US public companies increasingly embrace digital assets as part of their corporate treasury strategies. Known as digital asset treasury (DAT) companies, these public companies, at the core of their revamped business model, pursue long-term accumulation of significant reserves of digital assets while employing sophisticated, yield-enhancing trading strategies.
DATs have raised
Continue Reading Key capital market trends: Digital asset treasuries
At 12:01am ET on October 1, 2025, a federal government shutdown went into effect. The Securities and Exchange Commission (SEC) has posted an announcement and Q&A regarding the activities of the Division of Corporation Finance (the Division) during the ongoing shutdown.
According to the Q&A, the Division’s activities are limited
Continue Reading SEC provides guidance regarding Division of Corporation Finance activities during the ongoing federal government shutdown
On September 12, 2025, the Eighth Circuit Court of Appeals ordered that the proceedings in Iowa v. SEC – the case challenging the Securities and Exchange Commission’s (SEC) landmark climate disclosure rules – remain paused until the SEC either reconsiders the rules through the notice-and-comment rulemaking process or decides to
Continue Reading Eighth Circuit pauses SEC climate rules litigation pending SEC action
The Securities and Exchange Commission (SEC) has asked the Eighth Circuit Court of Appeals to lift its stay and issue a ruling in Iowa v. SEC, the case challenging the validity of its landmark Climate Disclosure Rules (Rules). At the direction of the court, the SEC filed a status
Continue Reading SEC asks Eighth Circuit Court of Appeals to rule on Climate Rules litigation
Adopted in July 2023, the US Securities and Exchange Commission (SEC)’s cybersecurity disclosure rules require public companies to report material cybersecurity incidents on Form 8-K and to annually report on their cybersecurity risk management and governance.
However, recent developments – including SEC Chair Paul S. Atkins’s appointment in April 2025
Continue Reading The future of the SEC’s cybersecurity disclosure rules
I. Introduction: Tariffs as a new macro shock
The US government’s “Liberation Day” tariffs, unveiled on April 2, 2025 to force a rebalancing of global trade in favor of the United States, have unleashed significant market volatility and global economic disruption.
The tariffs have triggered retaliatory measures from affected countries
Continue Reading Board duties in the face of business uncertainty: Navigating a changing tariff landscape
The US Court of Appeals for the Eighth Circuit recently granted the Motion to Hold Case in Abeyance (the Motion) in Iowa v. US Securities and Exchange Commission – the case challenging the SEC’s 2024 climate disclosure rules – thereby pausing or delaying the proceedings until further order of the
Continue Reading Eighth Circuit indefinitely pauses SEC climate rule litigation: Key implications for public companies
The Governor of Delaware has signed into law Senate Bill 21 (SB 21), which amends certain sections of the Delaware General Corporation Law (DGCL) governing controlling stockholder transactions under DGCL Section 144 and stockholder demands for books and records under DGCL Section 220.
Signed on March 25, 2025, these amendments
Continue Reading Amendments to Delaware General Corporation Law expand safe harbor for controlling stockholder transactions and circumscribe books and records demand obligations
The staff of the Division of Corporation Finance (Corp Fin) of the Securities and Exchange Commission (SEC) has issued new Compliance and Disclosure Interpretations (C&DIs) relating to the clawback disclosures required in an issuer’s annual report on Form 10-K and proxy statement. In addition to the April 11, 2025 issuance
Continue Reading Corp Fin releases new guidance on clawback disclosure requirements
On April 10, 2025, the staff of the Division of Corporation Finance of the US Securities and Exchange Commission (SEC) issued a statement (Staff Statement) expressing its observations regarding certain disclosure requirements under the federal securities laws regarding the offering and registration of securities in the crypto asset markets.
The
Continue Reading SEC staff observations on compliance with disclosure requirements in offerings and registrations of securities in the crypto asset markets
