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to…

On April 17, 2026, the Securities and Exchange Commission (SEC) approved with immediate effectiveness the New York Stock Exchange’s (NYSE) proposed rule change (SR-NYSE-2026-17) that allows tokenized securities to be listed and traded on the NYSE.  The NYSE rule would integrate blockchain-based representations of traditional stocks and ETFs into its existing trading infrastructure.  Like Nasdaq’s…

The Securities and Exchange Commission (“SEC”) issued an order approving proposed amendments (the “Proposed Amendments”) by The Nasdaq Stock Market LLC (“Nasdaq” or “Exchange”) to the Exchange’s rules to enable trading of certain securities in tokenized form during the pendency of a tokenization pilot program (the “DTC Pilot”) operated by The Depository Trust Company (“DTC”).…

On March 17, 2026, the Securities and Exchange Commission issued an interpretation that provides guidance regarding how the federal securities laws apply to certain crypto assets and to certain transactions involving crypto assets.  Consistent with the recent MoU between the agencies, the Commodity Futures Trading Commission joined in this interpretation and guidance confirming that…

On March 5, 2026, the Market Structure Subcommittee of the U.S.  Securities and Exchange Commission’s (“SEC”) Investor Advisory Committee (“IAC”) released a recommendation regarding the tokenization of equity securities.  The recommendation will be discussed and voted on at the IAC’s March 12, 2026 meeting.  As discussed below, the IAC cautions against adoption of a…

Last week, the banking agencies issued guidance in the form of Frequently Asked Questions that provides certainty regarding the treatment of tokenized securities for purposes of the capital rules.  While this is not surprising, it is helpful to market participants perhaps especially in the context of the repo and derivatives market as more market participants…

On February 18, 2026, Chairman Paul S. Atkins and Commissioner Hester M. Peirce of the Securities and Exchange Commission (“SEC”) delivered joint remarks at ETHDenver, outlining both the significant regulatory steps the SEC has taken over the past year and its agenda for the months ahead to provide additional regulatory clarity regarding digital assets.  The…

On February 19, the staff of the Division of Trading and Markets of the U.S. Securities and Exchange Commission issued an FAQ, stating the staff will not object if a broker-dealer treats a proprietary position in a payment stablecoin (as defined in the FAQ) as having a “ready market” under SEC Rule 15c3-1 and takes…

Securities and Exchange Commission Chair Paul Atkins testified before the House Financial Services Committee and the Senate Committee on Banking, Housing, and Urban Affairs last week, presenting a comprehensive overview and update of the SEC’s priorities and initiatives. Consistent with his various remarks since the start of his tenure, Atkins’ remarks centered on capital formation…