SEC Statement on Crypto Mining Signals Shift Away from Securities Enforcement
A new statement from the SEC’s Division of Corporate Finance says proof-of-work crypto mining is not a securities transaction. Considering the Howey factors, it concludes that there is no expectation of profits from the efforts of others in either “self-mining” or “mining pools.”
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OCC Reaffirms Bank Authority to Engage in Cryptocurrency Activities
On March 7, 2025, the Office of the Comptroller of the Currency (OCC) published Interpretive Letter 1183, which is expected to clarify and streamline national banks’ ability to engage in cryptocurrency activities.
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Rollback of DeFi Reporting Regs Advances Through Congress
The joint resolution to roll back DeFi broker reporting regulations has passed the U.S. Senate, and a companion bill stands before the House of Representatives. The resolution would unravel DeFi broker reporting regulations issued late in the Biden Administration.
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Entertainment or Investment? The SEC’s Stance on Meme Coins as Securities
On February 27, 2025, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance (Corp Fin) published a new staff statement intended to clarify the application of federal securities laws to meme coins.
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The Legal Landscape for DAOs: Key Lessons from Lido DAO and Ooki DAO
As is the case with much of the blockchain industry, decentralized autonomous organizations (DAOs) are unique. The existence of a DAO does not necessarily imply the existence of a legal entity or an intent to share profits. Rather, a DAO is composed of a decentralized group of governance tokenholders who can direct the development of a blockchain ecosystem.
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SEC’s New Crypto Assets and Cyber Unit Focuses on Bad Actors and ‘Judicious’ Enforcement
On February 20, the SEC announced the creation of the CETU, which will replace the Crypto Assets and Cyber Unit and be led by its former co-chief, Laura D’Allaird. In 2022, the SEC nearly doubled the size of the Crypto Assets and Cyber Unit with 50 dedicated positions, whereas the CETU is anticipated to have about 30. This restructuring may suggest a further shift in the SEC’s enforcement approach both in terms of size and focus.
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Meet CFTC Nominee Brian Quintenz
On February 12, President Donald Trump nominated Brian Quintenz to lead the Commodity Futures Trading Commission. This article profiles Quintenz as a nominee, surveys Pham’s initiatives as acting chair, and considers potential next steps for the CFTC pending Quintenz’s confirmation.
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President’s Crypto Advisor Commits to Progressing New Reg. Framework as Congressional Working Group is Announced
Trump Administration AI and Crypto Special Advisor David Sacks focused on stablecoin legislation and a potential crypto regulatory framework during a press conference on February 4.
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SEC’s Crypto Task Force Sets Regulatory Priorities as Enforcement Focus Shifts
The head of the Securities and Exchange Commission’s new Crypto Task Force announced its 10 initial priorities on February 4. In her statement, titled “The Journey Begins,” SEC Commissioner and task force chair Hester Peirce likened the SEC’s prior “crypto road trip” to an era of paper maps and unclear detours as she signaled a shift toward establishing more pragmatic, legally sound rules for digital assets, while maintaining investor protections.
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Crypto Regulatory Updates
- The Rise (and Risks) of AI Agents in Crypto
- Senators Introduce Joint Resolution on Revoking DeFi Broker Reporting Regulations
- How the Current SEC Could Affect Ongoing Crypto Enforcement and ‘Impact Litigation’
- President Trump Signs Executive Order to Form Working Group With Stated Goal of Making the US the ‘World Capital’ of Crypto, AI
- Crypto Week in Review (January 20–24, 2025)
- New SEC Crypto Task Force Led by Commissioner Hester Peirce: Key Takeaways and Path Forward
- Looking Under the Hood of $TRUMP's Legal Strategy
- IRS Final Broker Reporting Regulations for DeFi
- Tokenized Real-World Assets: Pathways to SEC Registration
- Partner Mark Jansen Cited in USPTO Report to Congress on NFTs
- Q3 2024 Crypto Litigation and Enforcement - Key Takeaways and Updates
- Q3 2024 Quarter in Review Webinar (Registration Required)
- H1 2024 Crypto Litigation and Enforcement - Key Takeaways and Updates
- Q1 2024 Quarter in Review Webinar (Registration Required)
- SEC Finalizes “Dealer” Regulation – Uncertain Impact to Cryptoasset Market Participants
- FASB Issues Significant Update on Accounting for Crypto Assets
- SEC’s Crypto Accounting Bulletin Determined Procedurally Deficient
- Fenwick Writes Comment Letter Regarding the Taxation of Digital Assets to the Senate Committee on Finance
- IRS Releases Proposed Regulations on Digital Asset Transaction Reporting
- IRS Issues Revenue Ruling 2023-14 on Staking
- SEC v. Ripple Labs: Securities Law Analysis Under Howey Applied On A Transaction-By-Transaction Basis
- Exploring Legal and Regulatory Considerations for DAOs
- Navigating Taxation Challenges and IRS Audits in the Current Web3 Landscape
Where to Find Us
AI Agents in Crypto: Paradigm Shift or Just a Meme?
March 12, 2025
Join Fenwick attorneys Andrew Klungness, Julia Arruda Rosenthal, Kevin Kirby and Jonathan Edwards as they dive into the emerging world of crypto-powered AI agents and the legal issues with autonomously directed software.
Register for the Webinar
Quarter in Review: Crypto Litigation and Enforcement Updates
March 20, 2025
Join Fenwick litigation partner Dave Feder and associate Rebecca Matsumura for the third session in a quarterly series of updates on the latest cryptocurrency and digital asset disputes, enforcement actions, and key rulings. Corporate associate Christopher Crawford will moderate the discussion.
Register for the Webinar