Lowenstein Crypto advises leading digital asset and cryptocurrency projects, exchanges, and trading firms. Our practice covers regulatory advice, transactions and structuring advice, investigations, and adversarial matters including commercial disputes, bankruptcy, and related litigation. As these markets continue their rapid growth and market participants continue to evolve and mature their businesses, we are providing this weekly digest as a resource that highlights and summarizes a selection of key recent legal regulatory developments.
SEC Includes Crypto Asset Rulemaking Amendments in Its 2026 Regulatory Agenda
On July 7, the Securities and Exchange Commission (SEC) released its 2026 Regulatory Agenda, which includes crypto assets, crypto market structure amendments, and amendments to broker-dealer financial responsibility and recordkeeping and reporting rules regarding crypto assets. The Division of Corporate Finance is considering recommending that the SEC propose rules relating to the offer and sale of crypto assets that may include certain exemptions and safe harbors. The Division of Trading and Markets is considering recommending (i) amendments to current SEC rules to account for the trading of crypto assets on alternative trading systems and national securities exchanges, specifically, to help clarify the regulatory framework for crypto assets and provide clear rules for the issuance, custody, and trading of crypto assets and (ii) amendments to Rules 15c3-1, 15c3-3, 17a-3, and 17a-4 with respect to the application of these rules to crypto assets. See the SEC’s 2026 Regulatory Agenda here.
ESMA Launches CSA Focusing on Custody Activities by CASPs
On July 8, the European Securities and Markets Authority (ESMA) announced its launch of a Common Supervisory Action (CSA) focusing on the digital operational resilience of crypto-asset service providers (CASPs) focusing on custody services. The CSA will assess CASPs’ operational resilience frameworks as they pertain to their custody activities. ESMA announced that the focus will be on the inherent risks to distributed ledger technology, such as risks related to governance arrangements, private key and storage management, transaction controls, incident detection and responses, smart contract risks, and dependencies on third-party service providers. The CSA follows just a week after the Markets in Crypto-Assets regulations (MiCA) transitional period ended on July 1. See ESMA’s press release here.
Swift’s Blockchain Ledger Set To Launch With 17 Banks To Support Tokenized Deposits
On July 9, Swift, the global payments messaging network, announced that its blockchain ledger is ready for initial use to support 24/7 cross-border payments with tokenized deposits. Seventeen banks from six continents have joined the effort and intend to participate in pilot transactions. The ledger is intended to provide a secure framework for bank-issued tokenized deposits, enabling customers to move funds overnight and on weekends before completing final settlement through the legacy framework. Swift’s intention is to enable an improved client experience and foster global liquidity efficiency without compromising compliance, credit, and risk standards. See Swift’s press release here for additional information.
New Hampshire Considers Proposed $100M Bitcoin-Backed Bond
On July 8, the New Hampshire Governor and Executive Council held a hearing that included a review of a proposed plan to issue up to $100 million in revenue bonds, the proceeds of which will be loaned to a New Hampshire investment trust for the purpose of financing the acquisition of Bitcoin. The contemplated bonds would be fixed-rate, privately placed, and structured so that the state and bondholders may share in appreciation of the Bitcoin collateral, while repayment would be the responsibility of the borrower, not the state of New Hampshire. See the proposed resolution here.
CFTC Charges Crypto Commodity Pool Operator With Fraud
On July 7, the Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in the Western District of North Carolina against a commodity pool operator and his company for fraud, alleging that from March 2022 through February 2026, they fraudulently solicited more than $14 million from at least 60 participants for a commodity pool that purportedly traded, among other assets, equity index futures, options on futures, and crypto assets. According to the complaint, defendants misrepresented the fund as highly profitable when in reality trading resulted in consistent and catastrophic losses. The CFTC also alleges that defendants used investor funds to make Ponzi-like payments, gave false testimony, and misappropriated funds for private use in violation of the Commodity Exchange Act and CFTC regulations. See the CFTC’s press release here.
Taylor Swift and Travis Kelce Marry at MSG
On July 3, Taylor Swift and Travis Kelce were officially married in a ceremony officiated by Adam Sandler in New York City’s Madison Square Garden. The couple’s wedding brought together family, friends, music, and sports in a joyful new chapter that has captivated fans since 2023. As fans celebrated the news, the couple’s union quickly became one of the most talked-about cultural moments of the year.
