On August 18, 2026, the Securities and Exchange Commission (SEC) proposed Regulation Crypto Assets, a new registration-exempt offering framework designed specifically for crypto assets. The proposal would create two exemptions from Securities Act registration; a conditional safe harbor under which a crypto asset would no longer be treated as a security; and preemption of
SEC Signals Potential Vote this Year to Ease Adviser “Pay-to-Play Rule” Restricting Political Contributions
The Securities and Exchange Commission (SEC) signaled that it will likely move forward this year with a proposal to loosen the so-called “Pay-to-Play Rule” in Rule 206(4)-5 of the Investment Advisers Act of 1940 intending to restrict investment advisers from obtaining business from public pension plans or other government entities in exchange for political contributions
SEC Proposes Regulation E-Delivery to Allow Electronic Delivery to Become the Default for Federal Securities Laws Communications
By Scott Gootee, Eric Mikkelson & Andrew Arbuckle
On July 21, 2026, the Securities and Exchange Commission (SEC) published proposed Regulation E-Delivery, a sweeping overhaul of the framework governing how issuers, broker-dealers, investment advisers and other SEC registrants deliver required disclosures to investors. If adopted, the rule would replace the SEC’s decades-old, guidance-based approach
Unlocking Alternative Assets for 401(k) Plans
By Phil McKnight, Eric Mikkelson & Andrew Arbuckle
The DOL’s Proposed Safe Harbor and What It Means for Asset Managers, Advisers, and Plan Sponsors
On March 30, 2026, the U.S. Department of Labor (DOL) released a proposed rule titled “Fiduciary Duties in Selecting Designated Investment Alternatives” (the Proposed Rule), which would establish a process-based safe
The SEC Releases New Interpretation on Crypto Assets
By Eric Mikkelson & Carissa Occhipinto
On March 17, 2026, the Securities and Exchange Commission (SEC) issued an Interpretative Release related to how federal securities laws will be applied to many cryptocurrency assets and related transactions. This release clarifies the SEC’s approach in an area otherwise historically challenged with much uncertainty, especially with respect to
FinCEN Proposes Extending Anti-Money Laundering Compliance Requirements to Investment Advisers
