Crypto kiosks are a kind of hybrid tool compared to something like a crypto exchange: the user scans their wallet address, inserts money and the ATM transfers funds to their wallet address. In this way, it acts as a gateway to self-custodial activities, but it has fewer barriers to entry (such as, in certain respects, identity verification). This development appears to be part of a around crypto ATM regulation, (see, for example, , which is aimed at creating more rigorous consumer…

It’s been a banner week for crypto—and perhaps even a bit overwhelming for crypto lawyers given all of the news. The SEC’s “Project Crypto” is a massive shift for the agency and will likely take some time to fully realize. Of particular note is the push for specific notice and comment rulemaking for “crypto asset distributions, and trading,”—but even more importantly, that the Commission is going to leverage interpretive rules, exemptive authority, and other tools in its toolbelt to promote…

This disciplinary action underscores FINRA's focus on clarity and investor protection in crypto marketing. It also reflects  from a January 2024 report related to a FINRA sweep that reviewed over 500 crypto‑related retail communications. In that report, FINRA determined that approximately 70% of the retail communications on crypto assets contained possible violations of Rule 2210, including misleading statements, omissions of material risks and failure to distinguish offerings by…

While this market structure bill is very much a draft, it is important to note that it diverges from the CLARITY Act, which was passed by the House last week. This draft moves away from the “mature blockchain system” concept provided for in CLARITY. It is unclear how much this draft bill is intended to replace language from CLARITY as opposed to supplementing it—notably, the draft bill still retains CLARITY-like language around “digital commodities.”

The “ancillary asset” definition…