Ripple is correct that the SEC has created much confusion over crypto's status regarding securities law. Ripple appears to be retreading its "essential ingredients" test from its case against the SEC: specifically, that an "investment contract" requires "an enforceable agreement." Notably, Judge Torres rejected this line of argument in her (generally) positive for Ripple out of the Southern District of New York in July of 2023.

More interesting is Ripple's discussion of staking and…

The Division's statement clarifies something many have long believed: proof-of-work crypto mining is not a form of investment contract under the Securities Act. The statement covers both solo and pooled mining—the latter being of more interest. The Division's Howey analysis of pooled mining "efforts" indicated that pooling computational resources is merely an administrative or ministerial activity. To that end, the Division also noted that "a pool operator's activities in operating the…

The House and the Senate have been advancing dual stablecoin bills—the STABLE and GENIUS Acts—in anticipation of passage in the near future. At a House Financial Services  titled "Navigating the Digital Payments Ecosystem," there was clear bipartisan agreement on necessary steps forward. It appears that it is now a question of how stablecoins will be regulated, rather than whether they will be regulated.

At last Friday's crypto summit, President Trump  that stablecoin…

As the SEC from the Gensler-era regulation-by-enforcement approach, there is increasing demand for legislation to provide a framework for crypto in the United States. As with the , there is more of a political will than ever before to enact crypto legislation. Chair Hill has significant support among crypto advocates. He appears ready to lead the charge for such legislation. This op-ed reinforces his intent to do so.