A new research series from Kelman.Law aims to cut through the ambiguity around crypto and U.S. securities regulation. Titled 'Law and Ledger,' the report was published this week by attorneys Michael Handelsman and Alex Forehand. It is structured as a multi-part analysis that digs into the specific conditions under which a cryptocurrency or token might be classified as a security.
What the report covers
The series goes beyond a single overview. According to the firm, the report contains five additional sections beyond the introductory portion. Each section is designed to tackle a different layer of the securities law framework — from how the Howey Test applies to digital assets to the role of secondary market trading. The authors draw on case law and regulatory guidance to map out when the SEC is likely to assert jurisdiction and when it might not.
Why the timing matters
The report lands at a moment when the line between commodity and security remains a live issue for exchanges, issuers, and investors. Recent enforcement actions and court rulings have left the industry looking for clearer benchmarks. 'Law and Ledger' doesn't offer a single answer — instead, it walks through the factors that regulators and judges weigh, giving readers a framework to assess their own situations.
About the authors
Handelsman and Forehand are both attorneys at Kelman.Law, a firm that has been active in crypto-related litigation and advisory work. Their report is written for a legal audience but aims to be accessible to anyone following the regulatory landscape.
The full 'Law and Ledger' series is available now from Kelman.Law. With the SEC still signaling more rulemaking and Congress eyeing legislation, the report gives market participants a grounded reference — one that doesn't pretend to have all the answers but lays out the questions that matter.
