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  • The proposed rules would create two new offering exemptions for “covered investment contracts” involving cryptoassets: a Startup Exemption (permitting raises of up to $5 million over a four-year period, with no financial statement requirements) and a tiered Fundraising
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  • The 2025 Crypto Custody Statement clarifies how broker-dealers can maintain “physical possession” of cryptoasset securities under the Customer Protection Rule, although does not provide further clarity on how broker-dealers can establish “control.”
  • Private key protection is crucial, ensuring broker-dealers maintain exclusive
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The first of what may be a series of crypto no-action letters supports the view that programmatic token distributions serving as network incentives are not securities.

By Jenny Cieplak, Paul M. Dudek, Zachary Fallon, Stephen P. Wink, Hank Balaban, Daphne Lambadariou, and Deric Behar

On September 29, 2025, the SEC Division of Corporation Finance issued a no-action letter (NAL) stating that it would not recommend enforcement against a certain foundation company and blockchain token…

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The agencies pledge to “usher in a new era of innovation” through a collaboration on rules and exemptions that aims to provide digital asset markets with clarity.

By Stephen P. Wink, Zachary Fallon, Yvette D. Valdez, Douglas K. Yatter, Jenny Cieplak, Adam Bruce Fovent, and Deric Behar

The SEC’s Project Crypto and the CFTC’s Crypto Sprint were launched over the summer to implement the recommendations of the President’s Working Group on Digital Asset Markets…