VaultoTM

Master Sources — Bibliography

Living document. Last updated: 2026-05-18 (Session 1).

Citations follow [S#] keys used throughout this KB. P = primary (regulator, court, statute). S = secondary (law firm, news, academic).

Project Crypto and the 2026 interpretation

KeyTitleTypeURL
[S1]Chair Paul Atkins, "The SEC's Approach to Digital Assets: Inside 'Project Crypto'" (speech, 2025-11-12)Phttps://www.sec.gov/newsroom/speeches-statements/atkins-111225-secs-approach-digital-assets-inside-project-crypto
[S2]Sidley Austin, "Breaking Down 'Project Crypto'" (2025-11)Shttps://www.sidley.com/en/insights/newsupdates/2025/11/breaking-down-project-crypto-sec-chairman-atkins-outlines-next-phase-of-digital-asset-oversight
[S3]Chair Paul Atkins, "American Leadership in the Digital Finance Revolution" — Project Crypto launch (speech, 2025-07-31)Phttps://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125
[S4]Cooley, "SEC's 'Project Crypto' — Chairman Atkins Outlines Regulatory Vision" (2025-11-18)Shttps://www.cooley.com/news/insight/2025/2025-1118-secs-project-crypto-chairman-atkins-outlines-regulatory-vision
[S5]Chair Paul Atkins, "Regulation Crypto Assets: A Token Safe Harbor" (speech, 2026-03-17)Phttps://www.sec.gov/newsroom/speeches-statements/atkins-remarks-regulation-crypto-assets-031726
[S6]SEC Press Release 2026-30, "SEC Clarifies the Application of Federal Securities Laws to Crypto Assets" (2026-03-17)Phttps://www.sec.gov/newsroom/press-releases/2026-30-sec-clarifies-application-federal-securities-laws-crypto-assets
[S7]Federal Register, "Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets" (2026-03-23)Phttps://www.federalregister.gov/documents/2026/03/23/2026-05635/application-of-the-federal-securities-laws-to-certain-types-of-crypto-assets-and-certain
[S8]SEC Interpretive Release 33-11412 / 34-105020 (conformed PDF)Phttps://www.sec.gov/files/rules/interp/2026/33-11412.pdf
[S14]Morrison & Foerster, "SEC Chairman Atkins Outlines Priorities Under 'Project Crypto'" (2025-11-19)Shttps://www.mofo.com/resources/insights/251119-sec-chairman-atkins-speech-on-project-crypto
[S15]Greenberg Traurig, "SEC Clarifies Status of Crypto Assets ... Signals Potential Exemptive and Safe Harbor Framework" (2026-03)Shttps://www.gtlaw.com/en/insights/2026/3/sec-clarifies-status-of-crypto-assets-under-federal-securities-laws-signals-potential-exemptive-and-safe-harbor-framework
[S16]Sullivan & Cromwell, "SEC and CFTC Issue Interpretation Regarding the Application of Federal Securities Laws to Crypto Assets" (2026-03)Shttps://www.sullcrom.com/insights/memo/2026/March/SEC-Clarifies-Application-Securities-Laws-Crypto-Assets
[S17]Sidley Austin, "SEC Releases Landmark Interpretation on Application of U.S. Securities Laws to Crypto Assets" (2026-03)Shttps://www.sidley.com/en/insights/newsupdates/2026/03/sec-releases-landmark-interpretation-on-application-of-us-securities-laws-to-crypto-assets
[S18]Gibson Dunn, "SEC Issues Interpretive Guidance on Application of Federal Securities Laws to Crypto Assets" (2026-03)Shttps://www.gibsondunn.com/sec-issues-interpretive-guidance-on-application-of-federal-securities-laws-to-crypto-assets-and-related-activities/
[S19]Congressional Research Service, LSB11415, "SEC Issues Crypto Guidance as Congress Considers Market Structure Legislation"Phttps://www.congress.gov/crs-product/LSB11415
[S20]Jenner & Block, "SEC and CFTC Issue Landmark Joint Interpretation on Crypto Asset Classification" (2026-03)Shttps://www.jenner.com/en/news-insights/client-alerts/sec-and-cftc-issue-landmark-joint-interpretation-on-crypto-asset-classification

Corp Fin staff statements (2025 series)

KeyTitleTypeURL
[S9]Corp Fin Staff Statement on Meme Coins (2025-02-27)Phttps://www.sec.gov/newsroom/speeches-statements/staff-statement-meme-coins
[S10]Corp Fin Statement on Certain Proof-of-Work Mining Activities (2025-03-20)P(search "SEC Statement on Certain Proof-of-Work Mining Activities")
[S11]Corp Fin Statement on Stablecoins / "Covered Stablecoins" (2025-04-04)P(search "SEC Statement on Stablecoins April 4 2025")
[S12]Corp Fin Statement on Certain Protocol Staking Activities (2025-05-29)Phttps://www.sec.gov/newsroom/speeches-statements/statement-certain-protocol-staking-activities-052925
[S13]Commissioner Crenshaw, Response to Staff Statement on Meme Coins (2025-02-27)Phttps://www.sec.gov/newsroom/speeches-statements/crenshaw-response-staff-statement-meme-coins-022725
[S21]Commissioner Crenshaw, Response on Protocol Staking (2025-05-29)Phttps://www.sec.gov/newsroom/speeches-statements/crenshaw-statement-protocol-staking-052925
[S22]Commissioner Peirce, "Providing Security is not a 'Security'" (2025-05-29)Phttps://www.sec.gov/newsroom/speeches-statements/peirce-statement-protocol-staking-052925

Historical SEC framework (now superseded)

KeyTitleTypeURL
[S30]"Framework for 'Investment Contract' Analysis of Digital Assets" (Apr 2019) — superseded by [S8]Phttps://www.sec.gov/files/dlt-framework.pdf

Case law (Session 2)

KeyTitleTypeURL
[S40]SEC v. W.J. Howey Co., 328 U.S. 293 (1946)Phttps://supreme.justia.com/cases/federal/us/328/293/
[S41]Reves v. Ernst & Young, 494 U.S. 56 (1990)Phttps://supreme.justia.com/cases/federal/us/494/56/
[S42]United Housing Foundation v. Forman, 421 U.S. 837 (1975)Phttps://supreme.justia.com/cases/federal/us/421/837/
[S43]Landreth Timber Co. v. Landreth, 471 U.S. 681 (1985)Phttps://supreme.justia.com/cases/federal/us/471/681/
[S50]SEC v. LBRY, Inc., No. 1:21-cv-00260 (D.N.H. Nov. 7, 2022) — SJ for SECP(PACER / Ropes & Gray summary)
[S51]SEC v. Ripple Labs, Inc., No. 20-cv-10832 (S.D.N.Y. July 13, 2023) — Torres SJ orderPhttps://www.crypto-law.us/wp-content/uploads/2023/10/Torres-Ruling_SEC-Denied.pdf
[S52]SEC v. Terraform Labs, No. 23-cv-01346 (S.D.N.Y. Dec. 28, 2023) — Rakoff SJ for SECPhttps://www.nysd.uscourts.gov/sites/default/files/2023-12/23-cv-1346,%20Opinion%20and%20Order,%20December%2028,%202023.pdf
[S53]SEC v. Coinbase, Inc., No. 23-cv-04738 (S.D.N.Y. Mar. 27, 2024) — Failla MTD rulingP(Lexology summary linked)
[S54]SEC v. Binance Holdings Ltd., No. 1:23-cv-01599 (D.D.C. June 28, 2024) — Berman Jackson MTD rulingP(Fenwick / Seward & Kissel summaries)
[S55]In re Payward Ventures (Kraken), SEC Press 2023-25 (2023-02-09 settlement)Phttps://www.sec.gov/newsroom/press-releases/2023-25
[S56]SEC DAO Report (2017) — Investigative Report Pursuant to §21(a)P(SEC.gov)
[S57]SEC v. Telegram (TON), 2020 PI orderP(SDNY)
[S58]SEC v. Kik Interactive, 2020 SJ for SECP(SDNY)
[S59]In re BlockFi Lending LLC, SEC settlement (2022-02-14)P(SEC.gov)

Compliance paths (Session 3)

KeyTitleTypeURL
[S60]SEC staff guidance on Rule 506(c) accredited-investor verification ($200K/$1M minimums) — 2025-03Phttps://www.morganlewis.com/pubs/2025/03/new-sec-guidance-eases-burden-in-rule-506c-accredited-investor-verification-requirements
[S61]SEC, Regulation A overview (Tier 1 / Tier 2)Phttps://www.sec.gov/resources-small-businesses/exempt-offerings/regulation
[S62]SEC, Regulation Crowdfunding rules and Form CPhttps://www.sec.gov/resources-small-businesses/exempt-offerings/regulation-crowdfunding
[S63]Manatt comment letter, "Modernizing Regulation S for Digital Asset Markets" (2025-08-14)Shttps://www.sec.gov/files/ctf-written-input-james-williams-manatt-phelps-phillips-llp-081425.pdf
[S64]SEC Commissioner Hester Peirce, "Token Safe Harbor Proposal 2.0" (2021-04-13)Phttps://www.sec.gov/newsroom/speeches-statements/peirce-statement-token-safe-harbor-proposal-20
[S65]SEC Trading & Markets staff statement on broker-dealer custody of crypto-asset securities (Dec 2025)Phttps://www.sidley.com/en/insights/newsupdates/2025/12/sec-issues-further-crypto-asset-security-guidance-addresses-broker-dealer-physical-possession
[S66]SEC, Staff Accounting Bulletin No. 122 — rescission of SAB 121 (2025-01-23)Phttps://kpmg.com/us/en/frv/reference-library/2025/sec-rescinds-sab-121.html
[S67]SEC, Custody Rule Modernization: A Model Framework (2025-12-19)Phttps://www.sec.gov/files/custody-rule-modernization-model-framework-121925.pdf
[S68]SEC Commissioner Peirce, "No Longer Special" statement on BD custody of crypto-asset securities (2025-12-17)Phttps://www.sec.gov/newsroom/speeches-statements/peirce-121725-no-longer-special-statement-division-trading-markets-statement-related-custody-crypto-asset

Legislation and jurisdictions (Session 4)

KeyTitleTypeURL
[S70]GENIUS Act, S.1582 (119th Congress) — textPhttps://www.congress.gov/bill/119th-congress/senate-bill/1582
[S71]White House Fact Sheet, "President Trump Signs GENIUS Act into Law" (2025-07-18)Phttps://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-signs-genius-act-into-law/
[S72]SEC Chair Atkins, Statement on GENIUS Act signing (2025-07-18)Phttps://www.sec.gov/newsroom/speeches-statements/atkins-statement-genius-act-071825
[S73]Digital Asset Market Clarity Act of 2025, H.R. 3633 (119th Congress) — textPhttps://www.congress.gov/bill/119th-congress/house-bill/3633/text
[S74]Senate Banking section-by-section, CLARITY ActPhttps://www.banking.senate.gov/imo/media/doc/section-by-section.pdf
[S75]FIT21, H.R. 4763 (118th Congress) — textPhttps://www.congress.gov/bill/118th-congress/house-bill/4763
[S80]NYDFS, 23 NYCRR Part 200 (BitLicense)Phttps://www.dfs.ny.gov/industry_guidance/regulations/regulation_view/part_200
[S81]Wyoming DAO Supplement to LLC Act (W.S. 17-31)Phttps://wyoleg.gov/2021/Enroll/HB0074.pdf
[S82]Regulation (EU) 2023/1114 — MiCA — official textPhttps://eur-lex.europa.eu/eli/reg/2023/1114/oj
[S83]ESMA, MiCA hubPhttps://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica
[S84]UK Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026Phttps://www.legislation.gov.uk/ (verify exact link)
[S85]MAS, Guidelines on Licensing for DTSPs (in force 2025-06-30)Phttps://www.mas.gov.sg/regulation/guidelines/guidelines-on-licensing-for-dtsps
[S86]VARA, public register and rulebooksPhttps://www.vara.ae/en/

Staff guidance and historical (Session 5)

KeyTitleTypeURL
[S90]William Hinman, "Digital Asset Transactions: When Howey Met Gary (Plastic)" (2018-06-14)Phttps://www.sec.gov/news/speech/speech-hinman-061418
[S91]SEC Report of Investigation Pursuant to §21(a) — "The DAO" (2017-07-25)P(SEC.gov Release 81207)
[S92]SEC FinHub no-action letters: TurnKey Jet (2019-04-03), Pocketful of Quarters (2019-07-25)P(SEC.gov Corp Fin no-action archive)
[S93]SEC Staff no-action letter — DoubleZero Foundation (2025-10)Phttps://www.mofo.com/resources/insights/251020-sec-staff-issues-no-action-relief-for-depin-doublezero-foundation

Other to add as needed

  • More-detailed primary citations to follow on specific rule text (e.g., 17 CFR 230.506, 17 CFR 240.15c3-3) — current refs are to overview pages; pull full CFR sections before legal reliance.
  • '40 Act analysis (Investment Company Act / Investment Advisers Act) — out of current scope; add when needed.
  • IRS Notice 2014-21 and successor guidance — tax, out of scope.
  • Peirce Safe Harbor Proposal 2.0 (Session 3)
  • FIT21, CLARITY, GENIUS Act texts (Session 4)
  • MiCA (EU), FCA, MAS, VARA primary materials (Session 4)
  • FinHub no-action letters (Session 5)