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Regulation S: Offshore Offers and Sales Under the U.S. Securities Act of 1933

Discover the essentials of Regulation S, the SEC’s framework for governing securities offers and sales outside the U.S. without registration under the Securities Act of 1933. This comprehensive guide details key rules, definitions, and compliance requirements, including offshore transactions, distribution compliance periods, and restrictions on U.S. market activities. Perfect for issuers, distributors, and investors navigating international securities markets.

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American Leadership in the Digital Finance Revolution: Montague’s Take

Project Crypto and the Digital Finance Revolution

SEC Chair Paul Atkins’ launch of Project Crypto signals a major shift in U.S. digital asset policy — from regulation by enforcement to risk-based rulemaking. In this analysis, Montague Law breaks down the initiative’s key pillars, what it means for token issuers and DeFi builders, and why this could mark the beginning of a more coherent, innovation-friendly legal framework for crypto in the U.S.

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Montague Law | Clarity Act Analysis

The Clarity Act Analysis

The Clarity Act of 2025 is poised to become one of the most transformative crypto regulatory frameworks ever proposed in the United States. For the first time, Congress has created a formal legal path for blockchain tokens to shed their “security” label and emerge as fully tradable “digital commodities.” This two-part analysis explores how token issuers can benefit from the Act’s new safe harbors, definitions, and exemptions—and what it means for developers, exchanges, and DeFi protocols navigating today’s regulatory minefield.

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Montague Law | The Digital Asset Market Clarity Act of 2025

The Digital Asset Market Clarity Act of 2025

The Digital Asset Market Clarity Act of 2025 (H.R. 3633) introduces the first comprehensive U.S. framework for regulating crypto assets, clarifying when a token is a security or a commodity—and which agency has jurisdiction. By defining key blockchain terms, outlining token lifecycle transitions, and establishing dual registration regimes under the SEC and CFTC, the Act offers long-awaited regulatory certainty for startups, exchanges, and investors navigating the evolving digital asset ecosystem.

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