In a recent social media post and television interview, Securities and Exchange Commission Chairman Paul Atkins announced that US capital markets are “poised to move on-chain.” At the same time, on December 11, 2025, the SEC staff issued a no-action letter to a prominent registered clearing agency and securities depositary to launch a securities
SEC Staff Issues No-Action Letter for Fuse Crypto Token
The NAL provides incremental clarity for innovators in the digital asset space and reduces legal risk for similarly structured rewards tokens.
By Zachary Fallon, Stephen P. Wink, Hank Balaban, Connor Jobes, Daphne Lambadariou, and Deric Behar
Key Points:
- Pursuant to the NAL, transactions in Fuse Tokens will not be considered
Latham & Watkins Launches UK Cryptoasset Regulatory Tracker
An interactive online resource covering the UK’s rapidly evolving cryptoasset landscape.
By Stuart Davis, Gabriel Lakeman, and Emma Trankeenan
Latham & Watkins has launched the UK Cryptoasset Regulatory Tracker, a new online resource that provides cryptoasset businesses with critical information to help them navigate the latest regulatory developments in cryptoassets.
The
MiCA Cliff-Edge Risk in Spain Mitigated as ESMA Updates List of Grandfathering Periods
Spain follows the trajectory of other EU Member States that have similarly recalibrated their transitional periods since ESMA first published its consolidated list.
By Gabriel Lakeman, Paloma Arizón, and Ivan Pizeta
On 1 December 2025, the European Securities and Markets Authority (ESMA) published an updated list of grandfathering periods decided by EU Member
The Road Ahead for Fintech Rulemaking
As the fintech landscape evolves, federal banking regulators are taking decisive steps to integrate stablecoins and payments innovations into the traditional banking system.
By Arthur S. Long, Parag Patel, Pia Naib, and Deric Behar
Key Points:
- The FDIC plans to propose an application process for stablecoin issuance by FDIC-regulated institutions by the
Crypto Heads to Y’all Street
A prominent cryptocurrency exchange’s recent announcement that it had reincorporated from Delaware to Texas has created a buzz among publicly traded digital asset businesses. The move follows an invitation from Texas Governor Greg Abbott to come to “Y’all Street” and a series of recent legislative developments in Texas to modernize the Texas Business
Senate Ag Committee Releases Bipartisan Crypto Market Legislation
On November 10, 2025, Chairman John Boozman (R-MT) and Senator Cory Booker (D-NJ) of the Senate Agriculture, Nutrition and Forestry Committee released a discussion draft of legislation regulating crypto markets in the United States. The draft is similar in several ways to the Clarity Act, which the House of Representatives passed in July 2025.
SEC Staff Issues No-Action Letter for DePIN Token Distributions
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 Staff Provides Guidance on Crypto Custody
On September 29, 2025, staff in the SEC’s Division of Investment Management issued no-action relief for certain crypto asset custodians. Specifically, the relief will, under certain circumstances, allow SEC-registered investment advisers (Registered Advisers), registered investment companies and business development companies (collectively, Regulated Funds) to treat a state-chartered trust company as a “bank” (for custody purposes)
Treasury Invites Public Input on GENIUS Act Implementation
The request for comment aims to help Treasury devise clear guidelines for stablecoin issuers, promote international coordination, and protect consumers from potential risks.
By Arthur S. Long, Parag Patel, Pia Naib, and Deric Behar
On September 19, 2025, the US Department of the Treasury (Treasury) issued an Advance Notice of Proposed Rulemaking