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Expert Analysis

A Reminder Of The Limits Of The SEC's Crypto Thaw

By Daniel Michael, Alexander Drylewski and Daniel Merzel ( September 17, 2025, 5:17 PM EDT) -- The U.S. regulatory environment for digital assets has never been more promising for the crypto industry. Since the change in administration, the U.S. Securities and Exchange Commission has committed to stemming what it has characterized as the hostility of recent years,[1] and the agency's new leader remarked when launching Project Crypto on July 31 that "despite what the SEC has said in the past, most crypto assets are not securities."[2]...

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