Insights
Partner Christian Brockman is attending.
In Oregon Environmental Council v. IRS, issued on June 6, 2026, the US District Court for the District of Columbia held that IRS Notice 2025-42—which eliminated the longstanding 5% safe harbor method for establishing “beginning of construction” for wind and large-scale solar facilities—is arbitrary and capricious under the Administrative Procedure Act, and accordingly the Court vacated the Notice in full and remanded the matter to the IRS for further administrative action.
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the blockchain and digital assets industry.
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The United States Securities and Exchange Commission has announced that it plans to completely rescind the climate disclosure rules that it finalized just two years ago. The rules, entitled The Enhancement and Standardization of Climate-Related Disclosures for Investors, require that companies provide significant new climate-related disclosures in their annual reports and registration statements. Disclosure obligations were originally set to begin in 2026 and 2027; however, the SEC never implemented the Climate Disclosure Rules due to legal challenges and other delays.
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Chapman is sponsoring the Chicago Women in Public Finance Annual Conference. Partner Katherine Gale, a WPF Chicago Chapter Board member and immediate past Board President, will be attending alongside partners Nancy Burke, Melissa O’Connor, Hillary Phelps, and Anjali Vij, as well as senior counsel Rose Gallagher and associates Alexandra Ayala, Ronni Martin, Logan Sweeney, and Jordan Whisenton.
In this article in the US-Israel Legal Review 2026, Michael Friedman, Chapman attorneys Michael Friedman, head of our Israel Practice and Special Situations and Restructuring Group, and Julie Song examine how an equity pledge can give secured lenders greater protection and meaningful leverage in the event of borrower default.
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Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the blockchain and digital assets industry.
Focused on Finance Podcast: Investment Management Series is Chapman’s podcast dedicated to the legal, regulatory, and business developments shaping the investment management industry. The series delivers practical insights and analysis to help fund managers and advisers stay informed and ahead. Explore our latest episodes here.
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Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the blockchain and digital assets industry.
On May 19, 2026, the Securities and Exchange Commission proposed amendments to its rules and forms governing registered offerings under the Securities Act of 1933 that would, if adopted as proposed, represent the most significant modernization of the registered offering framework in more than 20 years.
- Topic: Cryptocurrency
33 matches.
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the blockchain and digital assets industry.
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the blockchain and digital assets industry.
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the blockchain and digital assets industry.
On May 19, 2026, the Securities and Exchange Commission proposed amendments to its rules and forms governing registered offerings under the Securities Act of 1933 that would, if adopted as proposed, represent the most significant modernization of the registered offering framework in more than 20 years.
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the blockchain and digital assets industry.
The GENIUS Act is defining how payment stablecoins are issued, regulated, and supervised in the United States. Understanding this evolving framework is critical for banks, fintechs, and other market participants navigating the digital assets landscape. Our rulemaking and reporting tracker is designed to help follow what’s coming, which agency is issuing rules, and when rules take effect.
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the blockchain and digital assets industry.
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the blockchain and digital assets industry.
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the blockchain and digital assets industry.
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the blockchain and digital assets industry.
On April 13, 2026, the Staff of the SEC’s Division of Trading and Markets issued a statement (“Statement”) setting out its views on when a person that creates, offers, and/or operates certain user interfaces used to prepare transactions in crypto asset securities (a “Covered User Interface Provider”) may do so without registering as a broker-dealer under Section 15(a) of the Securities Exchange Act of 1934. The Statement is the latest in a series of federal regulatory developments aimed at reconciling crypto industry practices within the existing securities and derivatives regulatory framework, following the SEC and CFTC’s joint guidance on the status of certain crypto assets and the CFTC’s recent no-action relief for a crypto wallet technology vendor. Commissioner Hester M. Peirce issued a separate statement commending the Staff but calling for a more permanent approach.
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the blockchain and digital assets industry.
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the blockchain and digital assets industry.
Chapman partner Liz Boison will moderate a panel at the conference.
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the blockchain and digital assets industry.
Read the latest edition of On-Chain Spotlight for key regulatory, market, and litigation developments shaping the blockchain and digital assets industry.
On March 17, 2026, the Securities and Exchange Commission (the “Commission”), joined by the Commodity Futures Trading Commission (the “CFTC”), issued a comprehensive interpretive release (the “Interpretation”) that provides long-awaited clarity on the application of federal securities laws to crypto assets.
- Volume 78, No. 4 and Volume 79, No. 1 (2026)Consumer Finance Law Quarterly Report
Chapman senior counsel Judy Chen authored an article published in the Consumer Finance Law Quarterly Report (2025 Volume 78 No. 4), offering an in-depth look at the comprehensive federal regulatory regime for payment stablecoins enacted last year.
On February 25, 2026, the Office of the Comptroller of the Currency (“OCC”) issued a Notice of Proposed Rulemaking (the “NPR”) to implement the Guiding and Establishing National Innovation for US Stablecoins Act (the “GENIUS Act”), setting out proposed regulations for the issuance of and activities related to payment stablecoins by entities under the OCC’s jurisdiction. The NPR covers areas of required rulemaking by the OCC under the GENIUS Act and seeks comments on over 200 questions during a 60-day comment window ending on May 1, 2026. Each area of the NPR warrants in-depth analysis, but we highlight key provisions and encourage submission of comments to the OCC to address areas of strategic importance.
- Practical Law
Chapman partners Juan Arciniegas, Curtis Doty, Peter Hong, and Morrison Warren co-authored an article published by Thomson Reuters / Practical Law, providing essential guidance on the rapidly evolving landscape of cryptocurrency. As digital assets continue their march into mainstream finance, a new generation of investment products is reshaping how institutions and individuals gain exposure. Navigating this space requires understanding critical distinctions that carry real consequences for performance, costs, and compliance.
Read our synopsis of key regulatory, market, and litigation developments shaping the blockchain and digital assets industry.
- Amid growing regulatory activity and accelerating industry adoption, Chapman hosted a cross‑industry panel exploring the growing role of tokenization in financial markets, examining how the technology is advancing, what risks and opportunities it presents, and what market participants should be preparing for next.
- Exchanges Propose Generic Listing Standards for Commodity- and Crypto-Based Exchange-Traded Products
On July 30, 2025, Cboe BZX Exchange, Inc., NYSE Arca, Inc. and the Nasdaq Stock Market LLC (collectively, the “Exchanges”) each filed a proposed rule change with the Securities and Exchange Commission (the “Commission”) to amend their respective listing rules to include generic listing standards for shares of certain commodity-based exchange-traded products (“Commodity ETPs”) that satisfy specific requirements.
If adopted, a Commodity ETP meeting the requirements of the generic listing standards would be eligible for listing on an Exchange without the need to submit a separate Rule 19b-4 application to the Commission. This change would streamline the listing process and broaden the range of eligible products, including those that have previously experienced resistance and delays in approval by the Commission, such as Commodity ETPs holding crypto assets (“Crypto ETPs”).
In a flurry of pre-recess activity, Congress recently made headway on two pieces of legislation with significant impacts for the digital asset industry, the Guiding and Establishing National Innovation for US Stablecoins Act (the “GENIUS Act”), which passed both chambers of Congress and was signed into law by the President on July 18, 2025, and the Digital Asset Market Clarity Act of 2025 (the “CLARITY Act”), which has thus far only passed the House but builds upon components of earlier legislative efforts in both the House and Senate. Alongside, the House also passed the Anti-CBDC Surveillance State Act, which prohibits the Federal Reserve from issuing a central bank digital currency, part of the President’s directives in Executive Order 14067. Separately, the federal banking regulators released joint guidance to their respective federally chartered institutions on how to engage in safekeeping of crypto assets.
These developments include codification of many industry best practices and signals the intention of this Congress and administration to establish legal predictability and comfort for crypto and digital asset industry participants as well as their closely adjacent traditional banking and financial services partners.
On April 4, 2025, the Division of Corporation Finance (“Corp Fin”) of the Securities and Exchange Commission (the “SEC”) issued a statement (“Statement”) that the offer and sale of “Covered Stablecoins,” as defined by Corp Fin, does not involve the offer and sale of securities within the meaning of Section 2(a)(1) of the Securities Act of 1933 (the “Securities Act”) or Section 3(a)(10) of the Securities Exchange Act of 1934 (the “Exchange Act”). Accordingly, Corp Fin stated that “persons involved in the process of ‘minting’ (or creating) and redeeming Covered Stablecoins do not need to register those transactions with the SEC under the Securities Act or fall within one of the Securities Act’s exemption from registration.”
On March 7, 2025, the Office of the Comptroller of the Currency (“OCC”) issued Interpretive Letter 1183, which confirms that national banks may engage in certain crypto-assets activities and reverses the previous requirement that they first obtain a supervisory non-objection letter before engaging in such activities.
The Digital Chamber released a new report: "Beyond Merit: How the SEC's Division of Investment Management Blocked Permissible Investments in Digital Assets." The report seeks to provide a workable framework to turn historical Division of Investment Management actions regarding digital assets into a path forward for the increased availability of digital assets in investment company products. Chapman's Rick Coyle and Morrison Warren assisted in the preparation.
Chapman's quarterly Regulatory Update contains an overview of the latest regulatory actions, market happenings, and litigation and enforcement activity in the investment management space.
Chapman acted as counsel on the registration and listing of two of the first eight spot Ethereum (ether) exchange-traded funds (ETFs) to begin trading in the United States, following the U.S. Securities and Exchange Commission (SEC) declaring the registration statements for the ether ETFs effective on July 22, 2024.
Chapman acted as counsel on the registration and listing of three of the first spot bitcoin exchange-traded funds (ETFs) to launch in the United States, which received approval from the U.S. Securities and Exchange Commission (SEC) on January 10, 2024.
Chapman's quarterly Regulatory Update contains an overview of the latest regulatory actions, market happenings, and litigation and enforcement activity in the investment management space.
Chapman's quarterly Regulatory Update contains an overview of the latest regulatory actions, market happenings, and litigation and enforcement activity in the investment management space.
Chapman represented the Chamber of Digital Commerce in connection with its “Spot Bitcoin ETF Initiative” which set out to gain a deep understanding of the industry’s experience in pursuit of a registered Spot Bitcoin ETF and provide insight into the most realistic avenues for ultimately getting the SEC to approve this widely anticipated investment product.
