Sabal Law Week in Review: November 7–13, 2025
Catch up on this week’s key legal and regulatory updates impacting startups, funds, and emerging tech. Sabal Law breaks it down:
Traditional Finance
Evergreen Fund Indexes. Morningstar and PitchBook launch benchmarks for semiliquid evergreen funds, aiding performance evaluation as assets near $450 billion.
European PE Returns. European private equity funds achieve 9.1% IRR, surpassing US peers due to faster rate cuts and lower valuations.
Hedge Fund Startups. New hedge funds increasingly start with single-client managed accounts amid capital concentration in industry giants.
Private Market Correlations. Correlations between private capital and public markets decline, restoring independence for private strategies.
LP Secondaries Growth. LP-led secondary deals surge 40% to $56 billion, driven by liquidity needs and first-time sellers.
Regulatory Enforcement Focus. SEC shifts to core issues like fiduciary duty and cybersecurity, withdrawing proposals but maintaining vigilance.
SEC IPO Shutdown Guidance. SEC provides Q&A on processing backlog of 900+ registration statements post-government shutdown.
McDermott PE Interest. McDermott explores restructuring to sell stake to private equity, reflecting surge in MSO models for law firms.
Digital Assets
Hedge Funds Crypto Survey. Mainstream hedge funds boost crypto exposure, with 71% planning increases amid Trump-era regulations. Traditional hedge funds increase crypto holdings to 55%, driven by regulatory improvements and FOMO on gains.
Tokenized Fund Launch. Franklin Templeton debuts Hong Kong's first tokenized money market fund, aligning with fintech goals.
CFTC Crypto Trading. Acting CFTC chair advances leveraged spot crypto trading on regulated exchanges, potentially launching soon.
UK Stablecoin Rules. Bank of England proposes framework for systemic stablecoins, including backing requirements and holding limits.
Japan Crypto Custody. FSA considers mandating registration for crypto custodians, restricting exchanges to registered providers.
Coinbase Token Sales. Coinbase introduces new token sale platform, prioritizing broad distribution and user protections.
Bipartisan Crypto Bill. Senators release draft expanding CFTC authority over digital commodities with consumer protections.
Crypto ETF Staking. Treasury and IRS guidance enables staking rewards for Ethereum and Solana ETFs without tax issues.
Coinbase Reincorporation. Coinbase shifts from Delaware to Texas, citing DE’s unpredictability, litigious environment, and TX’s pro-business reforms.
XRP ETF Debut. Canary XRP ETF launches on Nasdaq, with others like Franklin Templeton following post-shutdown.
Crypto Scam Force. U.S. Feds form strike force targeting Southeast Asia scams, sanctioning Burmese group and seizing funds.
SEC Crypto Framework. Chair Atkins plans token taxonomy and exemptions, clarifying non-securities and trading paths.
Blockchain Freezing Report. Bybit lab reveals 16 chains with fund-freezing code for security, urging transparency.
JPMorgan Deposit Token. JPMorgan launches JPM Coin for institutional clients on Base blockchain for fast payments.
Sports Investing
Apollo Sports Fund. Apollo acquires majority stake in Atlético de Madrid, kicking off $5B fund with stadium district investment.
ProphetX CFTC Approval. ProphetX applies for CFTC regulation as sports prediction market exchange, enabling nationwide operations.
Polymarket US Testing. Polymarket tests US exchange for event contracts, partnering with UFC and planning sports focus.
Polymarket PrizePicks Deal. Polymarket partners with PrizePicks to offer event contracts on fantasy app via CFTC-regulated platform.
Burnley FC Investment. Cynosure Checketts Sports Capital — a new PE firm led by former Real Salt Lake co-founder David Checketts — invests $200M in Burnley FC parent to fund operations and growth.
ESPN DraftKings Partnership. ESPN names DraftKings official odds provider, integrating betting into platforms.
ICYMI
California Breach Notices. Companies prepare for California's tightened data breach laws by updating response plans, documenting delays, and ensuring notification accuracy under new January 2026 rules.
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