Partner Kathryn Trkla was quoted in the ABA Journal article, “New ABA Report Surveys Cryptocurrency Regulations,” about a new ABA Business Law Section white paper which she co-authored on the regulation of cryptocurrency and other digital assets.
Trkla chairs the Innovative Digitized Products and Processes Subcommittee of the Business Law Section’s Derivatives and Futures law Committee, which published the 335-page whitepaper, “Digital and Digitized Assets: Federal and State Jurisdictional Issues.” The white paper provides definitions relevant to digital currency, domestic regulatory issues, and what international bodies and other countries are doing when confronted by the new technology.
Trkla noted that digital assets can take the form of a security investment, while over time, the same asset begins to look more like a derivative, making enforcement hard. This has led to the Securities and Exchange Commission and the Commodity Futures Trading Commission to wind up with overlapping enforcement and some inconsistencies on this subject.
Trkla hopes that the white paper may also be useful helping lawyers understand the basic issues surrounding cryptocurrency and other digital assets.
