Patrick Daugherty Discusses Challenge to SEC’s Move to Build List of Tokens Considered Unregistered Securities

Foley & Lardner LLP Partner Patrick Daugherty is quoted in the CoinDesk article, “Will the SEC Convince a Court It’s Right to Label These Tokens as Securities?” discussing recent filings in an insider-trading case that challenge the U.S. Securities and Exchange Commission’s (SEC) move to build a list of crypto tokens it considers unregistered securities.

Daugherty called the latest filing, which argues that the agency should not rely upon one person’s enforcement action to decide significant questions of law, an “exceptionally fine articulation of lawyerly objections to the progressive-left power grab that we are sadly witnessing in current SEC leadership.”

“One can only hope that the new chairman of the House Financial Services Committee will get some control over this wayward federal agency and that lower federal courts will recognize abuse of power when it’s pointed out to them,” he added.