On April 10, 2025, the SEC’s Division of Corporation Finance provided guidance regarding the application of certain disclosure requirements under the federal securities laws to offerings and registrations of securities in the “crypto asset markets.” The Division’s statement notes that such offerings and registrations may (i) “involve equity or debt securities of issuers whose operations relate to networks, applications, and/or crypto assets” or (ii) “relate to crypto assets offered as part of or subject to an investment contract.” The statement is intended to provide greater clarity on the application of the federal securities laws during the pendency of deliberations regarding a comprehensive regulatory framework for crypto assets.