In a statement entitled “The Journey Begins,” on February 4, 2025, US Securities and Exchange Commission (“SEC” or the “Commission”) Commissioner Hester Peirce provided new details regarding her thoughts on the agency’s evolving position on crypto. Commissioner Peirce is leading the SEC’s new Crypto Task Force (the “Task Force”), which she described as “want[ing] to
Digital Assets
SEC Announces Appointment of Mark Uyeda as Acting Chair and Launch of Crypto Task Force
The Securities and Exchange Commission (SEC) announced that Mark T. Uyeda has been appointed Acting Chair. The Acting Chair has served as an SEC Commissioner since June 2022 and brings extensive experience to the role, having held various leadership positions within the SEC, the U.S. Department of the Treasury and the U.S. Department of Labor. …
SEC Office of the Investor Advocate Report
The Securities and Exchange Commission’s Office of the Investor Advocate recently released its Report on Activities for the Fiscal Year 2024 to Congress. The Securities Exchange Act of 1934 requires the Investor Advocate to file two reports annually with Congress. The Office is mandated to assist retail investors, identify problems that investors may have, analyze…
FINRA Update on Crypto Asset Activities
On August 14, 2024, FINRA published an update (the “Update”) on its ongoing efforts to engage with its members related to crypto asset activities. The Update describes “crypto assets” as assets that are issued or transferred using distributed ledger or blockchain technology. They include, but are not limited to, so-called virtual currencies, coins, and tokens.
SDNY Issues Final Ruling on SEC v. Ripple
Earlier this month, the Southern District of New York issued its final ruling and remedies order in Securities and Exchange Commission v. Ripple Labs, Inc. Judge Analisa Torres found that the SEC failed to show that any investor was harmed by Ripple’s sales of the crypto asset XRP, rejecting the SEC’s disgorgement theory.
The court…
Commissioner Comments on Tokenization
Commissioner Uyeda spoke at the Securities and Exchange Commission’s 30th Annual Institute for Securities Market Growth and Development. Commissioner Uyeda focused on the need to root out bad actors and promote transparent disclosures to promote market integrity and confidence. The Commissioner noted that removing bad actors from the market should lower the cost of capital.