SEC

KEY CONTACTS
	Larry E. Bergmann Washington, D.C. larrybergmann@dwt.com +1 202.661.7032
	Eric A. Bensky Washington, D.C. ericbensky@dwt.com +1 202.220.1937
	Michael Butowsky New York michaelbutowsky@dwt.com +1 212.880.3595
	Elizabeth Lan Davis Washington, D.C. elizabethdavis@dwt.com +1 202.220.1933
	James Dombach Washington, D.C. jamesdombach@dwt.com +1 202.661.7019
	Russell M. Fecteau Washington, D.C. russellfecteau@dwt.com +1 202.973.4254
	Stephen T. Gannon Richmond stevegannon@dwt.com +1 804.762.5339
	Robert P. Howard Jr. Washington, D.C. roberthoward@dwt.com +1 202.661.7015
	Thomas J. McGonigle New York, Washington, D.C. thomasmcgonigle@dwt.com +1 202.661.7010
	Andrew J. Melnick New York andrewmelnick@dwt.com +1 212.880.3580
	Barry O'Connell New York barryoconnell@dwt.com +1 212.603.6427
	Anthony Valenzuela San Francisco anthonyvalenzuela@dwt.com +1 415.276.6541

RECENT DEVELOPMENTS

Commissioner Mark T. Uyeda delivered remarks on implementation of Treasury Clearing Rules (Nov. 12, 2025).

SEC issued an order granting temporary exemptive relief from certain compliance dates under Regulation NMS (Oct. 31, 2025).

SEC issued order granting conditional exemptive relief to reduce operating costs associated with certain requirements of the National Market System Plan governing the Consolidated Audit Trail (CAT NMS Plan) (Sept. 30, 2025).

SEC published concept release to solicit public comment on how to improve current SEC rules regarding residential mortgage-backed securities (RMBS) and asset-backed securities (ABS) generally (Sept. 26, 2025).

SEC voted to approve proposed rule changes for three national securities exchanges to adopt generic listing standards for exchange-traded products that hold spot commodities, including digital assets (Sept. 17, 2025).

SEC announced formation of cross-border task force to strengthen its Division of Enforcement’s efforts to combat fraud (Sept. 5, 2025).

SEC and CFTC issued joint statement that SEC- and CFTC-registered exchanges are not prohibited from facilitating the trading of spot crypto products and that they will promptly review filings and requests designated contract markets, foreign boards of trade and national securities exchanges seeking to facilitate trading (Sept. 2, 2025).

SEC issued staff statement that liquid staking of crypto assets is not subject to federal securities laws (Aug. 5, 2025).

SEC Commissioner Hester Peirce gives speech on financial privacy (Aug. 4, 2025).

SEC announced creation of task force on artificial intelligence, led by the SEC's Chief AI Officer Valerie Szczepanik, focused on the integration of artificial intelligence into the SEC's operations (Aug. 1, 2025).

SEC Chairman Paul Atkins announced “Project Crypto” to start the implementation of the recommendations in the President's Working Group on Digital Asset Markets report (July 31, 2025).

SEC approved orders to permit in-kind creations and redemeptions by authorized participants for crypto asset exchange-traded product shares (July 28, 2025).

SEC Commissioner Hester Peirce gives speech on tokenization of securities (July 9, 2025).

SEC issued staff statement on the application of disclosure requirements to offerings and registrations of securities by issuers of crypto asset exchange-traded products (July 1, 2025).

SEC issued staff statement that protocol staking of crypto assets is not subject to federal securities laws (May 29, 2025).

SEC withdrew joint staff statement on broker-dealer custody of digital asset securities (May 15, 2025).

SEC Commissioner Hester Peirce gives speech on tokenization (May 12, 2025).

SEC issued staff statement on the application of disclosure requirements in the crypto asset markets (April 10, 2025).

SEC issued staff statement that the offer and sale of stablecoins are not subject to federal securities laws (April 4, 2025).

SEC voted to end defense of 2024 rules requiring disclosure of climate-related risks and greenhouse gas emissions (March 27, 2025).

SEC issued staff statement that proof-of-work mining activities are not subject to federal securities laws (March 20, 2025).

SEC issued staff statement that the offer and sale of meme coins are not subject to federal securities laws (Feb. 27, 2025).

SEC dismissed civil enforcement action against Coinbase (Feb. 27, 2025).

SEC announced formation of Crypto Task Force, led by Commissioner Hester Peirce, focused on developing a regulatory framework for digital assets (Jan. 21, 2025).