SEC Chair Paul S. Atkins’ recent remarks on Nov. 12, 2025 at the Federal Reserve Bank of Philadelphia signal one of the most constructive regulatory developments the digital asset industry has seen in years. His “Project Crypto” framework reflects a meaningful shift toward clarity, predictability, and principled application of the federal securities laws. For innovators, […]
I. Introduction In Handal v. Innovative Industrial Properties, Inc., No. 24-cv-28289, 2025 U.S. App. LEXIS 26763, 2025 WL 2922871, (3d Cir. Oct. 15, 2025), the United States Court of Appeals for the Third Circuit (the “Court”) reaffirmed what constitutes misleading statements actionable under Section 10(b) of the Securities Exchange Act of 1934 (Section 10(b)) and […]
SEC Chairman Paul S. Atkins has signaled a shift in how the Commission approaches the Wells process, announcing a series of procedural refinements aimed at standardizing and clarifying how the SEC handles pre-enforcement notice and response. In his keynote address at Fordham Law School’s 25th Annual A.A. Sommer, Jr. Lecture on Corporate, Securities, and Financial […]
On September 26, 2025, Chairman Paul S. Atkins of the U.S. Securities and Exchange Commission (SEC) announced that the Commission will restore its prior practice of simultaneous consideration of settlement offers and related waiver requests in enforcement actions. The policy change reverses a 2021 decision under prior leadership that had required waiver requests to be […]
On September 30, 2025, SEC Commissioner Mark T. Uyeda issued an important update on the Commission’s ongoing efforts to implement the Treasury Clearing Rule, a major regulatory initiative aimed at enhancing the resilience and transparency of the U.S. Treasury market. The statement outlined recent progress, identified remaining open questions, and encouraged continued engagement from market […]
On September 2, 2025, the U.S. Securities and Exchange Commission’s (“SEC”) Division of Trading and Markets and the U.S. Commodity Futures Trading Commission’s (“CFTC”) Divisions of Market Oversight and Clearing and Risk (together, the “Divisions”) issued a joint staff statement (the “Joint Statement”) as part of a new cross-agency initiative titled Project Crypto–Crypto Sprint.1 Project […]
Recent leadership changes at the Securities and Exchange Commission may signal a recalibration of how Advisers Act Rule 206(4)-8 is enforced. With Chairman Paul Atkins back at the helm, the Commission’s long-standing reliance on a negligence-based standard could soon come under review. Background: Goldstein and the Adoption of Rule 206(4)-8 Rule 206(4)-8 was adopted in […]
The U.S. Securities and Exchange Commission announced it will host a public roundtable on September 18, 2025, to re-examine the Order Protection Rule (Rule 611 of Regulation NMS) and its parallels in the listed options markets. The discussion will center on the rule’s “trade-through” prohibitions, which require trading centers to implement reasonable policies and procedures […]
Key Takeaways Crossing State Lines: What Triggers a Qualification Requirement? As your business grows, your company may begin operating in states other than the original state of organization or incorporation, such as hiring employees in another state, signing contracts (and providing goods or services) with out-of-state clients, or opening a second location. What many business […]
Key Takeaways What Is a Non-Disclosure Agreement? A non-disclosure agreement, or NDA, is a legally binding contract that prevents one or more parties from sharing confidential business information with unauthorized third parties. NDAs are commonly used when hiring employees and contractors, during merger and acquisition discussions, and when entering strategic partnerships. While NDAs are a […]
The regulatory landscape for crypto asset markets is evolving at a pace that is testing the adaptability of market participants, lawmakers, and regulators alike. In recent months, legislative proposals, executive orders, and agency initiatives have combined to signal a potential shift in how digital assets will be regulated in the United States.1 State securities regulators, […]
On July 29, 2025, the U.S. Securities and Exchange Commission issued Release No. 34-103571, granting accelerated approval to a suite of proposed rule changes submitted by The Nasdaq Stock Market LLC, Cboe BZX Exchange, Inc., and NYSE Arca, Inc. (the “Exchanges”). These rule changes permit a select group of Bitcoin– and Ether-based Commodity-Based Trust Shares […]
The One Big Beautiful Bill Act (the “Act”), signed into law on July 4, 2025, established a new deduction regime on overtime pay and tips that has garnered significant attention. Workers can now deduct up to $12,500 in overtime pay and up to $25,000 in reported tips when filing their federal tax returns. Workers will not see the impact of this law change until filing their […]
The Nation Venture Capital Association, an organization comprised of members representing both the interests of startups and venture capital firms (NVCA), first developed the suite of agreements commonly referred to as the “NVCA model legal documents” over a decade ago and have since adopted revised forms to reflect both changes in legislation and trends in the emerging company ecosystem. What hasn’t changed is the basic format substantive content of each of the following five primary documents: (1) Amended and Restated Certificate of Incorporation; (2) Stock Purchase Agreement; (3) Investors’ Rights Agreement; (4) Voting Agreement; and (5) Right of First Refusal and Co-Sale Agreement. Below is a relatively high-level summary of the NVCA documents and is not intended to capture the entire universe of provisions and issues addressed by the full text of such documents.
In 1994, Congress amended the U.S. Patent Laws to create a new type of patent filing called a provisional patent application, and with this came a good deal of confusion – even to this day.