The DOL is trying to reduce the perceived (and likely quite real) chilling effect of ERISA litigation by spelling out a process safe harbor and urging deference to fiduciaries who can document a prudent process. The risk is obvious: if “alts in 401(k)s” becomes shorthand for high fees, hard-to-explain valuations, or gated liquidity, rather than the hoped-for access to differentiated risk/return streams, then it will be remembered as a political fiasco. The only durable version is the one…

The joint SEC–CFTC interpretive release was announced today at The Digital Chamber’s DC Blockchain Summit, where SEC Chairman Paul Atkins and CFTC Chairman Michael S. Selig appeared together to lay out a coordinated framework for digital asset regulation. Hearing the guidance delivered in that setting—by both agency heads, using a shared vocabulary and a shared premise—made clear that this was more than a routine interpretive exercise. What stood out was the coherence of the approach and the…

The policy motivation in the GENIUS Act is certainly to prohibit yielding or interest-bearing stablecoins as such. Not every benefit derived from an asset is an investment return, and not every benefit derived from a deposit-like asset or store-of-value asset is interest. Think of cash back and other rewards programs. These certainly give asset owners value, and they often aren’t treated as interest payments. Of course, that doesn’t mean it’s a free-for-all. Benefits other than yield or…

The ABA’s recommendations underscore a simple truth: tokenization doesn’t erase regulation. Whether it’s CFTC, SEC, or state regimes, digital assets live in a crowded jurisdictional neighborhood. In some circumstances, tokenization may even add a layer of new or different regulation on top of something that is already regulated. It’s a good idea to make a set of plans before you start building.