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Use Non-Blockchain Precedents As A Guide To Self-Regulation Say Perkins Coie's Crypto Lawyers
Many companies are in a catch-22 when it comes to working with blockchain. On the one hand, organizations are fearful of doing nothing with blockchain because they know how, in the hands of a clever competitor, distributed ledger technology could be used to disrupt their businesses or industries. On the other hand, those same organizations also know blockchain laws are coming but not when or in what form. Meanwhile, regulators at the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have embarked on a startling wave of enforcement activities against blockchain-related projects.
At NFT.NYC 2023, a conference dedicated to the many use cases of non-fungible tokens, two Washington, DC-based crypto attorneys from Perkins Coie LLP—Jamie Schafer and Valerie Dahiya—were on hand for a panel discussion to offer sound advice on how to move forward as safely as possible on blockchain projects given the current regulatory climate.
Following the session (which was standing room only), Blockchain Journal editor-in-chief David Berlind caught up with Schafer and Dahiya (who was once an attorney for the SEC) and looking for more specifics on behalf of reluctant enterprises that want to move forward with their blockchain initiatives. Two significant takeaways were (1) to take note of laws surrounding corollary precedents that already exist and (2) to bring a lawyer with you if you decide to take any regulators up on their open-door offers to meet with "industry."
Only a few weeks before this event, David interviewed CFTC Commissioner Summer Mersinger (https://blockchainjournal.com/interview/cftc-commissioner-mersinger-invites-nervous-enterprises-come-chat-about-blockchain/) who, in response to the same line of questions about moving forward amid regulatory uncertainty, advised businesses to come in for a chat. Said Dahiya, "They are not your lawyers." In other words, do not necessarily take a regulator's advice as legal advice.
To watch the video version of this podcast or read its full-text transcript, go to:
https://blockchainjournal.com/interview/use-nonblockchain-precedents-a-guide-selfregulation-say-perkins-coies-crypto-lawyers/
The video can also be watched on Blockchain Journal's YouTube Channel at https://www.youtube.com/watch?v=3a-SX8Flr5I
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By Blockchain JournalMany companies are in a catch-22 when it comes to working with blockchain. On the one hand, organizations are fearful of doing nothing with blockchain because they know how, in the hands of a clever competitor, distributed ledger technology could be used to disrupt their businesses or industries. On the other hand, those same organizations also know blockchain laws are coming but not when or in what form. Meanwhile, regulators at the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have embarked on a startling wave of enforcement activities against blockchain-related projects.
At NFT.NYC 2023, a conference dedicated to the many use cases of non-fungible tokens, two Washington, DC-based crypto attorneys from Perkins Coie LLP—Jamie Schafer and Valerie Dahiya—were on hand for a panel discussion to offer sound advice on how to move forward as safely as possible on blockchain projects given the current regulatory climate.
Following the session (which was standing room only), Blockchain Journal editor-in-chief David Berlind caught up with Schafer and Dahiya (who was once an attorney for the SEC) and looking for more specifics on behalf of reluctant enterprises that want to move forward with their blockchain initiatives. Two significant takeaways were (1) to take note of laws surrounding corollary precedents that already exist and (2) to bring a lawyer with you if you decide to take any regulators up on their open-door offers to meet with "industry."
Only a few weeks before this event, David interviewed CFTC Commissioner Summer Mersinger (https://blockchainjournal.com/interview/cftc-commissioner-mersinger-invites-nervous-enterprises-come-chat-about-blockchain/) who, in response to the same line of questions about moving forward amid regulatory uncertainty, advised businesses to come in for a chat. Said Dahiya, "They are not your lawyers." In other words, do not necessarily take a regulator's advice as legal advice.
To watch the video version of this podcast or read its full-text transcript, go to:
https://blockchainjournal.com/interview/use-nonblockchain-precedents-a-guide-selfregulation-say-perkins-coies-crypto-lawyers/
The video can also be watched on Blockchain Journal's YouTube Channel at https://www.youtube.com/watch?v=3a-SX8Flr5I