The Howey Test Applied to Digital Assets: SEC's Securities Classification Framework
SEC's application of the 1946 Supreme Court Howey test to digital tokens — analyzing the four-prong investment contract analysis that determines whether a token constitutes a security under federal law.
SEC Crypto Task Force 2025: Structure, Mandate, and Early Actions
Analysis of the SEC's reconstituted Crypto Task Force under new leadership — organizational structure, mandate evolution from enforcement-first to engagement-first, early regulatory actions, and impact on the tokenized securities landscape.
SEC Framework for Investment Contract Analysis of Digital Assets
Line-by-line analysis of the SEC's 2019 guidance framework identifying 30+ factors for determining whether digital assets constitute investment contracts under the Howey test.
Securities Act Section 5: Registration Requirements for Token Offerings
Detailed analysis of Section 5 registration obligations for tokenized securities — filing requirements, disclosure standards, S-1 and S-3 considerations, and the practical barriers to full SEC registration for digital asset issuers.
SEC No-Action Letters for Digital Assets: Complete Catalog and Analysis
Comprehensive analysis of every SEC no-action letter issued for digital asset projects — TurnKey Jet, Pocketful of Quarters, and subsequent relief requests — with conditions, limitations, and precedential value.
SEC Staff Accounting Bulletin No. 121: Crypto Custody Accounting Rules
Analysis of SAB 121's requirements for entities custodying crypto assets — balance sheet treatment, liability recognition, the Congressional override attempt, and implications for banks and broker-dealers holding tokenized securities.
FIT21 Act: The Financial Innovation and Technology Act Analysis
Comprehensive analysis of the FIT21 Act (H.R. 4763) — the landmark House-passed digital asset legislation establishing SEC-CFTC jurisdictional boundaries, certification processes, and the path to becoming law.
Digital Asset Securities Classification: A Complete Taxonomy
Systematic classification of digital asset types under SEC securities law — utility tokens, security tokens, governance tokens, stablecoins, NFTs, and wrapped assets — with classification analysis for each category.
Commissioner Peirce's Token Safe Harbor Proposal: Analysis and Status
Detailed examination of SEC Commissioner Hester Peirce's Token Safe Harbor proposals (versions 1.0 and 2.0) — the three-year development period, disclosure requirements, decentralization criteria, and prospects under new SEC leadership.
SEC FinHub: Strategic Hub for Innovation and Financial Technology
Inside the SEC's FinHub — its role in digital asset guidance, no-action letter processing, industry engagement, and the evolving approach to blockchain technology under successive SEC administrations.
The Hinman Speech: Sufficient Decentralization and Its Regulatory Legacy
Analysis of SEC Director William Hinman's 2018 speech introducing 'sufficient decentralization' as a framework for digital asset classification — its legal weight, subsequent treatment in litigation, and impact on token project design.
Exchange Act Section 3(a)(1): Exchange Definition Applied to Digital Asset Platforms
Analysis of the SEC's application of the Exchange Act's exchange definition to digital asset trading platforms — the proposed rule expansion, DeFi protocol implications, and the path to ATS registration for token trading venues.
Regulation Best Interest Applied to Digital Securities Recommendations
Analysis of how Reg BI's care obligation, disclosure requirements, and conflict-of-interest provisions apply when broker-dealers recommend tokenized securities to retail customers.
Rule 144 Resale Restrictions for Security Tokens
Analysis of SEC Rule 144's application to restricted security tokens — holding periods, volume limitations, manner of sale requirements, and the practical challenges of removing restrictive legends from blockchain-based securities.
Accredited Investor Definition and Its Impact on Security Token Offerings
Analysis of the SEC's accredited investor definition — income and net worth thresholds, the 2020 amendments adding professional certifications, verification requirements under Reg D 506(c), and the impact on security token market accessibility.