Foley & Lardner LLP Partners Louis Lehot and Patrick Daugherty were quoted in a CNET article, “Crypto's Wild West Days Are Coming to an End,” discussing cryptocurrencies regulation and proposed bills. Up until now, cryptocurrencies have been largely unregulated. That may change soon and some argue that the U.S. Securities and Exchange Commission (SEC) would stifle innovation.
Daugherty and Lehot support the bill's proposal to classify cryptocurrencies as commodities. "The Commodity Futures Trading Commission (CFTC) has a strong record of thoughtful and collaborative regulation over industry, and with other jurisdictions," said Daugherty and Lehot. "The SEC, by contrast, has focused on enforcement tools that have served to inhibit the growth of a legal digital asset industry from the start, and is doing everything in its power to block further development with unprecedented regulation."