The First 100 Days And Beyond Of The Trump 2.0 Administration: Crypto Developments Overview

The Trump administration recently reached the 100-day mark, representing the end of a critical period for presidential administrations where major policies and goals are initially established. During this period, crypto policy remains a key area of focus as President Trump seeks to deliver on his pledge to "make America the crypto capital of the world."¹

This Alert summarizes key crypto-related developments from Congress, the White House, the Securities and Exchange Commission ("SEC"), the Department of Justice ("DOJ"), the Commodity Futures Trading Commission ("CFTC"), and prudential regulators.

While it is still the early stages of the Trump administration, recent and ongoing developments suggest that the White House and regulators will seek to reduce barriers to entry in the crypto asset markets by providing regulatory clarity and, at least temporarily, limiting certain types of crypto-related enforcement actions.

1. Congress

Congress continues to be very active in 2025 and has advanced several crypto-related bills. None of these bills have been signed into law yet and they remain topics of debate among lawmakers, the crypto industry, and the public generally. We anticipate further developments in this space in the near term, some of which could have a transformative impact on the crypto industry. Recent, active bills include the following:

• The "Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025" ("GENIUS Act"), which would establish a regulatory framework for certain payment stablecoins, advanced through the Senate Banking Committee in March.² At a high level, this framework would create requirements in connection with the backing and marketing of stablecoins, as well as certain disclosure obligations for stablecoin issuers.³ Although the legislation initially had bipartisan support, lawmakers are now divided as Democrats push for enhanced provisions on conflicts and other matters.⁴ A new draft version of the bill was recently made public, and while it shows some signs of progress on this front, such as addressing the ability of public, non-financial services companies to issue stablecoins, discussions are ongoing and we anticipate further developments in the coming weeks.⁵

• In the House, the "Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025" ("STABLE Act") recently advanced through the House Committee on Financial Services in a 32-17 vote.⁶ The STABLE Act would create a new regulatory regime for certain payment stablecoins.⁷ The STABLE Act currently has bipartisan support, though this may change as discussions continue.

• In both chambers of Congress, similar bills concerning blockchain technology—both titled the "Deploying American Blockchains Act of 2025"—advanced through their respective Committees.⁸ The bills have bipartisan support and would empower the Secretary of Commerce to take a leading role in the development and implementation of "blockchain technology or other distributed ledger technology, applications built on blockchain technology or other distributed ledger technology, tokens, and tokenization," including through the creation of an advisory committee to support the adoption of blockchain-related technology.⁹

• On May 5, several House Republicans released a discussion draft of a market structure bill that would provide a framework for the regulation of crypto assets in the U.S.¹⁰ The legislation builds on a previous market structure bill that passed the House last Congress,11 and it follows a recent crypto assets market structure hearing before the House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence.¹² The legislation is complex, and it would significantly alter the current regulatory environment for crypto assets.¹³ Broadly speaking, however, it would establish registration pathways and corresponding disclosure requirements for crypto market participants, including certain disclosures regarding a crypto asset's ownership and structure.¹⁴

2. The White House

In the first 100 days of the administration, President Trump has taken several steps in support of the crypto industry, including the issuance of multiple Executive Orders. The most noteworthy developments concerning crypto from the White House over this period include the following:

• Within the first week of his administration, President Trump issued an Executive Order titled, "Strengthening American Leadership in Digital Financial Technology."¹⁵ The Executive Order outlines the administration's intention to "support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy."¹⁶ It also revokes guidance issued during the Biden administration concerning crypto assets, establishes a working group on digital asset markets, and prohibits agencies from issuing central bank digital currencies.¹⁷

• President Trump appointed David Sacks, a longtime Silicon Valley executive, to lead the White House's digital asset policy as the Special Advisor for AI and Crypto.¹⁸ Sacks has previously been a strong proponent of crypto assets and has ties to the crypto industry.¹⁹ In addition, President Trump appointed Bo Hines to be the executive director of the Presidential Council of Advisers for Digital Assets.²⁰ Hines, a former college football player and media company executive, also has ties to the crypto industry.²¹

• On March 6, 2025, President Trump issued an Executive Order establishing a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile.²² According to the Executive Order, the Strategic Bitcoin Reserve will initially be capitalized with Bitcoin held by the Department of Treasury that was forfeited as part of criminal or civil asset forfeiture proceedings.²³ Similarly, the Digital Asset Stockpile will hold other, non-Bitcoin digital assets that are currently owned by the Treasury in connection with forfeiture proceedings.²⁴ While the Executive order directs the Secretary of the Treasury and the Secretary of Commerce to develop "budget neutral" strategies for acquiring additional government Bitcoin, it states that the government will not acquire additional digital assets for the Stockpile absent further executive or legislative action.²⁵ Shortly after issuing the Executive Order, the White House hosted the first-ever White House crypto summit, where several crypto executives met with the administration to discuss crypto policy.²⁶

3. Securities and Exchange Commission

Under the Trump administration, the SEC has significantly shifted its approach to crypto assets. Generally, the agency has distanced itself from the crypto-related enforcement activity of the Biden administration, including by dropping several open investigations and lawsuits while citing to the work of the Crypto Task Force (described below). The SEC has also started to engage directly with industry participants and issue new regulatory guidance on crypto assets. Key SEC developments from the first 100 days of the Trump administration include the following:

• As President Trump took office, the SEC announced the launch of a Crypto Task Force "dedicated to developing a comprehensive and clear regulatory framework for crypto assets."²⁷ The Task Force, led by Commissioner Hester Peirce, has played a critical role in coordinating the SEC's crypto initiatives, seeking industry feedback, and hosting roundtables on the regulation of crypto assets.²⁸

• On February 27, the SEC Division of Corporation Finance issued a staff statement concerning meme coins.²⁹ The statement explains Corporation Finance's view that transactions in certain types of meme coins do not involve the offer and sale of securities under federal securities laws.³⁰ The statement is clear, however, that it does not extend to "products that are labeled 'meme coins' in an effort to evade the application of the federal securities laws by disguising a product that otherwise would constitute a security."³¹

• The Division of Corporation Finance released another statement addressing certain proof-of-work mining activities on March 20.³² The statement analyzed mining activities that "are intrinsically linked to the programmatic functioning of a public, permissionless network, and are used to participate in and/or earned for participating in such network's consensus mechanism or otherwise used to maintain and/or earned for maintaining the technological operation and security of such network," and concluded that these activities do not involve the offer and sale of securities.³³

• On April 4, the Division of Corporation Finance published a statement concerning the regulatory status of stablecoins under federal securities laws.³⁴ The statement analyzed certain types of stablecoins under the Howey and Reves tests and determined that the offer and sale of these types of stablecoins does not involve the offer and sale of securities.³⁵ As with previous Corporation Finance statements, however, the statement cautioned that this analysis was limited to the types of stablecoins described in the statement, and that "a definitive determination" of whether a particular stablecoin is offered or sold as a security "requires analyzing the facts relating to the specific stablecoin and the circumstances surrounding its offer and sale."³⁶

• As part of its efforts to provide "greater clarity on the application of the federal securities laws to crypto assets," the Division of Corporation Finance released a statement concerning offerings and registrations of securities in the crypto asset markets, including disclosure requirements.³⁷ The statement addresses Corporation Finance's views on disclosure requirements in Regulation S-K as they apply to Securities Act and Exchange Act registration forms, Form 20-F disclosure requirements for foreign private issuers registering classes of securities, and Form 1-A for offerings exempt from registration under Regulation A.³⁸ In the statement, Corporation Finance provides its views on several different types of disclosure requirements, including risk factors, descriptions of securities, and financial statements, and explains how they might apply in the crypto context.³⁹

• Following Senate confirmation, Paul Atkins was sworn into office as SEC Chairman on April 21.⁴⁰ Chairman Atkins previously served as SEC Commissioner from 2002 to 2008.⁴¹ During his nomination hearing before the Senate Banking Committee, Chairman Atkins stated that a "top priority of [his] chairmanship will be to work with [his] fellow Commissioners and Congress to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach."⁴²

• The SEC dropped several registration-based lawsuits in connection with crypto assets that initially began during the Biden administration.⁴³ Multiple investigations into companies for crypto-related activity have also been terminated without enforcement action.⁴⁴ The SEC has indicated that some of these actions are designed to "facilitate the Commission's ongoing efforts to reform and renew its regulatory approach to the crypto industry."⁴⁵ And in certain cases, the Commission has explicitly referenced the Crypto Task Force in connection with the decision to drop certain enforcement activity.⁴⁶

• On May 15, the staffs of the SEC Division of Trading and Markets and the Financial Industry Regulatory Authority ("FINRA") Office of General Counsel announced the withdrawal of a 2019 joint staff statement regarding broker-dealer custody of digital asset securities.⁴⁷ The 2019 statement, which discussed several considerations for custodying digital asset securities, cautioned that "the ability of a broker-dealer to comply with aspects of the Customer Protection Rule is greatly facilitated by established laws and practices regarding the loss or theft of a security, that may not be available or effective in the case of certain digital assets."⁴⁸ On the same day that this statement was withdrawn, the SEC Division of Trading and Markets published frequently asked questions ("FAQs") relating to crypto asset activities and distributed ledger technology.⁴⁹ The FAQs, like the previous joint staff statement, also discuss custody requirements for digital assets.⁵⁰ However, the FAQs are clear that, in the staff's view, a broker-dealer can successfully establish control of a crypto asset security under the Customer Protection Rule.⁵¹ In addition, the FAQs also state that paragraph (b) of SEC Rule 15c3-3, which requires a broker-dealer to maintain possession or control of the securities it carries, does not apply to crypto assets that are not securities.⁵²

4. Department of Justice

To date, although the DOJ has generally been less active in this space than the financial regulators, Deputy Attorney General Todd Blanche published a memorandum that significantly altered the crypto-related enforcement landscape. The DOJ memorandum, released April 7, explains that "the Justice Department will no longer pursue litigation or enforcement actions that have the effect of superimposing regulatory frameworks on digital assets while President Trump's actual regulators do this work outside the punitive criminal justice framework."⁵³ The memorandum describes charging considerations for crypto assets cases and investigations, and it explains that the DOJ generally "will no longer target virtual currency exchanges, mixing and tumbling services, and offline wallets for the acts of their end users or unwitting violations of regulations," except in specific limited circumstances.⁵⁴ However, the memorandum is clear that the DOJ will continue to pursue investigations and prosecutions that "involve conduct victimizing investors," such as embezzlement and other types of fraud.⁵⁵

5. Commodity Futures Trading Commission

The CFTC will likely play a critical role in any potential future regulatory framework for crypto assets, and it has been active in this space in the early days of the Trump administration. Major CFTC developments regarding crypto from the first 100 days of the Trump administration include the following:

• Following the DOJ memorandum regarding digital assets, described above, Acting Chairman Caroline Pham directed CFTC staff to adhere to the DOJ's policy on digital assets enforcement priorities and charging considerations.⁵⁶ In a statement announcing the policy shift, Acting Chairman Pham further explained that "[i]n order to finally end the CFTC's regulation by enforcement over the past several years, [she] direct[s] the CFTC staff and the Director of Enforcement, consistent with DOJ policy, to not seek to 'charge regulatory violations in cases involving digital assets,' in particular 'violations of registration requirements under the Commodity Exchange Act,' unless 'there is evidence that the defendant knew of the licensing or registration requirement at issue and violated such a requirement willfully,' as set forth in [the DOJ memorandum]."⁵⁷

• On February 11, President Trump nominated Brian Quintenz to be CFTC Chairman.⁵⁸ While Quintenz's nomination is still pending Senate confirmation, he is expected to be confirmed. Quintenz is currently the head of policy for a16z crypto, and he previously served as CFTC commissioner from 2017 to 2021.⁵⁹

6. Prudential Regulators

Prudential regulators, including the Office of the Comptroller of the Currency ("OCC"), the Federal Reserve Board, and the Federal Deposit Insurance Corporation ("FDIC"), have also altered their approach to crypto assets under the Trump administration. Key developments from the first 100 days of the Trump administration involving crypto and prudential regulators include the following:

• On March 7, the OCC published Interpretive Letter 1183, which confirmed that certain crypto activities are permissible for national banks and federal savings associations.⁶⁰ The Letter rescinds Interpretive Letter 1179, published November 18, 2021, which required that OCC-supervised institutions satisfy certain conditions and receive a supervisory nonobjection from the OCC before engaging in crypto activities.⁶¹ Acting Comptroller of the Currency Rodney E. Hood, describing the new Letter, stated that it "will reduce the burden on banks to engage in crypto-related activities and ensure that these bank activities are treated consistently by the OCC, regardless of the underlying technology."⁶²

• The Federal Reserve Board recently withdrew guidance from the Biden administration regarding banks' activities in connection with crypto assets.⁶³ In particular, the Board rescinded a 2022 supervisory letter that required state member banks to provide advance notification of planned or current crypto asset activities and a 2023 supervisory letter concerning the supervisory nonobjection process in connection with state member banks' dollar token activities.⁶⁴ In addition, the Board, along with the FDIC, withdrew two statements jointly issued by these agencies that discussed crypto asset-related banking risks.⁶⁵

• The FDIC recently issued a Financial Institution Letter that established new guidance regarding FDIC-supervised institutions' ability to engage in crypto-related activities.⁶⁶ Under the guidance, FDIC-supervised institutions may engage in certain permissible crypto-related activities without prior FDIC notification or approval.⁶⁷ The new guidance rescinded previous guidance issued during the Biden administration that underscored crypto-related risks and required FDIC notification before undertaking these activities.⁶⁸

• On May 7, the OCC issued Interpretive Letter 1184, which built on Interpretive Letters 1183 and 1170 to clarify permissible bank activities related to crypto asset-custody and execution services.⁶⁹ Notably, Interpretive Letter 1184 confirms that the activities described in footnote 39 of Interpretive Letter 1170 are permissible.⁷⁰ Specifically, Interpretive Letter 1184 confirms "that national banks and federal savings associations may buy and sell [crypto] assets held in custody at the customer's direction."⁷¹ In addition, the Letter states that national banks and federal savings associations are "permitted to outsource to third parties bank-permissible crypto-asset activities, including custody and execution services, subject to appropriate third-party risk management practices."⁷² Banks' activities in this space, however, must comply with banking regulations, and the Letter cautions that "[a]s with any activity, a bank must conduct crypto-asset custody activities, including via a sub-custodian, in a safe and sound manner and in compliance with applicable law."⁷³

***

There have been many significant developments regarding crypto assets in President Trump's first few months in office. Although legislation is still working its way through Congress, agencies have begun to actively engage with the industry, issue guidance, and revisit enforcement policy and litigation decisions from the prior administration. At the same time, state attorneys general and regulators have started to scrutinize the crypto industry and open investigations, enforcement actions, and litigation.⁷⁴ The crypto industry should expect the remainder of 2025 to be active, and industry participants should monitor key developments and consider the potential impact to business. WilmerHale's Blockchain and Cryptocurrency Working Group is actively involved in this space and closely monitoring crypto-related legal and policy developments to help our clients effectively navigate this fast-changing landscape.

Footnotes

1. The White House, Fact Sheet: President Donald J. Trump Establishes the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile (Mar. 6, 2025), https://www.whitehouse.gov/fact-sheets/2025/03/fact-sheet-president-donald-j-trump-establishes-the-strategic-bitcoin-reserve-and-u-s-digital-asset-stockpile/.

2. See Senate Committee on Banking, Housing, and Urban Affairs Press Release, Scott Advances Stablecoin, Debanking Legislation Out of Banking Committee (Mar. 13, 2025), https://www.banking.senate.gov/newsroom/majority/scott-advances-stablecoin-debanking-legislation-out-of-banking-committee; see also 119th Cong., S.919, GENIUS Act of 2025 (Introduced Mar. 10, 2025), https://www.congress.gov/119/bills/s919/BILLS-119s919rs.pdf.

3. See 119th Cong., S.919, GENIUS Act of 2025 (Introduced Mar. 10, 2025), https://www.congress.gov/119/bills/s919/BILLS-119s919rs.pdf.

4. Senate Committee on Banking, Housing and Urban Affairs Minority Press Release, On Senate Floor, Warren Outlines Critical Fixes Needed for Democrats to Support GENIUS Act; Outlines Concerns on Trump's Stablecoin Corruption (May 5, 2025), https://www.banking.senate.gov/newsroom/minority/on-senate-floor-warren-outlines-critical-fixes-needed-for-democrats-to-support-genius-act-outlines-concerns-on-trumps-stablecoin-corruption.

5. See Jasper Goodman, Negotiators Circulate Revised Text of Senate Crypto Bill, POLITICO (May 15, 2025), https://www.politico.com/live-updates/2025/05/15/congress/crypto-deal-senate-bill-stablecoin-00349846.

6. See House Committee on Financial Services Press Release, Financial Services Committee Advances Five Bills During Full Committee Markup (Apr. 2, 2025), https://www.congress.gov/bill/119th-congress/house-bill/2392/all-actions.

7. See 119th Cong., H.R.2392, STABLE Act of 2025 (Introduced Mar. 26, 2025), https://www.congress.gov/119/bills/hr2392/BILLS-119hr2392rh.pdf.

8. See 119th Cong., S.1492, Deploying American Blockchains Act of 2025 (Introduced Apr. 10, 2025), https://www.congress.gov/119/bills/s1492/BILLS-119s1492is.pdf; 119th Cong., H.R.1664, Deploying American Blockchains Act of 2025 (Introduced Feb. 27, 2025), https://www.congress.gov/119/bills/hr1664/BILLS-119hr1664rh.pdf.

9. See id.

10. See House Committee on Financial Services Press Release, Hill, Thompson, Steil, and Johnson Release Digital Asset Market Structure Discussion Draft (May 5, 2025), https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409719. Note that this legislation was released after the Trump administration reached the 100-day mark, but to ensure comprehensive coverage of crypto-related developments, this Client Alert addresses certain key events that occurred after this period.

11. See 118th Cong., H.R.4763, Financial Innovation and Technology for the 21st Century Act (Passed in the House of Representatives on May 22, 2024).

12. See American Innovation and the Future of Digital Assets Aligning the U.S. Securities Laws for the Digital Age, Hearing Before the House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence (Apr. 9, 2025), https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=409680. Tiffany J. Smith, WilmerHale Partner and Co-Chair of the Blockchain & Cryptocurrency Working Group, testified as a witness for this hearing. In addition, another crypto asset market structure hearing was held on May 6, 2025. See American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century, Joint Hearing Before the House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence & House Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development (May 6, 2025),

13. See House Committee on Financial Services Press Release, Hill, Thompson, Steil, and Johnson Release Digital Asset Market Structure Discussion Draft (May 5, 2025), https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409719.

14. See id.

15. The White House, Strengthening American Leadership in Digital Financial Technology (Jan. 23, 2025), https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology/. Additional information concerning this Executive Order is available in a previous Client Alert, available at: https://www.wilmerhale.com/en/insights/client-alerts/20250210-president-trump-signs-executive-order-to-strengthen-american-leadership-in-digital-financial-technology.

16. Id.

17. See id

18. The White House, Memorandum for David O. Sacks, Special Advisor for A.I. and Crypto (Mar. 5, 2025), https://www.whitehouse.gov/wp-content/uploads/2025/03/Memo-David-Sacks-3.5.2025-1.pdf.

19. See Theodore Schleifer, Trump Names Top Silicon Valley Conservative to Oversee Crypto and A.I., THE NEW YORK TIMES (Dec. 5, 2024), https://www.nytimes.com/2024/12/05/us/politics/david-sacks-crypto-ai-trump.html.

20. See Amrith Ramkumar, The Little-Known College Football Player Quarterbacking Trump's Crypto Agenda, THE WALL STREET JOURNAL (Mar. 2, 2025), https://www.wsj.com/politics/policy/the-little-known-college-football-player-quarterbacking-trumps-crypto-agenda-dee41cb9.

21. See id.

22. The White House, Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile (Mar. 6, 2025), https://www.whitehouse.gov/presidential-actions/2025/03/establishment-of-the-strategic-bitcoin-reserve-and-united-states-digital-asset-stockpile/.

23. See id.

24. See id.

25. Id.

26. See Vicky Ge Huang, Crypto Executives Descend on D.C. for White House Summit, THE WALL STREET JOURNAL (Mar. 8, 2025), https://www.wsj.com/livecoverage/jobs-report-stock-market-today-dow-nasdaq-sp500-03-07-2025/card/crypto-executives-descend-on-d-c-for-white-house-summit-HVhePugDu56Sw0oQ1DYN.

27. SEC Press Release No. 2025-30, SEC Crypto 2.0: Acting Chairman Uyeda Announces Formation of New Crypto Task Force (Jan. 21, 2025), https://www.sec.gov/newsroom/press-releases/2025-30.

28. See, e.g., SEC Press Release No. 2025-57, SEC Crypto Task Force to Host Four More Roundtables (Mar. 25, 2025), https://www.sec.gov/newsroom/press-releases/2025-57.

29. See SEC Division of Corporation Finance, Staff Statement on Meme Coins (Feb. 27, 2025), https://www.sec.gov/newsroom/speeches-statements/staff-statement-meme-coins. Additional information concerning the Division of Corporation Finance's guidance and the state of meme coin regulation is available in a previous Client Alert, available at: https://www.wilmerhale.com/en/insights/client-alerts/20250313-the-state-of-meme-coin-regulation-sec-staffs-statement-and-other-considerations.

30. See id.

31. Id.

32. See SEC Division of Corporation Finance, Statement on Certain Proof-of-Work Mining Activities (Mar. 20, 2025), https://www.sec.gov/newsroom/speeches-statements/statement-certain-proof-work-mining-activities-032025.

33. Id.

34. See SEC Division of Corporation Finance, Statement on Stablecoins (Apr. 4, 2025), https://www.sec.gov/newsroom/speeches-statements/statement-stablecoins-040425.

35. See id.

36. Id.

37. See SEC Division of Corporation Finance, Offerings and Registrations of Securities in the Crypto Asset Markets (Apr. 10, 2025) https://www.sec.gov/newsroom/speeches-statements/cf-crypto-securities-041025.

38. See id.

39. See id.

40. See SEC Press Release No. 2025-68, Paul S. Atkins Sworn in as SEC Chairman (Apr. 21, 2025), https://www.sec.gov/newsroom/press-releases/2025-68.

41. See id.

42. Paul Atkins, Opening Statement Before the Senate Committee on Banking, Housing, and Urban Affairs (Mar. 27, 2025), https://www.banking.senate.gov/imo/media/doc/atkins_testimony_3-27-25.pdf.

43. See Nikhilesh De, Where All the SEC Cases Are, COINDESK (Mar. 31, 2025), https://www.coindesk.com/policy/2025/03/29/where-all-the-sec-cases-are (describing the various cases and investigations that the SEC has dropped during the Trump administration).

44. See id.

45. See, e.g., SEC Litigation Release No. 26299, Dragonchain, Inc., Dragonchain Foundation, The Dragon Company, John Joseph Roets (Apr. 30, 2025), https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26299.

46. See, e.g., SEC Press Release No. 2025-47, SEC Announces Dismissal of Civil Enforcement Action Against Coinbase (Feb. 27, 2025), https://www.sec.gov/newsroom/press-releases/2025-47 (stating that the Commission is dismissing this matter "[g]iven the pending work of the Crypto Task Force").

47. See SEC Division of Trading and Markets, FINRA Office of General Counsel, Withdrawal of Joint Staff Statement on Broker-Dealer Custody of Digital Asset Securities (May 15, 2025), https://www.sec.gov/newsroom/speeches-statements/withdrawal-joint-staff-statement-broker-dealer-custody-digital-asset-securities.

48. SEC Division of Trading and Markets, FINRA Office of General Counsel, Joint Staff Statement on Broker-Dealer Custody of Digital Asset Securities (July 8, 2019), https://www.sec.gov/newsroom/speeches-statements/joint-staff-statement-broker-dealer-custody-digital-asset-securities (withdrawn May 15, 2025).

49. See SEC Division of Trading and Markets, Frequently Asked Questions Relating to Crypto Asset Activities and Distributed Ledger Technology (May 15, 2025), https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-relating-crypto-asset-activities-distributed-ledger-technology.

50. See id.

51. See id.

52. See id.

53. Deputy Attorney General Todd Blanche, Memorandum, Ending Regulation by Prosecution (Apr. 7, 2025), https://www.justice.gov/dag/media/1395781/dl?inline.

54. Id.

55. Id.

56. See CFTC Press Release No. 9063-25, Acting Chairman Pham Lauds DOJ Policy Ending Regulation by Prosecution of Digital Assets Industry and Directs CFTC Staff to Comply with Executive Orders (Apr. 8, 2025), https://www.cftc.gov/PressRoom/PressReleases/9063-25?utm_source=govdelivery.

57. Id.

58. See 119th Cong., PN25-42, Nomination of Brian Quintenz to be Chairman of the Commodity Futures Trading Commission (Feb. 11, 2025), https://www.congress.gov/nomination/119thcongress/25/42?q={"search":"Quintenz"}&s=1&r=1.

59. See Mengqi Sun, Trump Picks Brian Quintenz to Be CFTC Chairman, THE WALL STREET JOURNAL (Feb. 13, 2025), https://www.wsj.com/articles/trump-picks-brian-quintenz-to-be-cftc-chairman-3e23352d.

60. OCC Interpretive Letter 1183, OCC Letter Addressing Certain Crypto-Asset Activities (Mar. 7, 2025), https://occ.gov/topics/charters-and-licensing/interpretations-and-actions/2025/int1183.pdf.

61. See id.

62. See OCC News Release 2025-16, OCC Clarifies Bank Authority to Engage in Certain Cryptocurrency Activities (Mar. 7, 2025), https://occ.gov/news-issuances/news-releases/2025/nr-occ-2025-16.html.

63. See Federal Reserve Board Press Release, Federal Reserve Board Announces The Withdrawal of Guidance for Banks Related to Their Crypto-Asset and Dollar Token Activities and Related Changes to its Expectations for These Activities (Apr. 24, 2025), https://www.federalreserve.gov/newsevents/pressreleases/bcreg20250424a.htm.

64. See id.

65. See id.; FDIC Press Release, Agencies Withdraw Joint Statements on Crypto-Assets (Apr. 24, 2025), https://www.fdic.gov/news/press-releases/2025/agencies-withdraw-joint-statements-crypto-assets.

66. See FDIC, FIL-7-2025, FDIC Clarifies Process for Banks to Engage in Crypto-Related Activities (Mar. 28, 2025), https://www.fdic.gov/news/financial-institution-letters/2025/fdic-clarifies-process-banks-engage-crypto-related.

67. See id.

68. See id.

69. OCC Interpretive Letter 1184, Clarification of Bank Authority Regarding Crypto-Asset Custody Services (May 7, 2025), https://www.occ.treas.gov/topics/charters-and-licensing/interpretations-and-actions/2025/int1184.pdf.

70. See id.

71. See id.

72. See id.

73. See id.

74. See Paul Connell, Swain Wood, and Ben Neaderland, Complex and Divided Securities Enforcement Falling to States, BLOOMBERG LAW (Apr. 29, 2025), https://www.bloomberglaw.com/bloomberglawnews/us-law-week/XUQR450000000?bna_news_filter=us-law-week#jcite.

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