K&L Gates Publishes Regulatory Year in Review for Asset Management Industry

In February, K&L Gates published the “US Asset Management Regulatory Year in Review 2025” which covers developments at the Securities and Exchange Commission (SEC), on Capitol Hill, and in the Trump Administration. The report highlights multiple SEC statements and frequently asked questions clarifying that certain stablecoins, staking activities, and crypto custody arrangements fall outside traditional securities regulation. The report also details structural and operational changes, such as modernized co-investment rules for registered funds and business development companies, advancing dual-share class applications, an easing of the Marketing Rule requirements, approval of crypto exchange-traded products, and other developments. K&L notes that the current SEC has engaged in a “regulatory pivot away from enforcement-driven expansion and toward legal clarity, institutional accommodation, and market-driven innovation…” The report further notes that the Trump Administration issued an executive order requesting the SEC and Department of Labor facilitate retail access to the private markets. The executive order invites the SEC to revisit regulations around accredited investor and qualified purchaser frameworks to facilitate easier access to alternative investments for retirement plans.

Click here to read the K&L Gates “US Asset Management Regulatory Year in Review 2025.”