The SEC Chairman gave a must-read speech on November 12, 2025, on the direction that the SEC will likely make in regards to digital assets. Below are the key takeaways from the speech on the SEC's approach to digital assets, "Inside Project Crypto," delivered at the Federal Reserve Bank of Philadelphia.
Does this mark a pivotal shift toward a more rational and clear regulatory framework for the future of finance?
Clarity on Crypto: The SEC anticipates establishing a clear token taxonomy based on the Howey test, recognizing that most Digital Commodities (Network Tokens), Digital Collectibles, and Digital Tools are generally not securities. Tokenized Securities will remain regulated.
Read more of Mauro's takeaways on Chairman Paul Atkins' speech on "Project Crypto."
Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.
