Privacy & Cybersecurity Law Blog

In mid-January 2026, key Senate committees published discussion drafts of market structure legislation for comprehensive federal regulation of digital assets. The Senate Banking Committee’s version of the bill is called the “Digital Asset Market Clarity Act.”  The Senate Agriculture Committee’s version of the bill is called the “Digital Commodity Intermediaries Act.”

On November 20, 2025, the U.S. Securities and Exchange Commission issued a brief announcement that it filed a joint stipulation with defendants SolarWinds Corporation and its Chief Information Security Officer to dismiss, with prejudice, the SEC’s ongoing civil enforcement action against them.

On September 29, 2025, staff in the SEC’s Division of Investment Management issued no-action relief for certain crypto asset custodians. Specifically, the relief will, under certain circumstances, allow SEC-registered investment advisers (Registered Advisers), registered investment companies and business development companies (collectively, Regulated Funds) to treat a state-chartered trust company as a “bank” (for custody purposes) with respect to crypto assets and related cash or cash equivalents, without fear of enforcement under the SEC’s custody rules.

On July 30, 2025, the President’s Working Group on Digital Assets released its report entitled “Strengthening American Leadership in Digital Financial Technology.” The report champions American innovation in crypto, and “endorses the notion that digital assets and blockchain technologies can revolutionize not just America’s financial system, but systems of ownership and governance economy-wide.”