Token Securities Analysis & Regulatory Classification

Expert legal analysis to determine whether digital tokens constitute securities under US and international securities laws, with comprehensive regulatory classification guidance for token issuers and platforms.

Service Overview

Latham & Watkins provides sophisticated securities law analysis for digital asset issuers, trading platforms, and investment funds. Our team combines deep expertise in securities regulation with ahead-of-the-curve understanding of blockchain technology to help clients navigate the complex regulatory landscape. We analyze token structures under the Howey test and comparable international frameworks, engage directly with the SEC, CFTC, FCA, BaFin, HKMA, MAS, and other global regulators, and provide actionable guidance on compliance pathways.

What's Included

• Securities law analysis under Howey test and international equivalents for token structures
• Regulatory classification opinions for utility tokens, governance tokens, and hybrid structures
• SEC and CFTC engagement strategy and pre-filing consultations
• Comparative analysis across US, UK, EU, Hong Kong, and Singapore regulatory frameworks
• Risk assessment for token launches, airdrops, and secondary trading
• Regulatory compliance roadmaps for centralized and decentralized trading platforms
• Defense against SEC enforcement actions and Wells notices
• Registration exemptions analysis (Reg D, Reg S, Reg A+, Reg CF)

Why Choose Latham & Watkins

Ranked Band 1 by Chambers FinTech 2026 for Blockchain & Cryptocurrencies (USA-Nationwide and UK-Wide), Latham is recognized as "the absolute go-to firm for anything that is complex and requires fast turnaround times." Our digital asset-focused financial regulatory team includes former SEC and FCA enforcement supervisors who bring insider regulatory perspective to every engagement. With more than 3,500 lawyers across 32 offices in 14 countries, we provide seamless global coordination for multi-jurisdictional token launches and regulatory compliance.