Sabal Law Week in Review: December 12–19, 2025

Written By Tyler Kirk

Editor’s Note: This will be our last weekly review for 2025. We’ll be back in 2026 with a refreshed approach to providing our client’s timely updates on the legal and regulatory landscape affecting corporate, securities, and investment management law.

Catch up on this week’s key legal and regulatory updates impacting startups, funds, and emerging tech. Sabal Law breaks it down:

Traditional Finance. 

  • Supreme Court Case. Justices debate whether investors can sue to void contracts under the Investment Company Act in a case involving activist investor voting rights.

  • Proxy Adviser Review. President Trump orders a review of proxy advisers' influence, focusing on conflicts and agendas like DEI and ESG.

  • SEC Whistleblower Program. The SEC whistleblower program remains intact but shows stricter scrutiny, with fewer awards and emphasis on procedural compliance.

  • Corporate Transparency Act. The Eleventh Circuit rules the Corporate Transparency Act constitutional, allowing beneficial ownership disclosures for most U.S. corporations. But see the March 2025 interim final rule exempting "domestic reporting companies."

  • SEC Marketing Alert. The SEC flags noncompliance in advisers' use of testimonials, endorsements, and third-party ratings in ads.

    Digital Assets. 

  • Trust Bank Charters. The OCC conditionally approves national trust bank charters for five crypto firms, including Ripple and Circle.

  • Crypto Custody Bulletin. The SEC issues a bulletin educating retail investors on crypto wallet types, self-custody risks, and third-party custodian questions.

  • SEC Tokenization Pilot.The SEC provides no-action relief to DTCC for a blockchain-based securities tokenization pilot.

  • CFTC Guidance Withdrawal. The CFTC withdraws outdated guidance on virtual currency delivery to promote crypto innovation.

  • Bank Debanking Findings. The OCC finds large banks restricted access for sectors like digital assets based on values, not legality.

  • Tokenized Stock Issuance. Superstate launches programs for public companies to raise capital via tokenized shares on blockchain.

  • CCO Crypto Ownership. Survey shows many RIA chief compliance officers personally own crypto, signaling potential future firm adoption.

  • SEC Tokenization Exemption. The SEC confirms a 2026 innovation exemption for crypto firms to issue tokens in a regulatory sandbox.

  • Tokenized Money Fund. J.P. Morgan launches a tokenized money market fund on Ethereum for qualified investors.

  • Anchorage Acquisition. Anchorage Digital acquires Securitize's wealth management unit to expand RIA crypto services.

  • FDIC Stablecoin Process. The FDIC proposes an application process for insured banks to issue stablecoins via subsidiaries.

  • Senate Crypto Markup. The Senate Banking Committee delays markup of a crypto market structure bill to early 2026 amid bipartisan negotiations.

    Sports Investing. 

  • University PE Deal. The University of Utah partners with private equity for its athletics, generating over $500 million.

  • Baseball Acquisitions. Prospector Baseball Group acquires two Minor League Baseball teams from Fast Forward Sports Group, one of the teams was Jacksonville's Jumbo Shrimp.

  • Venture Fund Raise. Former NBA player Omri Casspi raises a $100 million opportunity fund for Swish Ventures.

  • Industry Leaders Coalition.Industry leaders launch a coalition to promote fair, safe, and open access to prediction markets.

  • CFTC Swap Reporting Relief. The CFTC eases swap reporting burdens for event contracts on emerging platforms.

  • Twins Minority Investors. The Minnesota Twins add three minority investors while the Pohlad family retains control.

    ICYMI. 

  • GP-Led Secondaries. Delaware investor lawsuit delays a continuation vehicle transaction, emphasizing process and disclosure in GP-led deals.

  • AML Compliance Relief. SEC extends relief allowing brokers to rely on advisers for AML compliance.

  • Cybersecurity Rules. New SEC cybersecurity rules begin to take effect.

  • State Digital Asset Licensing. State-level digital asset licensing developments to watch heading into 2026, particularly in California (DFAL licensing effective July 1, 2026), Illinois, and Louisiana, which have frameworks mirroring New York's BitLicense regime.

  • Ripple CEO Testimony. Ripple CEO Brad Garlinghouse prepares to testify in the Senate.

    Stay ahead with Sabal Law PLLC’s tailored solutions in securities, wealth management, private funds, co-investments, venture financing, private equity, FinTech, SportsTech, DefenseTech, and blockchain. Schedule a consultation to connect! #SabalLaw #StartupLaw #PrivateFunds #EmergingManagers #WealthManagement #PrivateEquity #VentureCapital #CoInvestments #FamilyOffices #Crypto #DigitalAssets

Tyler Kirk
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Sabal Law Week in Review: December 5–11, 2025