Latham & Watkins LLP

Subscribe to Latham & Watkins LLP's Posts
SEC

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…

GettyImages-623602602

New FDIC guidance permits crypto activities by supervised institutions without prior approval, emphasizing risk management and compliance with applicable laws and regulations.

By Arthur S. Long, Parag Patel, Pia Naib, and Deric Behar

On March 28, 2025, the Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution Letter (FIL-7-2025) that provides new guidance for FDIC-supervised institutions engaging in or seeking to engage in crypto-related activities (the Guidance). Specifically, the Guidance clarifies that FDIC-supervised institutions can engage in…

Bitcoin Secure global financial network crypto currency blockchain encryption

An executive order and related legislation centralizes Bitcoin and digital asset holdings across the federal government to optimize oversight and management of crypto as a US reserve asset.

By Jenny Cieplak, Zachary Fallon, Arthur S. Long, Yvette D. Valdez, Stephen P. Wink, Connor Jobes, and Deric Behar

On March 6, 2025, President Trump issued an executive order for the “Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile” (the Order). As…

GettyImages-1798467474

In a break from restrictive Biden-era policies, OCC-supervised banks may now engage in crypto without supervisory nonobjection, potentially opening new avenues for innovation.

By Arthur S. Long, Parag Patel, Pia Naib, and Deric Behar

On March 7, 2025, the Office of the Comptroller of the Currency (OCC) reaffirmed that national banks and federal savings associations (collectively, banks) may participate in a range of cryptocurrency activities, including crypto custody, certain stablecoin activities, and participation in independent node verification…

SEC

The Staff stated that most meme coins are not subject to federal securities laws or SEC fraud enforcement; who will oversee meme coins remains an open question.

By Jenny Cieplak, Zachary Fallon, Ghaith Mahmood, Yvette D. Valdez, Stephen P. Wink, and Deric Behar

On February 27, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance published a Staff Statement on Meme Coins (the Statement). The Statement is the first tangible clarification of how…

GettyImages-1194981801_Abstract blue

Stablecoin regulation is a top priority for lawmakers, and three recent proposals reflect differing perspectives on how to achieve regulatory clarity while balancing safety and innovation.

By Jenny Cieplak, Arthur Long, Yvette D. Valdez, Stephen P. Wink, Pia Naib, Connor Jobes, and Deric Behar

In the wake of President Trump’s executive order on digital assets aiming to make the US the “crypto capital of the planet” (for more information, see this Latham blog post…

3D illustration Rendering of binary code pattern Abstract background.Futuristic Particles for business,Science and technology

The new unit aims to protect retail investors and foster innovation by addressing cyber-related misconduct and emerging technology fraud.

By Margaret Graham, Michael H. Rubin, Nathan H. Seltzer, and Douglas K. Yatter

On February 20, 2025, the Securities and Exchange Commission (SEC) announced the establishment of the Cyber and Emerging Technologies Unit (CETU), which will focus on combatting cyber-related misconduct and protecting retail investors from fraud in the emerging technologies sector. The new unit, led by Laura…

The SEC’s move is part of a recent shift toward a less enforcement-centric approach that is set to reshape the regulatory framework for digital assets in the US.

By Stephen P. Wink, Naim Culhaci, and Deric Behar

On February 20, 2025, the US Securities and Exchange Commission (SEC) voluntarily dismissed its appeal against a pair of related decisions by the US District Court for the Northern District of Texas to vacate the SEC’s Rules 3a5-4 and 3a44-2 (together…

Commissioner Hester Peirce outlined 10 priorities for the Crypto Task Force, aiming for regulatory clarity while promoting innovation in digital asset markets.

By Jenny Cieplak, Zachary Fallon, Yvette D. Valdez, Stephen P. Wink, and Deric Behar

On February 4, 2025, Commissioner Hester Peirce, leader of the Securities and Exchange Commission’s (SEC’s) newly established Crypto Task Force (the Task Force), published a statement outlining the Task Force’s main areas of focus. She noted that the list is…

The NYAG’s action highlights various pitfalls in the MCA space, underscoring the importance of proper structuring and marketing of merchant cash advances.

By Parag Patel, Mik Bushinski, Connor Jobes, and Deric Behar

On January 22, 2025, New York Attorney General (NYAG) Letitia James announced a judgment and settlement against cash advance provider Yellowstone Capital, its officers, and two dozen affiliates (Yellowstone) for more than $1 billion for predatory loans disguised as merchant cash advances (MCAs) made to…