Title: US / SEC · Jurisdiction · EthSystems

URL Source: https://original.es-internal.pages.dev/jurisdictions/us-sec/

Markdown Content:
---
description: The SEC's posture is restrictive but evolving, applied substantially through enforcement: assets deemed securities fall under full registration and disclosure rules. Recent clarity has opened doors: stablecoins are now federally regulated under the GENIUS Act (2025), spot commodity-based ETPs can use generic listing standards, and a 2025 staff statement said protocol staking is not always a securities transaction. SEC and CFTC jurisdiction still overlaps.
title: US / SEC · Jurisdiction · EthSystems
image: https://original.es-internal.pages.dev/og.png
---

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#### Key regulations

* SEC "investment contract" (Howey) analysis of digital assets
* GENIUS Act (2025), federal stablecoin law
* SEC generic listing standards for commodity-based ETPs (2025)

#### Entities

* issuers
* exchanges/ATS
* broker-dealers
* custodians
* asset managers

#### Activities

* issuance
* custody
* staking
* stablecoins
* ETPs

> Developer orientation. Not legal advice.

## What to Watch

* Whether a given token is an "investment contract" (security), still largely case-by-case.
* Liquid staking and staking-as-a-service: unsettled.
* NFTs and DeFi: no formal framework; enforcement-driven.
* SEC/CFTC jurisdictional boundary.

## See also

* [White House Digital Assets Report (EO 14178, Jul 2025)](https://whitehouse.gov/wp-content/uploads/2025/07/Digital-Assets-Report-EO14178.pdf)
* [Public submission to the SEC's Crypto Task Force: Proposal for a Regulatory Framework for Digital Assets (Sep 2025)](https://www.sec.gov/files/ctf-written-sec-proposal-digital-asset-09-08-2025.pdf)

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