Foley & Lardner LLP Partner Patrick Daugherty is quoted in the Cointelegraph article, “The aftermath of LBRY: Consequences of crypto’s ongoing regulatory process,” discussing what the LBRY ruling could mean for future token projects in the United States.
Daugherty said, “The teams that are preparing protocols and tokens projects need to take into account the LBRY ruling and to work with lawyers that understand the ruling and what it didn’t rule.”
Daugherty recommended that token-issuing projects take two key preventative actions to avoid LBRY’s mistakes. “One way is to decentralize the token before it’s sold in the United States and another way is to avoid promoting the secondary market for the token. That might not be enough in itself, but expert lawyers can complete the picture,” he explained.