President Biden issued the Executive Order on Ensuring Responsible Development of Digital Assets (the "Order"). 

Steve Gannon, James Goldfarb, and Matthew Comstock of our FinTech & Blockchain Practice authored an article about digital asset regulation in the United States for the US-Israel Legal Review 2021. Read the full article here.

On October 6, 2021, Deputy Attorney General Lisa O. Monaco announced the creation of a National Cryptocurrency Enforcement Team ("NCET"), designed to lead complex investigations and prosecutions of criminal misuses of cryptocurrency, including crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors. The NCET will be a central part of a nationwide enforcement effort to combat the use of cryptocurrency for illicit activities, including identifying areas for increased investigative and prosecutorial focus, such as financial institutions working with cryptocurrency.

Stephen Gannon and Lisa Weingarten Richards of the firm’s Banking & Financial Services Practice authored an article titled "How Bitcoin Can Favorably Impact Climate Change (Despite What You May Have Heard)" for the Virginia Bankers Association. The team describes that the depiction of Bitcoin’s solely negative impact on the climate is inaccurate, and it neglects the current use of renewable energy used in the mining process. Emerging technologies are being introduced to make the process even cleaner, such as a natural gas vent capture facility in West Texas.

Matthew Comstock of the firm’s FinTech & Blockchain Practice authored an article regarding Securities and Exchange Commission jurisdiction over crypto assets in the Expert Analysis section of Law360 (8/26/21). In the article, Mr. Comstock analyzes the SEC’s stance on cryptocurrency and provides expert insight as to why the SEC believes it is uniquely qualified to protect the investing public.

Elizabeth Lan Davis, Murphy & McGonigle’s Chair, will be speaking at the {DeFi}ntech Retreat 2021 in Malibu, California on September 8. Ms. Davis will be joining a panel to discuss regulation in the fintech and blockchain spaces, alongside state government regulators and blockchain professionals. To see more blockchain events, please go to our Events section.

Lawmakers in the U.S. House of Representatives have re-introduced the Token Taxonomy Act, again seeking to clarify the legal and regulatory framework around digital assets and cryptocurrencies, as well as a separate bill to establish a digital asset working group.