The U.S. Securities and Exchange Commission (“SEC”) has delivered a watershed moment for the cryptocurrency industry. In an unprecedented move, the SEC's Division of Corporation Finance has issued a comprehensive statement confirming that certain proof-of-stake staking activities do not constitute securities offerings under federal law. This is a fundamental shift that opens doors previously clouded by uncertainty.

 The Monetary Authority of Singapore has set a deadline of June 30, 2025, for digital token service providers (which includes individuals, partnerships or Singapore companies) (“DTSPs”) to cease offering “digital token services” outside of Singapore, unless they are licensed under the new guidelines. All individuals, partnerships, and Singapore corporations should assess their operations and discuss with the SCG Advisory team as to whether you fall under these new guidelines.