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.
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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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.
SEC Staff Declares Certain Protocol Staking Not a Security Transaction
On May 29, 2025, the U.S. Securities and Exchange Commission’s Division of Corporation Finance issued a statement clarifying its view that certain types of protocol staking—a process used in proof-of-stake (PoS) blockchain networks—do not involve the offer and sale of securities under federal law.
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Federal Reserve and FDIC Withdraw Crypto-Asset Guidance for Banks; OCC Issues Clarification for Banks
The Board of Governors of the Federal Reserve System (Board) has withdrawn supervisory guidance for Board-supervised banks concerning crypto-asset and dollar token activities and Board expectations for these activities. The Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) also withdrew joint supervisory statements on crypto-asset activities and exposures.
Charges Dropped Against Early Cryptocurrency Exchange Operator
In late April, at the government’s request, an Indiana federal judge put a final end to the prosecution of an Indiana man for allegations that he engaged in unlicensed money transmission (and related tax offenses) in connection with his operation of a virtual currency exchange from 2009 to 2013.
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Congress Overturns IRS Reporting Rules for DeFi Platforms
President Trump has signed into law a bill that repeals Internal Revenue Service (IRS) regulations that required decentralized finance (DeFi) platforms to be treated as brokers for purposes of reporting customer transactions.
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