Security, Commodity, or Fiat?

The CLARITY Act (H.R. 3633) Explained: How It Would Split SEC and CFTC Jurisdiction

The CLARITY Act --- H.R. 3633, the Digital Asset Market Clarity Act of 2025 --- passed the House and is now before the Senate. It would give the CFTC authority over digital commodities, including spot markets, and turn on a "mature blockchain" test rather than a named Bitcoin/Ether carve-out. Here is what the actual bill says, and what it does not.

SEC Crypto Enforcement Defense: What to Do When You Get a Wells Notice

Received an SEC Wells Notice? This 2026 guide covers the response window, the Wells submission, settlement-versus-litigation frameworks, and what a Wells Notice means now that registration-theory crypto enforcement has substantially receded. By Chanté Eliaszadeh, who worked in the SEC's crypto unit as a summer Honors Program intern and now defends crypto companies.

Stablecoin Reserve Requirements: Attestations, Custody, and Liquidity Management

The GENIUS Act sets a 1:1 reserve mandate for payment stablecoins — cash and short-dated Treasuries, monthly examinations, qualified custody — but it is enacted, not yet effective, with implementing rules still in proposed form as of mid-2026. This guide explains what the statute will require once effective, how today's attestation practice differs, and how to build a compliant reserve program.