The staff of the SEC’s Division of Trading and Markets issued a statement explaining how non-custodial crypto wallet providers may offer services and receive fees without broker-dealer registration.
The Rise of Digital Debt Securities in the Middle East
The GCC is emerging as a regional leader in digital debt securities, with landmark digitally native bond and sukuk issuances reshaping how capital is raised and settled. As regulatory frameworks evolve and infrastructure matures, market participants should consider how digital issuance mechanics may fit within their existing programmes.
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SEC Clarifies Status of Crypto Assets Under Federal Securities Laws, Signals Potential Exemptive and Safe Harbor Framework
On March 17, 2026, the U.S. Securities and Exchange Commission issued an interpretive release addressing the application of the federal securities laws to crypto assets and related transactions. The Commodity Futures Trading Commission joined the interpretation and indicated it will administer the Commodity Exchange Act consistent with the SEC’s approach, reflecting a coordinated regulatory position across the two agencies.
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Treasury Department and IRS Propose Digital Asset Broker Regulations
The Treasury Department and the IRS have released proposed regulations that would allow digital asset brokers to furnish required transaction statements to customers solely through electronic means.
The proposed regulations
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SEC Issues Guidance on Applying Federal Securities Laws to Tokenized Securities
The U.S. Securities and Exchange Commission staff issued a joint statement on Jan. 28, 2026, providing greater clarity on the application of the federal securities laws to the category of crypto assets commonly referred to as tokenized securities.
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CFTC Opens Door to Spot Crypto Trading on Regulated Exchanges
Commodity Futures Trading Commission (CFTC) Acting Chairman Caroline Pham, currently the only CFTC Commissioner of the five-member commission, announced on Dec. 4, 2025, that spot trading in cryptocurrency products will
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Nasdaq Proposes Rule Changes to Enable Trading of Tokenized Securities
On Sept. 8, 2025, the Nasdaq Stock Market filed a proposed rule change with the U.S. Securities and Exchange Commission to enable the trading of tokenized equity securities and exchange-traded products on its platform. The proposal, published for public comment, represents a significant step toward integrating blockchain-based assets into the existing U.S. equities market infrastructure.
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SEC Approves In-Kind Creations and Redemptions for Crypto ETPs
On July 29, 2025, the U.S. Securities and Exchange Commission (SEC) voted to approve orders allowing in-kind creations and redemptions for crypto asset exchange-traded products (ETPs), including those based on
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Federal Banking Regulators Issue Guidance on Risk Management for Crypto-Asset Safekeeping Activities
On July 14, 2025, U.S. banking regulators issued a joint statement clarifying risk management and legal expectations for banks handling crypto-asset safekeeping. While not introducing new rules, the guidance marks a shift to principles-based oversight, urging banks to independently assess and mitigate crypto-related risks in line with established safety and soundness standards.
GENIUS Act Enacted, Establishing a Regulatory Framework for Payment Stablecoins Issued or Sold in the United States
On July 18, 2025, President Trump enacted the GENIUS Act, the first comprehensive crypto legislation in U.S. history. The law introduces rigorous rules for payment stablecoins, including mandatory federal or state approval, 1:1 reserve backing, and enhanced disclosure obligations. Digital asset service providers must fully comply by July 2028.