The SEC issued guidance stating its view that, generally, staking crypto assets on proof-of-stake networks does not involve the offer or sale of securities. The guidance leaves unprotected investors who pool their crypto assets together to be staked through a staking program in order to receive higher returns.

The SEC dismissed its case against Binance. The SEC has surrendered to the crypto industry.

The CFPB permanently dismissed without explanation its Utah federal lawsuit against lease-to-own finance company Snap Finance for allegedly locking consumers into expensive financing agreements with misleading marketing, abusive contracting, and inadequate cost disclosures.

The Federal Reserve joins with the banking industry to pause the ongoing lawsuit regarding the large bank stress tests, agreeing to disclose the stress test models and seek comment on both the scenarios and future model changes. Stress tests are critical to the oversight of the largest, systemically important banks. Although the decision to make stress tests more transparent sounds like a good thing, it is actually making them weaker, less informative, and more susceptible to gaming. When the models and scenarios are published, they become less robust. Consequently, the test results will give a false sense of security and allow for capital ejection to shareholders and bank executives, which leaves less protection to be used in a crisis and more liability for taxpayers.

The SEC dismissed three cases alleging that firms who purchase debt from small issuers, convert that debt into stock, and sell the stock on the open market at high volumes and frequencies are securities dealers. Investors are left unprotected if firms that are in the business of buying and selling securities need not register as a securities dealer.