Blockchain Legal Resource

On September 29, 2025, staff in the SEC’s Division of Investment Management issued no-action relief for certain crypto asset custodians. Specifically, the relief will, under certain circumstances, allow SEC-registered investment advisers (Registered Advisers), registered investment companies and business development companies (collectively, Regulated Funds) to treat a state-chartered trust company as a “bank” (for custody purposes) with respect to crypto assets and related cash or cash equivalents, without fear of enforcement under the SEC’s custody rules.

On September 19, 2025, the Department of the Treasury published an advance notice of proposed rulemaking to solicit public comment on questions relating to implementation of the GENIUS Act. Comments are due October 20, 2025.

On August 28, 2025, the UK Information Commissioner’s Office initiated a public consultation on draft guidance on Distributed Ledger Technologies, focusing on blockchain.

President Donald Trump has signed a sweeping Executive Order titled “Guaranteeing Fair Banking for All Americans,” aimed at preventing financial institutions from denying services to individuals or businesses based on political or religious beliefs, lawful business activities, or other constitutionally and statutorily protected attributes. While the impetus for debanking historically has been political and regulatory action, the Executive Order requires the depository institutions to take action.

On July 30, 2025, the President’s Working Group on Digital Assets released its report entitled “Strengthening American Leadership in Digital Financial Technology.” The report champions American innovation in crypto, and “endorses the notion that digital assets and blockchain technologies can revolutionize not just America’s financial system, but systems of ownership and governance economy-wide.”

In recent weeks all eyes have been on Congress as various bills regulating digital assets advance. But state legislatures have been busy as well, with several considering new legislation on digital assets and cryptocurrency.

On June 18, 2025, President Trump signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins Act” or GENIUS Act.  The new Act establishes a comprehensive mechanism for the regulation of payment stablecoins, and represents the first major legislation Congress has passed on digital assets.

In a brief but remarkable statement issued July 9, 2025, SEC Commissioner Hester Peirce, leader of the SEC’s Crypto Task Force, warned that “Tokenized securities are still securities.”

On June 26, 2025, the Conference of State Bank Supervisors (CSBS) published guidance under the Model Money Transmission Modernization Act (MTMA) concerning the calculation of tangible net worth for virtual currency.

On June 20, 2025, Texas Governor Greg Abbott signed into law SB 21, an act establishing a Texas Strategic Bitcoin Reserve. The act is immediately in effect.