It is good to see the official discourse about blockchain growing up into other areas besides crypto.

One of the main identified trends seems to be growth. When the stock market is at record highs and other asset classes are following suit, asset owners have to put their resources somewhere, maybe everywhere. This could point to increasing correlation among asset classes. Noteworthy is that the SEC does not seem to have identified a trend in growth in one or two asset classes at the demonstrable expense of others. The question, then, is what the SEC chooses to do with these identified trends…

For years, financial services firms around the world have been working on various blockchain-based or tokenized systems for tracking cash, payments flows, securities and other assets. The systems often focused on single use case, asset or transaction type. At the same time, central banks have been exploring official digital currencies, and FinTechs have offered stable coins as a means to store value and make digital payments in a way that avoids volatility or exchange rate risk. How these…

It's not a coincidence that this came out the week after the SEC's wave of enforcements against five advisers for violations of the Marketing Rule. (See e.g.,  and .) The SEC is very focused on enforcement with regard to adviser advertising.  This Alert gives some reasonably concrete examples of, and guidance about, the particular behaviors that the SEC deems enforcement-worthy. Perhaps the most important is for advisers to have procedures for the review of advertising materials…