Digital Assets

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On April 4, 2025, the Division of Corporation Finance (the “Division”) of the U.S. Securities and Exchange Commission (the “Commission”) published a statement (the “Statement”) outlining its position on stablecoins, a category of crypto asset intended to maintain a stable value in regard to a reference asset, such as the U.S. dollar, and track the…

On March 21, 2025, the Securities and Exchange Commission (“SEC”) held the inaugural roundtable of its Crypto Task Force to explore the legal issues involved in classifying crypto assets under the federal securities laws.  Acting SEC Chair Uyeda opened the roundtable explaining the limitations associated with applying the test developed under SEC v. W.J. Howey…

On March 20, 2025, the SEC’s Staff of the Division of Corporation Finance (the “Division”) issued a statement providing its views that crypto mining activities (as defined in its statement) do not involve the offer and sale of securities within the meaning of Section 2(a)(1) of the Securities Act of 1933, as amended (the “Securities…

On March 3, 2025, the Securities and Exchange Commission (SEC) announced that its newly-formed Crypto Task Force will host a series of public roundtable discussions on key areas of interest relating to the regulation of cryptocurrency assets.  Dubbed the “Spring Sprint Toward Crypto Clarity” series, the roundtables represent a changed approach at the…

On February 27, in what is likely the first of many statements about crypto assets, the Staff of the U.S. Securities and Exchange Commission’s Division of Corporation Finance (the “Division”) posted a statement on Meme Coins (the “Statement”).  In the Statement, the Division’s Staff shared its views that transactions in “meme coins,” which are “a…

Members of the US Securities and Exchange Commission (the “Commission”) continue to share their views about the Commission’s current priorities, and Monday was Acting Chairman Mark Uyeda’s turn.  Speaking at the Florida Bar’s 41st Annual Federal Securities Institute and M&A Conference on February 24, 2025, Acting Chairman Uyeda provided his thoughts on where the Commission…

On February 21, 2025, Commissioner Hester Peirce released a statement inviting input from interested parties on the regulation of crypto assets.  Commissioner Peirce stated that greater crypto clarity requires the public’s input, and the Crypto Task force therefore welcomes “input from anyone in the public with an interest in these topics, and a wide range…

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…

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. …

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…