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US SEC Considers Nasdaq Rule Change to List and Trade Commodity- and Digital Asset-Based Investment Interests
On 3 March 2025, the United States Securities and Exchange Commission (US SEC) published a notice regarding a proposed rule change submitted by The Nasdaq Stock Market LLC (Nasdaq). The document, titled “Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1, to Adopt Nasdaq Rule 5712 to Provide for the Listing and Trading of Commodity- and Digital Asset-Based Investment Interests and to List and Trade Shares of the Hashdex Nasdaq Crypto Index US ETF under Proposed Nasdaq Rule 5712," was published under Release No. 34-102513; File No. SR-NASDAQ-2025-016. The rule change originates from a filing made by Nasdaq on 18 February 2025, seeking approval under United States Securities Exchange Act of 1934, Section 19(b)(1) and Rule 19b-4. It was later modified by Amendment No. 1 on 27 February 2025, which replaced the original filing entirely. The purpose of the rule change is to establish a framework under which...
United States SEC Crypto Task Force to Host Public Roundtable on Security Status of Crypto Assets
On 3 March 2025, the United States Securities and Exchange Commission (US SEC), the federal agency responsible for regulating securities markets, announced that its Crypto Task Force will conduct a series of roundtables to address regulatory aspects of crypto assets to achieve clarity. The initiative is titled “Spring Sprint Toward Crypto Clarity,” and it will commence on 21 March 2025 with an inaugural roundtable session, “How We Got Here and How We Get Out – Defining Security Status.” It will act as a platform for public engagement, expert analysis, and policy deliberations giving clarity to the United States SEC’s approach to crypto regulation. The Crypto Task Force was officially launched on 21 January 2025 by Acting United States Securities and Exchange Commission Chairman Mark Toshiro Uyeda. The task force was created to assist the Commission in establishing clear regulatory guidelines, facilitating realistic pathways for crypto-related entities to register, developing...
United States SEC Establishes Crypto Task Force Under Commissioner Hester Peirce
On 3 March 2025, the United States Securities and Exchange Commission (US SEC), announced the formation of a United States Crypto Task Force. The task force, composed of staff from the Acting Chairman’s office along with various divisions and offices within the US SEC, has been established to advise the United States Securities and Exchange Commission on regulatory matters concerning cryptocurrency. The United States Crypto Task Force will focus on identifying and addressing regulatory challenges associated with the crypto industry. Richard Gabbert is appointed as Chief of Staff for the US SEC Crypto Task Force. Michael Selig is appointed as Chief Counsel for the US SEC Crypto Task Force. Taylor Asher is appointed as Chief Policy Advisor for the US SEC Crypto Task Force. Sumeera Younis is appointed as Chief of Operations for the US SEC Crypto Task Force. Landon Zinda is appointed as Senior Advisor for the US SEC Crypto Task Force. Donald Battle is appointed as Senior Advisor for the...
United States SEC Commissioner Caroline Crenshaw Criticises Division of Corporation Finance’s Statement on Meme Coins
On 27 February 2025, United States Securities and Exchange Commission (US SEC) Commissioner Caroline Anne Crenshaw issued a response statement to the Division of Corporation Finance’s Staff Statement on Meme Coins, strongly criticising its legal reasoning and conclusions. The response challenges the Division’s assertion that meme coins are not securities under federal law, arguing that the guidance lacks a clear legal definition of meme coins and may inadvertently provide a loophole for crypto issuers to evade regulation. Commissioner Crenshaw disputes the Division of Corporation Finance’s application of the Howey test, the US Supreme Court precedent that determines whether an asset qualifies as an investment contract under securities laws. She reasoned, ‘Howey demands a facts and circumstances analysis of the “economic realities” of an offer or sale. Today’s statement paints meme coins as cultural projects whose purpose is entertainment and social engagement. The reality is that...
US SEC Division of Corporation Finance Issues Staff Statement on Meme Coins
On 27 February 2025, the United States Securities and Exchange Commission (US SEC, issued a Staff Statement on Meme Coins through its Division of Corporation Finance. The statement elaborates on the Division’s position on the application of federal securities laws to meme coins and asserts that, in general, transactions involving meme coins do not constitute the offer and sale of securities under the Securities Act of 1933. As a result, the statement clarifies that meme coin purchasers and holders do not receive protections under federal securities laws. According to the United States Division of Corporation Finance, ‘A “meme coin” is a type of crypto asset inspired by internet memes, characters, current events, or trends for which the promoter seeks to attract an enthusiastic online community to purchase the meme coin and engage in its trading. Although individual meme coins may have unique features, meme coins typically share certain characteristics. Meme coins typically are...
US SEC to Hold Roundtable on Artificial Intelligence in Financial Industry
On 28 February 2025, the United States Securities and Exchange Commission (US SEC) announced that it will host a roundtable discussion on Artificial Intelligence (AI). The event is scheduled for 27 March 2025 from 9 a.m. to 4 p.m. United States time at the US SEC’s headquarters in Washington, D.C., and will be open to the public for both in-person and virtual attendance. The roundtable will elaborate and discuss on the risks, benefits, and governance of AI in financial markets. US SEC Acting Chairman Mark Uyeda, along with Commissioners Hester Peirce and Caroline Crenshaw, are expected to deliver remarks on the evolving role of AI in regulatory frameworks and financial decision-making. The discussion will explore how AI is transforming trading, investment management, and compliance processes while also addressing regulatory challenges and ethical considerations. The US SEC has emphasised the importance of broad industry participation in shaping AI governance policies. As AI...
UK Court Sentences Olumide Osunkoya to Four Years for Illegal Crypto ATM Operations
On 28 February 2025, the United Kingdom’s Financial Conduct Authority (UK FCA) announced that Olumide Osunkoya, 46, had been sentenced to four years in prison for illegally operating a crypto ATM network and associated offences. The sentencing took place at Southwark Crown Court following Osunkoya’s guilty plea to five charges on 30 September 2024. The UK FCA requested the court to initiate confiscation proceedings under the United Kingdom Proceeds of Crime Act 2002 to recover any financial benefits obtained from his criminal activities. This case is first criminal sentencing for unregistered cryptoasset activity in the UK. For brief understanding of the facts, between 30 December 2021 and 12 March 2022, Osunkoya operated a network of 28 crypto ATMs across various locations under his company, GidiPlus Ltd, despite being denied UK FCA registration. UK regulations prohibit operating crypto ATMs without prior approval and licensing by UK FCA. To evade detection, Osunkoya later...
US SEC Dismisses Civil Enforcement Action Against Coinbase Amid Crypto Regulatory Shift
On 27 February 2025, the United States Securities and Exchange Commission (SEC) published Joint Stipulation to Dismiss, and Release to dismiss its civil enforcement action against Coinbase Inc. and Coinbase Global Inc. The civil enforcement action, initially filed by the US SEC on 6 June 2023, accused Coinbase of operating as an unregistered securities exchange, broker, and clearing agency. The litigation progressed until 27 March 2024, when the United States District Court for the Southern District of New York granted, in part, Coinbase’s motion for judgment on the pleadings. On 7 January 2025, the court approved Coinbase’s request for an interlocutory appeal under 28 U.S.C. § 1292(b), allowing the company to challenge aspects of the ruling. However, with the launch of the US SEC’s Crypto Task Force on 21 January 2025, the Commission in the exercise of its discretion and as a policy matter, the US SEC decided that the dismissal of this case was appropriate and has opted to dismiss...
UK FCA Confirms September 2027 Trial for £64 Million WealthTek Fraud and Money Laundering Case
On 25 February 2025, the United Kingdom Financial Conduct Authority (UK FCA) announced that the criminal trial of John Dance, the former principal partner of WealthTek LLP, has been scheduled for September 2027 at Southwark Crown Court. The case concerns allegations of fraud and money laundering involving the misappropriation of £64 million in customer funds between 2014 and 2023. The UK FCA’s enforcement action follows the charges brought against John Dance in December 2024 for multiple offences linked to fraudulent financial activities at WealthTek LLP. On 24 February 2025, at a plea and trial preparation hearing at Southwark Crown Court, John Dance pleaded not guilty to three counts of fraud by abuse of position and three counts of fraud by false representation. John Dance faces nine charges under UK fraud and financial crime legislation, including three counts of fraud by abuse of position under Sections 1 and 4 of the United Kingdom Fraud Act 2006, three counts of fraud by false...
ASIC Releases Discussion Paper on Australia’s Evolving Capital Markets: Regulatory Challenges and Investment Trends
On 26 February 2025, the Australian Securities and Investments Commission (ASIC) published a discussion paper titled Australia’s Evolving Capital Markets: A Discussion Paper on the Dynamics Between Public and Private Markets. The document examines trends in Australia’s capital markets, discussing the increasing shift from public to private market investments and the potential implications for investors, financial institutions, and regulatory frameworks. ASIC is seeking stakeholder feedback on whether current regulations adequately support both market structures and what reforms may be necessary to ensure market efficiency, transparency, and investor protection. ASIC has set a deadline of 28 April 2025 for responses, to gather actionable recommendations to inform future regulatory adjustments and enhance the efficiency and integrity of Australia’s capital markets. The discussion paper discusses the rapid growth of private capital markets in Australia and globally, raising concerns...
Germany’s BaFin Announces New Regulatory Framework for Crypto-Asset Service Providers in view of MiCAR
On 21 February 2025, Germany’s Federal Financial Supervisory Authority (BaFin) announced new regulatory measures under the European Union’s Markets in Crypto-Assets Regulation (MiCAR), which has been in force since December 2024. BaFin stated that crypto-asset service providers (CASPs) must submit well-prepared authorisation applications, as strict deadlines under MiCAR limit the time available for supervisory review. MiCAR is the first harmonised European Union framework governing crypto-assets, which provides a structured approach to regulation to enhance investor protection, prevent money laundering and terrorist financing, ensure market integrity, and maintain financial stability. MiCAR establishes a clear legal structure for innovations in distributed ledger technology (DLT). MiCAR introduces transparency requirements for the issuance and trading of crypto-assets, mandates authorisation for CASPs, outlines supervisory requirements, and sets rules for consumer protection, market...
UK FCA and PSR Assess Impact and Competition Concerns in Digital Wallet Market in United Kingdom and Published Feedback Statement
On 19 February 2025, the United Kingdom Financial Conduct Authority (UK FCA) and the United Kingdom Payment Systems Regulator (UK PSR) published a joint Feedback Statement FS25/1: Big tech and digital wallets assessing the impact and growth of digital wallets, in response to the United Kingdom’s Competition and Markets Authority (CMA)’s Invitation to Comment on its Strategic Market Status Investigations. The response assesses competition, innovation, and regulatory concerns in the digital wallets ecosystem, particularly focusing on dominant market players such as Apple and Google, which evaluates the rapid adoption of digital wallets, the benefits to consumers, and the potential competition concerns within the sector. The UK FCA and UK PSR conducted engagement with businesses and industry representatives to analyse the increasing use of digital wallets in the UK. According to the report, digital wallet transactions have surged from 8% of total card transactions in 2019 to 29% in...
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