Fenwick Crypto Review

Fourteen years after Satoshi published the bitcoin whitepaper, the Trump administration has promised to advance legal certainty for the crypto industry. Follow along with Fenwick as we break down significant developments on the road to regulatory reform.

Fenwick Crypto Review

Fourteen years after Satoshi published the bitcoin whitepaper, the Trump administration has promised to advance legal certainty for the crypto industry. Follow along with Fenwick as we break down significant developments on the road to regulatory reform.

Crypto Litigation and Enforcement: Q1 2025 – Key Takeaways and Updates

The SEC has dismissed or settled numerous high-profile crypto cases, signaling a shift in enforcement strategy. Although the nature of regulatory enforcement may be changing, the Department of Justice continues to pursue cases involving fraud and market manipulation.

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    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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    Crypto Regulatory Updates

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    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.
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    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