How the SEC and federal courts apply the Howey test to NFTs — enforcement actions, the Dapper Labs ruling, prong-by-prong analysis, and compliance steps for creators and platforms.
Liability never attaches to bytecode — it attaches to whoever holds control, and US enforcers have four distinct theories for finding them. This follow-up analysis maps DeFi’s five-layer liability stack against CFTC v. Ooki DAO, Van Loon v. Treasury, SEC v. Rari Capital, and the general partnership rulings in Sarcuni v. bZx DAO and Samuels v. Lido DAO. Includes a layer-by-layer risk assessment and seven concrete mitigations for protocol builders.
Uniswap v4’s hook architecture moves regulatory risk from the AMM to the developer who writes the callback — and the analysis turns on custody, discretion, and revenue. This deep dive maps hook archetypes against FinCEN money transmission rules, CFTC leverage enforcement, Howey, and OFAC obligations, drawing on Risley v. Universal Navigation, the Opyn/ZeroEx/Deridex settlements, Van Loon v. Treasury, and the 2025 Storm verdict. Includes a hook-by-hook risk matrix and nine practical rules for builders.
US AI-crypto projects with no European presence can still be captured by both the EU AI Act and MiCA — the AI Act reaches non-EU providers whose model output is used in the Union, and MiCA’s grandfathering window has closed. This guide maps the specific articles that overlap, identifies which crypto AI use cases are actually high-risk, and gives US counsel a seven-step remediation sequence.
AI token securities analysis under the Howey test: why AI utility rarely defeats investment contract status, and what US issuers must do in 2026.
AI utility does not shield a token from the Howey test — in most architectures, it strengthens the SEC’s case on the fourth prong. This analysis breaks down how compute marketplaces, model incentive networks, and agent-service tokens fare under US securities law, why marketing records decide these cases, and how MiCA and EU AI Act disclosure duties stack on top for US issuers.
SEC crypto enforcement dropped 27% in 2025 under Chairman Atkins. Learn what changed, what the law still requires, and what companies should do now.
We use cookies to enhance your experience, analyze site traffic, and for marketing purposes. Learn more about how we use cookies
These cookies are necessary for the website to function and cannot be switched off. They are usually set in response to actions you take, such as setting your privacy preferences, logging in, or filling in forms.
These cookies help us understand how visitors interact with our website by collecting and reporting information anonymously.
These cookies may be set through our site by our advertising partners to build a profile of your interests and show you relevant ads on other sites.
You can choose to accept all cookies or only essential cookies. You can also change your preferences at any time by clearing your browser cookies and revisiting our site.
For more information about your privacy rights, please see our Privacy Policy.