On May 29, 2025, the Division of Corporation Finance of the U.S. Securities and Exchange Commission (SEC) issued a statement (Staking Statement) clarifying that certain staking activities do not constitute securities offerings and are exempt from registration under the federal securities laws.

In the absence of active enforcement by federal banking regulators, many financial institutions are choosing this moment to take a second look at their compliance policies and procedures. Recent administrative actions implicating access to financial services may particularly require financial institutions to reevaluate their Consumer Due Diligence (CDD) procedures and Consumer Identification Program (CIP).

On May 7, 2025, the Office of the Comptroller of the Currency (OCC) published Interpretive Letter 1184 (“IL 1184”), which confirms that national banks may execute and settle digital asset trades on behalf of their customers, so long as the bank acts in an agency capacity and the activity is conducted in a safe and sound manner.