Foley & Lardner LLP Partner Patrick Daugherty is quoted in the CoinDesk article titled, “As SEC Leans on Enforcement to Regulate, Crypto Lawyers Study Every Word,” discussing the need for counsel to closely monitor enforcement by the Securities and Exchange Commission (SEC) in order to understand the legal framework for digital assets.
The limited public documents from the SEC have provided lawyers a glimpse into how crypto will be governed, which is especially important given the agency’s lack of clear answers. Daugherty commented on the importance of following the SEC’s actions, stating that, “even if you think they’re wrong, you have to pay attention to what they do.”
Daugherty also acknowledged the difficulty in going head-to-head with the agency. “You have to be pretty rich to take that position when you're dealing with the SEC,” he said.