It is highly likely, and hardly a surprise, that in the near future the U.S. Securities and Exchange Commission ("SEC") will increase the number of enforcement actions it brings against.
The Rule Proposal Would Clarify Which Market Participants Are Engaged in Buying and Selling Securities for Their Own Account "as Part of a Regular Business" and Are Subject to Dealer Registration Requirements
The U.S. Securities and Exchange Commission (SEC) recently proposed a new rule1 (the Proposal) which could require a diverse range of market participants to register as dealers,2 including a…
President Biden launched an effort to establish a federal digital assets policy strategy and coordinate the related work of federal regulators by signing the Executive Order on Ensuring Responsible Development of Digital Assets (the EO) on March 9, 2022. Citing the increased adoption and growing development of digital assets, the EO sets forth six main objectives: consumer and investor protection;…
Over the past decade, though, and particularly in recent months, digital assets have boomed.
Big names like MassMutual, MicroStrategy, and Tesla have bought Bitcoin; PayPal and Square s CashApp have made it easy to buy crypto with the tap of a finger; and major financial players like BNY Mellon and Visa and Mastercard have said they re planning to offer custody and transaction services for certain digital assets.
Some SPACs have even considered getting in on the action, according to people interviewed for this story.
While complex technology and scrutiny from regulators might deter some investors and big firms from adoption, lawyers have been riding the wave, clocking billable hours as they try to help clients reimagine finance while avoiding lawsuits, scandals, and enforcement action.