{
  "version": "1.0",
  "asOf": "2026-08-02",
  "editorialStatus": "Source directory and issue map; not legal advice",
  "issues": [
    {
      "id": "asset-status",
      "question": "What is the exact asset, instrument, or activity?",
      "status": "Fact-specific; verify current primary authorities",
      "sources": [
        {
          "name": "Crypto Task Force",
          "publisher": "U.S. Securities and Exchange Commission",
          "url": "https://www.sec.gov/about/crypto-task-force"
        },
        {
          "name": "Digital Assets",
          "publisher": "Commodity Futures Trading Commission",
          "url": "https://www.cftc.gov/digitalassets/index.htm"
        },
        {
          "name": "Legislation search: digital assets",
          "publisher": "Congress.gov",
          "url": "https://www.congress.gov/search?q=%7B%22search%22%3A%22digital+assets%22%7D"
        }
      ]
    },
    {
      "id": "adviser-custody",
      "question": "Who has possession or authority under the implemented account model?",
      "status": "Implementation-specific; verify current SEC and state requirements",
      "sources": [
        {
          "name": "Investment Management — Investment Advisers",
          "publisher": "U.S. Securities and Exchange Commission",
          "url": "https://www.sec.gov/investment-management"
        }
      ]
    },
    {
      "id": "tokenized-securities",
      "question": "What offering, holder, transfer, and intermediary requirements apply?",
      "status": "Instrument- and offering-specific",
      "sources": [
        {
          "name": "Crypto Task Force",
          "publisher": "U.S. Securities and Exchange Commission",
          "url": "https://www.sec.gov/about/crypto-task-force"
        },
        {
          "name": "Investment Management — Investment Advisers",
          "publisher": "U.S. Securities and Exchange Commission",
          "url": "https://www.sec.gov/investment-management"
        }
      ]
    },
    {
      "id": "communications",
      "question": "How may risks, performance, and services be described?",
      "status": "Apply adviser marketing requirements and applicable supervisory rules",
      "sources": [
        {
          "name": "Investment Management — Investment Advisers",
          "publisher": "U.S. Securities and Exchange Commission",
          "url": "https://www.sec.gov/investment-management"
        },
        {
          "name": "Crypto Assets",
          "publisher": "FINRA",
          "url": "https://www.finra.org/rules-guidance/key-topics/crypto-assets"
        }
      ]
    },
    {
      "id": "tax-reporting",
      "question": "Which digital-asset events and records must be captured?",
      "status": "Verify current IRS and Treasury guidance",
      "sources": [
        {
          "name": "Digital assets",
          "publisher": "Internal Revenue Service",
          "url": "https://www.irs.gov/businesses/small-businesses-self-employed/digital-assets"
        }
      ]
    }
  ]
}