BRAEDEN ANDERSON
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We provide authoritative analysis on securities and commodities regulation, SEC and FINRA enforcement, and legal developments affecting crypto, digital assets, fintech, and financial services, authored by Braeden Anderson.
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Code Without a License? The SEC Signals a Path for Crypto Interfaces Outside Broker Registration
The SEC has drawn a new line between software and securities intermediaries. This analysis examines the implications for DeFi interfaces, transaction-based fees, and evolving market structure.
The SEC Closes the Loop on Howey’s Application to Crypto
The SEC’s March 17, 2026 crypto guidance marks a turning point in digital asset regulation. By clarifying token classifications and, critically, when an investment contract begins and ends under Howey, the Commission introduces a lifecycle-based framework that brings long-awaited structure to the market. This article breaks down what the new interpretation means for crypto projects, investors, and regulatory strategy going forward.
New Frontiers, Old Rules: SEC Staff Outlines Disclosure Expectations for Crypto Asset ETPs
On July 1, 2025, the SEC’s Division of Corporation Finance issued a comprehensive staff statement clarifying its views on disclosure obligations under the federal securities laws for issuers of crypto asset exchange-traded products (ETPs). While the products themselves represent novel financial structures—trust-based vehicles holding spot crypto or derivatives—the statement emphasizes continuity in legal obligations: crypto ETP issuers must adhere to well-established disclosure requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934.
Tokenization Reality Check: Commissioner Peirce’s July 2025 Statement
For me and other experts who practice in this space, this was a bit of a "well duh" moment. But given the culminating momentum in the crypto space following the increasingly positive sentiment overall towards the digital assets industry, the Commission was right to make this clear. In a clear-eyed statement issued July 9, 2025, SEC Commissioner Hester M. Peirce addressed the increasing prevalence of tokenized securities, emphasizing that while the underlying technology may be novel, the applicable laws are not.
Crypto in Transition: A Regulatory Crossroads for Digital Assets, Tokenization, and ETPs
The digital asset ecosystem is entering a defining period—where legislative clarity, regulatory nuance, and litigation risk are converging. As crypto markets stabilize following years of enforcement-heavy scrutiny, U.S. regulators are offering more detailed guidance. New legislation and thoughtful statements from key regulators point toward a maturing legal environment—one that retains rigor while opening pathways for innovation. At the same time, market participants must navigate a shifting landscape marked by technological complexity, state-level litigation risks, and intensifying disclosure obligations.
This update provides a unified view of where the industry is now—from Congress and the SEC to private litigation—and what legal counsel should be preparing for next.