Digital-asset regulation for RIAs
Each entry names the authority that acted, what changed, whom it affects, the date, and what an advisor must do next.
FINRA fines Firstrade over communications about its crypto affiliate
FINRA censured Firstrade and fined it $85,000.
Labor Department rescinds its 'extreme care' guidance on cryptocurrency in 401(k) plans
EBSA rescinded its 2022 cryptocurrency compliance release in full. Plan fiduciaries now apply ordinary ERISA fiduciary principles to cryptocurrency on the facts of each case, with no special 'extreme care' standard.
CFPB withdraws proposed EFTA coverage of emerging payment mechanisms
The CFPB withdrew its proposed interpretation of Regulation E and the Electronic Fund Transfer Act for accounts that use emerging payment mechanisms. The proposed expansion did not take effect.
SEC staff withdraws the joint statement on broker-dealer custody of digital assets
SEC staff withdrew the 2019 joint statement on broker-dealer custody of digital asset securities.
OCC confirms banks may execute and outsource crypto trades tied to custody
On May 7, 2025, the OCC issued Interpretive Letter 1184.
SEC staff withdraws its 2022 sample letter on crypto-market disclosure
SEC Corporation Finance staff withdrew its December 2022 sample letter.
Federal Reserve withdraws notice and nonobjection guidance for crypto and dollar tokens
The Federal Reserve withdrew its earlier guidance on crypto and dollar tokens.
CFTC staff seeks comment on 24/7 trading and perpetual derivatives
On April 21, 2025, CFTC staff issued requests for public comment on trading around the clock and on perpetual contracts in derivatives markets.
NYDFS fines Block $40 million over Cash App AML and virtual-currency failures
NYDFS fined Block $40 million and required an independent monitor. NYDFS found failures in customer identification, due diligence and transaction monitoring, including weak controls on high-risk Bitcoin activity.
SEC staff lists disclosure points for crypto-asset securities offerings and registrations
SEC Corporation Finance staff organized disclosure points for registered offerings and registrations that involve crypto assets.
Congress overturns the DeFi broker reporting rule under the Congressional Review Act
Public Law 119-5 disapproved the Treasury and IRS final rule that would have required specified non-custodial DeFi participants to report digital-asset sales as brokers.
CFTC acting chair tells staff to focus digital-asset enforcement on fraud and willful violations
On April 8, 2025, the CFTC Acting Chair directed enforcement staff, in a statement on digital-asset enforcement priorities, to focus digital-asset resources on fraud, manipulation, customer harm and willful misconduct.
DOJ narrows digital-asset enforcement priorities
On April 7, 2025, the Deputy Attorney General issued a memorandum titled Ending Regulation By Prosecution.
SEC staff states that certain reserve-backed payment stablecoins are not securities
SEC Corporation Finance staff stated that offers and sales of stablecoins with the reserve, redemption, marketing and no-yield features the statement describes do not involve securities.
CFTC staff withdraws its advisory on risks of expanded digital-asset clearing
On March 28, 2025, the CFTC Division of Clearing and Risk issued Letter 25-08, which withdraws Staff Advisory 23-07. That advisory described how staff would review risks when a DCO expands into clearing digital assets.
FDIC drops prior notice for bank crypto-related activities
On March 28, 2025, the FDIC issued a Financial Institution Letter that rescinds FIL-16-2022.
CFTC staff withdraws its advisory on listing virtual-currency derivatives
On March 27, 2025, CFTC staff withdrew Advisory 18-14, which covered listings of virtual-currency derivative products.
Treasury removes Tornado Cash and its addresses from OFAC sanctions lists
After a legal and policy review, Treasury removed Tornado Cash-related persons and property from OFAC’s Specially Designated Nationals and Blocked Persons List.
SEC staff says the proof-of-work mining it describes does not involve securities transactions
On March 20, 2025, the SEC Division of Corporation Finance issued a Statement on Certain Proof-of-Work Mining Activities.
OCC drops the supervisory nonobjection requirement for bank crypto activities
On March 7, 2025, the OCC issued Interpretive Letter 1183.
President creates a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile
The President directed the government to hold forfeited bitcoin in a Strategic Bitcoin Reserve and other forfeited digital assets in a separate stockpile.
Federal Reserve Vice Chair Barr discusses lessons from supervising novel bank activities
On Feb. 27, 2025, Federal Reserve Vice Chair Michael Barr discussed in a speech how the Federal Reserve supervises novel bank activities.
SEC staff says meme coins of the kind it describes are generally not securities
On Feb. 27, 2025, the SEC Division of Corporation Finance issued a Staff Statement on Meme Coins.
Federal Reserve Governor Waller calls for a stablecoin framework open to bank and nonbank issuers
On Feb. 12, 2025, Federal Reserve Governor Christopher Waller said in a speech that stablecoins could be useful payment instruments.
FINRA’s 2025 oversight report lists crypto-asset supervision findings
FINRA’s 2025 report listed crypto-related failures and effective practices.
Status labels
Each entry carries a status: a binding action, a proposal, guidance, enforcement, or a political signal. A speech or a bill changes no obligation until a rule or a law follows. Every entry starts from the primary document and lists what is still unsettled.
Coverage and corrections
This page follows the U.S. authorities that matter to registered investment advisers, plus state actions of national weight. A published version never changes. A correction or a changed reading creates a new version at the same address, and every earlier version stays in the JSON file.
Educational analysis for financial professionals. Not legal, tax, compliance, or investment advice. Verify current primary sources and consult qualified counsel before implementation.