Securities Law Blog

Olshan Corporate partner Kenneth Silverman and Litigation partner Kerrin Klein published an article in the Securities Regulation Law Journal, Spring 2026 ed. entitled “Quarterly Survey of SEC Rulemaking and Major Court Decisions.” The article reviews the SEC’s rulemaking activities and court decisions relating to federal securities laws from October 1, 2025 through December 31, 2025.

Olshan Corporate partner Kenneth Silverman and associate John Corrado published an article in Bloomberg Law entitled “The SEC Drew New Crypto Lines. What Issuers Need to Consider Now.” In the article, the Ken and John discuss how the SEC’s interpretive release outlines crypto asset categories and what issuers should consider after launch, with a focus on ongoing communications and compliance implications.

On March 17, 2026, the Securities and Exchange Commission (SEC) published an interpretation classifying five types of crypto assets to assist with determining which ones constitute “securities” within the meaning of the U.S. federal securities laws. While any offering and sale to investors of crypto assets deemed to be securities will require registration with the SEC pursuant to Section 5 of the Securities Act of 1933 or an available exemption such as Regulation D, this official guidance provides potential issuers with a roadmap to determine if that applies to them. In a Fact Sheet accompanying the interpretation (available at SEC Release Nos. 33–11412; 34–105020; File No. S7–2026–09), the SEC stated that the purpose of the long-needed interpretation was to (i) provide a coherent taxonomy for digital assets, including digital commodities, tools and securities, (ii) address how a non-security crypto asset may become part of an “investment contract” subject to securities regulation and (iii) clarify the application of federal securities laws to protocol mining, protocol staking and wrapping crypto activities. The SEC’s interpretation was joined by the Commodity Futures Trading Commission (CFTC), which indicated that certain non-security crypto assets could meet the definition of a “commodity” and be governed under the Commodity Exchange Act of 1936.

Compliance Extension Expanded to Cover Domestic Issuers’ Section 16 Reporting Persons who Suffer EDGAR Filing Code Processing Delays

Corporate partner Kenneth Silverman and litigation partner Kerrin Klein published an article in the Securities Regulation Law Journal, Winter 2025 ed. entitled “Quarterly Survey of SEC Rulemaking and Major Court Decisions.” The article reviews the SEC’s rulemaking activities and court decisions relating to federal securities laws from July 1, 2025 through September 30, 2025.

As ill-fated mergers unravel, divestitures and spins-offs can create market opportunity and shareholder value. However, if not carried out effectively to navigate legal, tax, and other complexities, such transactions can lead to further value destruction. In a Bloomberg Law article entitled “Weighing Risk and Reward When Considering Mega Merger Breakups,” Mitchell Raab, Chair, and Kenneth Silverman, Partner, in Olshan’s Corporate/Securities Law Practice Group, weigh in on the key considerations businesses must take when eyeing a breakup.

Corporate partner Kenneth Silverman and litigation partner Kerrin Klein published an article in the Securities Regulation Law Journal, Fall 2025 ed. entitled “Quarterly Survey of SEC Rulemaking and Major Court Decisions.” The article reviews the SEC’s rulemaking activities and court decisions relating to federal securities laws from April 1, 2025 through June 30, 2025. "This quarter," the authors write, "the SEC proposed no new rules, approved 19 final rules and issued one concept release. The final rules released this quarter generally withdrew previously proposed rules, provided technical changes to previously approved rules and the extension of compliance dates for other previously approved rules. The SEC published its concept release to solicit input regarding the definition of a foreign private issuer to determine future amendments.”

Olshan reruns its post on removing a registration statement’s “delaying amendment” from the 2018-2019 shutdown.

As reported in The Wall Street Journal last week ^[1], President Trump stated that publicly traded companies should no longer be required to report their earnings on a quarterly basis. Instead, he argued, companies should report their earnings every six months. On Truth Social, President Trump wrote, “This will save money, and allow managers to focus on properly running their companies.” In an interview on CNBC’s Squawk Box on Friday, September 19, 2025, SEC Chairman Paul S. Atkins, who has been clear about his interest in reducing regulation, said the SEC will propose a rule change following President Trump’s call to switch quarterly reports to an optional semiannual standard.

Corporate partner Kenneth Silverman and litigation partner Kerrin Klein published an article in the Securities Regulation Law Journal, Summer 2025 ed. entitled “Quarterly Survey of SEC Rulemaking and Major Court Decisions.” The article reviews the SEC’s rulemaking activities and court decisions relating to federal securities laws from January 1, 2025 through March 31, 2025. "This quarter," the authors write, "the SEC proposed no new rules and approved seven final rules. The final rules released this quarter generally provided technical changes to previously approved rules and the extension of compliance dates for other previously approved rules in order to give market participants time to properly implement necessary policies and procedures without risking unintended consequences for the market at large."