September 30, 2022

Volume XII, Number 273

Advertisement

September 29, 2022

Subscribe to Latest Legal News and Analysis

September 28, 2022

Subscribe to Latest Legal News and Analysis

September 27, 2022

Subscribe to Latest Legal News and Analysis

Digital Asset Policy: Aspirations, Reality and Regulation

In October 2021, San Francisco crypto currency exchange Coinbase made waves after releasing a proposed regulatory framework for digital assets entitled Digital Asset Policy Proposal: Safeguarding America’s Financial Leadership (“dApp”). The proposal generated significant discussion during the House Financial Services Committee meeting with blockchain industry leaders on December 8, 2021. It resonated with many key players supportive of industry-friendly legislation. The dApp policy proposal highlighted two significant challenges currently facing the digital asset industry and regulators: (1) the lack of a specialized regulator leaves a void that the various regulators attempt to fill despite questionable jurisdictional authority to cover all issues applicable to digital assets; and (2) the need to establish independent dispute resolution mechanisms allowing for disputes to be resolved more quickly meeting the needs of fast moving blockchain technology. Coinbase’s solution? Establish a new regulatory framework and self-regulatory organization. Congress listened and, after much expectation, the first comprehensive crypto regulation bill has seen the light: the Lummis-Gillibrand Responsible Financial Innovation Act (the “Bill”) introduced on June 7, 2022. The Bill addresses the aforementioned challenges head on, and myriad other topics critical to the nascent blockchain industry. Yet, while the Bill provides much needed clarity in some respects, it leaves some key questions unanswered—giving ammunition to critics. This comprehensive Bill deserves a fighting chance and here is how it can be strengthened.

To learn more about this topic, see here.

Copyright © 2022, Sheppard Mullin Richter & Hampton LLP.National Law Review, Volume XII, Number 230
Advertisement
Advertisement
Advertisement
Advertisement

About this Author

William Kane, Sheppard Mullin Law Firm, Chicago, Corporate Law Attorney
Partner

William Kane is a partner in the Business Trial Practice Group in the firm's Chicago office.

Areas of Practice

Mr. Kane’s practice focus is complex commercial litigation and advice regarding business disputes, corporate governance, and media/entertainment issues. He has significant experience representing clients in need of emergency injunctive relief for trade secret theft and unfair business competition. Mr. Kane's commercial litigation experience is as noteworthy as it is varied. In...

312-499-6325
William de Sierra-Pambley Bankruptcy Lawyer Sheppard Mullin
Associate

William de Sierra-Pambley is an associate in the Finance & Bankruptcy Practice Group in the firm's New York office.

 

212-896-0684
Zachary Golda Business Lawyer Sheppard Mullin Law Firm Orange County
Associate

Zachary Golda is an associate in the Business Trial Practice Group in the Orange County office.

Areas of Practice

Zachary’s practice focuses on general business litigation, including breach of contract, business torts, insurance, sports, and other high-stakes business litigation matters.

Zachary helps clients reach successful outcomes, including favorable settlements and dismissal of cases prior to discovery. For example, while defending an insurance carrier and its parent company from an institutional bad faith claim, Zachary helped draft  a...

714.424.8216
Advertisement
Advertisement
Advertisement