When Does a Token Stop Being a Security? The Howey Test Evolution in 2026
Learn how the Howey test applies to crypto in 2026, when tokens may graduate from securities, and actionable steps for founders and counsel navigating SEC guidance.
-
-
CLARITY Act Status 2026: What’s in the Pending Crypto Market Structure Legislation
The CLARITY Act passed the House and awaits Senate action. Here’s what’s in the crypto market structure bill, what may change, and how to prepare now.
-
Senate Banking Committee Advances Revised CLARITY Act Draft Toward Markup in 2026
Senate Banking Committee advances revised CLARITY Act toward markup, reshaping SEC/CFTC crypto jurisdiction and adding ethics provisions for bipartisan support.
-
AI Token Securities Analysis: When Does AI Utility Create an Investment Contract? (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 Chairman Atkins’ Crypto Reset: What Changed for Digital Assets in 2025
SEC crypto enforcement dropped 27% in 2025 under Chairman Atkins. Learn what changed, what the law still requires, and what companies should do now.
