Overview
Law360 quoted Alan Cohn in an article titled "Congress May Need to Weigh in on Unresolved Crypto Issues." The article covers a May 13 panel at Consensus, a conference focused on cryptocurrency and blockchain in New York City during Blockchain Week, in which Cohn was a panelist. The discussion focused on how federal regulators will likely need Congress to resolve some large unanswered questions in the cryptocurrency space in order for the industry to move forward with regulatory clarity.
According to Cohn, regulators at the US Securities and Exchange Commission have released important guidance that helps industry players, and the lawyers who advise them, understand how federal regulators think about digital assets, but there is only so much regulators can do without congressional action. Cohn explained that while a recent no-action letter is helpful, it is mostly useful for digital assets that fit the facts in the letter and still leaves certain companies that do not fit those facts largely in the dark.
"What we see now is that they're down to the hard questions," Cohn said of federal regulators.
The full article can be read at Law360 (subscription required).
