USA Law and Practice Contributed by: Gregory Strong, Sarah W. Chen, Brian Farber and Amil Sumaiya Malik, Cahill Gordon & Reindel LLP
Cahill Gordon & Reindel LLP 32 Old Slip
New York NY 10005 USA
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1. Overview of Blockchain and Crypto- Assets 1.1 Blockchain 1.1.1 Evolution of Uses of Blockchain The United States (USA) is home to many participants engaging with blockchain technology and crypto- assets. These include: • developers of layer 1 blockchain networks, layer 2 networks, permissioned blockchain networks, and decentralised applications. The USA has also been a centre of innovation when it comes to the integration of blockchain technology and crypto-assets and traditional financial services, including with respect to the tokenisation of real-world assets. • crypto-asset trading platforms; • custodians of crypto-assets; and Under the Biden administration, there had been a sharp increase in enforcement actions, and litiga- tion brought by agencies such as the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ). Regulatory pressure continued through early 2025 in the lead up to the change in administra- tion and the inauguration of President Donald J Trump. The change in administration in early 2025, however, ushered in a meaningful shift in the US regulatory approach to digital assets. While prior years were characterised by an enforcement-driven posture – particularly by the SEC – the current approach reflects
a greater emphasis on providing forward-looking guidance, interagency co-ordination and legislative development. Key developments include: • the issuance of several Executive Orders related to digital assets, including Executive Order 14178 – Strengthening American Leadership in Digital Financial Technology and Executive Order 14233 – Establishment of the Strategic Bitcoin Reserve and US Digital Asset Stockpile; • the formation of the SEC Crypto Task Force and a variety of SEC guidance with respect to crypto- assets; • the enactment of a Memorandum of Understanding (MOU) between the SEC and CFTC to guide co- ordination and collaboration between the agencies; • the passage of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, establishing a federal framework for certain digital asset activities (including stablecoins); and • ongoing efforts in Congress to advance broader digital asset market structure legislation. US businesses are also using blockchain technology in a wide variety of ways, including: • crypto-asset trading platforms; • crypto-asset custody; • securities issuance and record-keeping; • securities clearing and settlement; • gaming; • art, collectibles and fan engagement platforms; • protocol and software development;
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