# RIA digital-asset regulatory tracker: primary sources and open questions

> The useful question is not whether regulation is “friendly.” It is which authority changed which rule, for whom, on what date, and what remains unresolved.

- URL: https://riadefi.com/regulation/
- Section: Regulation
- Author: Jon Ragsdale
- Reviewed: 2026-09-25

Reader objective: Find primary regulatory sources and identify implementation questions requiring current counsel.

## How to use this ledger

This page is a list of open issues with their primary sources, not legal advice. Each implementation should be checked against current rules, orders, releases, offering documents, contracts, and counsel. The ledger separates an official source from RIADeFi’s operational interpretation and records a review date.

**Publication rule** No headline is treated as a green light. A development enters the ledger only when a primary document identifies the authority, affected activity, and effective posture.

## The open issues

| Issue | Advisor implementation question | Primary authority |
| --- | --- | --- |
| Asset status | What exactly is being recommended or traded? | SEC, CFTC, Congress, courts |
| Custody | Who has possession or authority, and under what arrangement? | SEC investment-management materials |
| Tokenized securities | What offering, transfer, holder, and intermediary rules apply? | SEC and offering documents |
| DeFi interaction | What activity does the adviser or client perform? | Fact-specific; multiple authorities |
| Communications | How are risks, performance, and services described? | SEC, state regulators, FINRA where applicable |
| Tax and reporting | What events and records must be captured? | IRS and Treasury |

## Primary-source watchlist

[**U.S. Securities and Exchange Commission** Crypto Task Force ](https://www.sec.gov/about/crypto-task-force)[**U.S. Securities and Exchange Commission** Investment Management — Investment Advisers ](https://www.sec.gov/investment-management)[**Congress.gov** Legislation search: digital assets ](https://www.congress.gov/search?q=%7B%22search%22%3A%22digital+assets%22%7D)[**FINRA** Crypto Assets ](https://www.finra.org/rules-guidance/key-topics/crypto-assets)[**Internal Revenue Service** Digital assets ](https://www.irs.gov/businesses/small-businesses-self-employed/digital-assets)[**Commodity Futures Trading Commission** Digital Assets ](https://www.cftc.gov/digitalassets/index.htm)[**Investor.gov** Crypto Assets ](https://www.investor.gov/additional-resources/spotlight/crypto-assets)

## Review standard

Every future entry will record the document, publication and effective dates, affected party, changed obligation or permission, practical advisor implication, unresolved questions, reviewer, and superseded interpretation. Machine-readable entries are published at [/regulation/ledger.json](/regulation/ledger.json).

## Sources

[^1]: [Crypto Task Force](https://www.sec.gov/about/crypto-task-force), U.S. Securities and Exchange Commission
[^2]: [Investment Management — Investment Advisers](https://www.sec.gov/investment-management), U.S. Securities and Exchange Commission
[^3]: [Legislation search: digital assets](https://www.congress.gov/search?q=%7B%22search%22%3A%22digital+assets%22%7D), Congress.gov
[^4]: [Crypto Assets](https://www.finra.org/rules-guidance/key-topics/crypto-assets), FINRA
[^5]: [Digital assets](https://www.irs.gov/businesses/small-businesses-self-employed/digital-assets), Internal Revenue Service
[^6]: [Digital Assets](https://www.cftc.gov/digitalassets/index.htm), Commodity Futures Trading Commission
[^7]: [Crypto Assets](https://www.investor.gov/additional-resources/spotlight/crypto-assets), Investor.gov

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
Machine-readable index: https://riadefi.com/llms.txt · Content API: https://riadefi.com/content.json