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
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
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
In an opinion post for a16z crypto, Latham lawyer Jenny Cieplak calls for a new regulatory approach for tokenized securities.
A significant number of projects over the past several years have “tokenized” so-called real world assets, turning more than $20 billion in everything from debt to diamonds and more into tokens. Tokenization may sound like some kind of mysterious alchemy, but the concept is simple: It means creating a digital representation of some physical thing — a
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
With its pro-crypto stance and urgent posture, the executive order promises to make the US the “crypto capital of the planet.”
By Jenny Cieplak, Zachary Fallon, Arthur Long, Yvette D. Valdez, Stephen P. Wink, Douglas K. Yatter, and Deric Behar
On January 23, 2025, President Trump issued a highly anticipated executive order on digital assets titled “Strengthening American Leadership in Digital Financial Technology” (the Order). The Order asserts at the outset that the digital asset industry is critical for US innovation, economic development, and international leadership. It further undertakes “to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy. …”
Highlights of the Order are outlined below.
Recent Supreme Court administrative law rulings change the power dynamic between the executive and the judiciary in critical areas of statutory interpretation, enforcement, and immunity from legal challenge.
By Jenny Cieplak, Arthur S. Long, Nima H. Mohebbi, Benjamin A. Naftalis, Marlon Q. Paz, Yvette D. Valdez, Stephen P. Wink, Douglas K. Yatter, Adam Fovent, and Deric Behar
The 2023-2024 US Supreme Court session has concluded the term with a series of
FIT21 would provide regulatory certainty for the US digital asset ecosystem, balancing support for innovation with consumer protection.
By Yvette D. Valdez, Stephen P. Wink, Adam Fovent, and Deric Behar
On May 22, 2024, the US House of Representatives (the House) passed H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), with a good measure of bipartisan support: 279 votes in favor (208 Republicans and 71 Democrats) and 136 votes opposing (three Republicans