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Did The SEC And CFTC Give Crypto More Than Just A ‘Bridge’ To Clarity?

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Ryne Miller was quoted in the Forbes article "Did The SEC And CFTC Give Crypto More Than Just A ‘Bridge’ To Clarity?" which...

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Ryne Miller was quoted in the Forbes article "Did The SEC And CFTC Give Crypto More Than Just A ‘Bridge’ To Clarity?" which discussed SEC Chairman Paul Atkins and CFTC Chairman Michael S. Selig's remarks at the 2026 DC Blockchain Summit. They announced a 68-page joint interpretive release clarifying the application of federal securities laws to certain crypto assets and transactions. The document carries commission-level weight and directs enforcement and supervisory staff at both agencies. This release supersedes staff-level guidance issued in 2019 that provided a token taxonomy focused heavily on application of the Howey test to crypto tokens.Ryne noted, "A Commissioner-level interpretation is a big deal. Even in a post-Loper Bright world without Chevron-style deference, its practical and persuasive power will shape industry behavior, judicial analysis, and enforcement policy for the foreseeable future — shifting us from regulation-by-enforcement to a rules-based framework.”Read the <a href="https://www.forbes.com/sites/jasonbrett/2026/03/21/sec-cftc-crypto-guidance-clarifies-digital-commodities-framework/?streamIndex=0" target="_blank">full article</a>.

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Ryne Miller is a partner in the firm’s Financial Services Group, advising global trading and markets businesses, financial institutions, and fintech companies on complex regulatory, governance, investigative, and transactional matters. He is widely sought for his experience across traditional and emerging markets, including commodities, derivatives, securities, digital assets, and prediction markets. Ryne delivers clear, commercially focused guidance to help clients achieve strategic objectives and is valued for his longstanding relationships with market participants and regulators across the trading and markets industry. Clients rely on Ryne’s deep experience with the regulatory and enforcement programs of the Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission, FINRA, National Futures Association, FinCEN, Department of Justice, and other federal and state regulators. Executives consistently seek his judgment on high-stakes matters involving investigations, governance, strategic relationships and negotiations, and crisis and incident response. Ryne is a frequent speaker at trading and markets industry events, a guest lecturer at leading U.S. law and business schools, and has testified before Congress on digital asset market structure regulation. He has also participated in a CFTC roundtable on the evolution of U.S. derivatives market structure. Before joining Morrison Foerster, Ryne served as chair of the Commodities, Futures & Derivatives Group and co-chair of the Fintech, Crypto, Trading & Markets Group at another leading law firm. Earlier in his career, he was a New York-based partner and co-head of the Commodities and Derivatives practice at an Am Law 10 firm, served as legal counsel to a former chairman of the CFTC, and was general counsel to a U.S. financial services and digital assets business.