Dodd-Frank.com
Developments in Securities Regulation, Corporate Governance, Capital Markets, M&A and Other Topics of Interest. MORE
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…
The Securities and Exchange Commission, with aligned guidance from the Commodity Futures Trading Commission, issued a comprehensive interpretation clarifying how federal securities laws apply to crypto assets and certain crypto transactions. The release introduces a functional taxonomy, explains when non‑security crypto assets can become subject to an investment contract under Howey, and addresses the securities…
The Department of Treasury has issued an Advance Notice of Proposed Rulemaking (ANPRM) to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. Comments are due October 20, 2025.
Through this ANPRM, Treasury is seeking public comment on potential regulations that may be promulgated by Treasury, including regarding regulatory clarity, prohibitions on…
The U.S. Department of the Treasury issued a Request for Comment required by the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or the GENIUS Act, which furthers the Trump Administration’s policy of supporting the responsible growth and use of digital assets, as outlined in Executive Order (E.O.) 14178 on “Strengthening American Leadership in…
As part of an effort to provide greater clarity on the application of the federal securities laws to crypto assets, the SEC’s Division of Corporation Finance has provided its views about the application of certain disclosure requirements under the federal securities laws to offerings and registrations of securities in the crypto asset markets.
Detailed guidance covers…
The SEC staff has promulgated new views on stablecoins. Specifically, the staff statement addresses stablecoins that are designed to maintain a stable value relative to the United States Dollar, or “USD,” on a one-for-one basis, can be redeemed for USD on a one-for-one basis (i.e., one stablecoin to one USD), and are backed by assets…
The SEC looked favorably on designated crypto mining activities by stating that such activities are not securities. Specifically, the SEC addressed “proof-of-work” activities. According to the SEC, Proof-of-work (“PoW”) is a consensus mechanism that incentivizes network transaction validation by rewarding network participants, called “miners,” who operate nodes adding computational resources to the network. PoW involves…
