Beyond fintech: Crypto moves toward clarity

In our latest Beyond Fintech podcast, partners Dario de Martino and Susan Gault‑Brown examine a wave of coordinated U.S. regulatory and legislative developments that signal a meaningful shift toward a workable framework for digital assets.

They discuss:

• The joint SEC–CFTC guidance and why its new taxonomy marks a shift away from enforcement first regulation
• How the Howey analysis is evolving, with the focus moving from the token itself to the circumstances of the sale
• What NASDAQ’s tokenized securities pilot signals for the future of public markets
• Why recent CFTC and OCC actions matter as Congress debates the Clarity Act

The message is clear: this isn’t the finish line—it's a credible bridge toward regulatory certainty.

Listen to the full episode to understand what this moment means for digital‑asset businesses, platforms, and investors navigating what comes next.

Beyond fintech is your essential guide to the seismic shifts redefining digital finance, regulation, and innovation. Each episode brings together leading voices from A&O Shearman’s global practice and industry trailblazers to decode the fast-moving world of crypto enforcement, token incentives, stablecoins, digital bonds, privacy, and cybersecurity. The series provides the sharp analysis and practical takeaways to turn complexity into clarity, arming founders, investors, and decision-makers with the signals they need for the road ahead.