Government plans to supercharge the digital assets industry, with crypto dealing and custody regimes the icing on the cake for a holistic regulatory framework.
By Simon Hawkins, Adrian Fong, and Sam Maxson
On 26 June 2025, the Hong Kong Financial Services and Treasury Bureau (FSTB) issued its second policy statement on the development of digital assets to “scale Hong Kong to new heights of global digital asset leadership”. The statement advances the FSTB’s strategic vision to establish
Taking effect in August 2025, the new legislation will bring issuers of fiat-referenced stablecoins into the regulatory perimeter.
By Simon Hawkins, Adrian Fong, and Sam Maxson
On 21 May 2025, the Legislative Council of Hong Kong passed the Stablecoin Bill, which was then gazetted as the Stablecoins Ordinance. It will come into effect on 1 August 2025.
The Hong Kong Monetary Authority (HKMA) has also issued consultations for its proposed (i) Guideline on Supervision of Licensed Stablecoin
The Staff clarifies that protocol staking does not qualify as a security under the Howey Test, clearing the way for market participants to engage in staking.
By Jenny Cieplak, Zachary Fallon, Yvette D. Valdez, Stephen P. Wink, Naim Culhaci, Adam Bruce Fovent, Donald Thompson, and Deric Behar
On May 29, 2025, the SEC’s Division of Corporation Finance (the Staff or Division) published a Statement on Protocol Staking Activities clarifying that, in the Staff’s view
The federal banking agencies continue to open the channels for regulated entities to engage in digital asset activities.
By Arthur S. Long, Parag Patel, Pia Naib, and Deric Behar
On May 7, 2025, the Office of the Comptroller of the Currency (OCC) published Interpretive Letter 1184 (a response to an inquiry from a regulated entity) affirming that national banks and federal savings associations (collectively, banks) may provide and outsource cryptocurrency custody and execution services on behalf of
Online resource provides a single source to track legislative and regulatory developments related to blockchain, cryptocurrencies, and digital assets.
By Stephen P. Wink, Yvette Valdez, and Zachary Fallon
Latham & Watkins has launched the US Crypto Policy Tracker, a new online resource that provides up-to-date information, analysis, and source links on the latest legislative and regulatory developments in the rapidly evolving blockchain, cryptocurrency, and digital asset landscape in the United States.
Since the new administration took office
FRB eases crypto restrictions on supervised entities in alignment with the new administration’s support for the digital asset industry.
By Arthur S. Long, Pia Naib, and Deric Behar
On April 24, 2025, the Board of Governors of the Federal Reserve System (FRB) announced that it was rescinding guidance for banks issued in 2022 related to digital asset and stablecoin activities. It also announced that, together with the Federal Deposit Insurance Corporation (FDIC), it is joining the Office of
The Staff noted that a stablecoin generally is not subject to SEC jurisdiction if it is not an investment and used solely for commercial activity.
By Jenny Cieplak, Zachary Fallon, Arthur S. Long, Yvette D. Valdez, Stephen P. Wink, Adam Bruce Fovent, Connor Jobes, and Deric Behar
On April 4, 2025, the SEC’s Division of Corporation Finance (the Staff) published a Statement on Stablecoins clarifying that in the Staff’s view the offer and
The Staff highlights a range of disclosure matters it identified during its reviews of the digital asset markets.
By Jenny Cieplak, Paul Dudek, Zachary Fallon, Stephen P. Wink, and Deric Behar
On April 10, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance (the Staff) published a Statement on Offerings and Registrations of Securities in the Crypto Asset Markets (the Statement). The Statement addresses the application of certain disclosure requirements under the Securities Act
The Staff Statement provides clarity that Proof-of-Work crypto mining does not involve securities, reducing regulatory uncertainty and enforcement risks for miners.
By Jenny Cieplak, Zachary Fallon, Stephen P. Wink, Connor Jobes, and Deric Behar
On March 20, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance (the Staff) published a Statement on Certain Proof-of-Work Mining Activities (the Statement). The Statement is the Staff’s second non-binding clarification on how it views the federal securities laws