Overview
On January 24, The National Law Journal quoted Coy Garrison in their article, "Reining In Cryptocurrencies Amid Growing Market Risks." The piece discusses the current rules surrounding cryptocurrency and law firms' responses to clients. Lawmakers on Capitol Hill have gone into overdrive trying to understand the crypto challenge and to come up with solutions that fit both regulators as well as consumers. Additionally, law firms are receiving an increase in calls from small to institutional investors.
Regarding the SEC's approach to cryptocurrency regulation, Garrison said: "The SEC has misplaced its priorities with respect to the crypto industry. [The agency] has led with an enforcement-heavy approach, [rather than through defining a rule-making process]." Garrison further observed: "Congress needs to step in and provide clear direction of which agency or agencies have jurisdiction and how they should work together."
