As the SEC unveils a strategic plan to modernize securities regulations and drive US leadership in blockchain integration within financial markets, the CFTC launches a corresponding “crypto sprint.”
By Stephen P. Wink, Zachary Fallon, Yvette D. Valdez, Douglas K. Yatter, Jenny Cieplak, Adam Bruce Fovent, Daphne Lambadariou, Connor Jobes, and Deric Behar
On July 31, 2025, Securities and Exchange Commission (SEC) Chair Paul Atkins delivered a significant digital asset policy speech at
The report reflects collaboration across federal agencies and aims to establish US leadership in digital assets through forward-thinking policy and a clear regulatory framework.
By Jenny Cieplak, Zachary Fallon, Arthur S. Long, Benjamin Naftalis, Parag Patel, Yvette D. Valdez, Eric S. Volkman, Stephen P. Wink, Iris Xie, Douglas K. Yatter, Pia Naib, Adam Bruce Fovent, and Deric Behar
On July 30, 2025, the Presidential Working Group on Digital
Considerations on the proposed expansion of CFTC commodity pool regulation.
By Yvette D. Valdez, Adam Fovent, and Mia Stefanou
On July 17, 2025, the House of Representatives passed the Digital Asset Market Clarity Act of 2025 (the CLARITY Act). This pivotal legislation introduces a comprehensive regulatory framework for the digital asset sector and is now awaiting consideration in the Senate. The House passed this bill during what Republican lawmakers called “Crypto Week,” which included the landmark signing of
The statute’s new regulatory framework for payment stablecoins paves the way for increased digital asset adoption and innovation.
On July 18, 2025, President Trump signed into law the Guiding and Establishing National Innovation for US Stablecoins Act (the GENIUS Act), legislation that establishes a regulatory framework for payment stablecoins. It is the first federal legislation on digital assets to be enacted since President Trump issued an executive order aiming to make the US the “crypto capital of the world.”
First
Banking organizations safekeeping digital assets for customers must do so in a safe and sound manner and in compliance with applicable laws and regulations.
By Arthur S. Long, Parag Patel, Pia Naib, and Deric Behar
On July 14, 2025, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) issued a joint statement (the Joint Statement) on risk-management
The Staff highlighted disclosure-related observations and issues identified during reviews of digital asset ETP filings.
By Jenny Cieplak, Paul M. Dudek, Zachary Fallon, Aaron Gilbride, Stephen P. Wink, and Deric Behar
On July 1, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance (the Staff) published a Statement on Crypto Asset Exchange-Traded Products (the Statement). The Statement addresses the application of certain disclosure requirements under the Securities Act of 1933 (Securities Act) and
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
In the short term, firms are likely to face dual authorisation and significant regulatory requirements.
By Stuart Davis, Gabriel Lakeman, Brett Carr, and Emma Trankeenan
On 10 June 2025, the European Banking Authority (EBA) issued a No Action letter on the relationship between the Markets in Crypto-Assets Regulation (MiCA) and the Payment Services Directive 2 (PSD2).
The No Action letter responds to a request from the European Commission (Commission) in December 2024 that sought clarification on issues
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