On today's CoinMarketRecap with Connor Sephton, Sam Bankman-Fried has been accused of bribing Chinese government officials. Binance's CEO reacts to a new civil complaint filed by the CFTC. What a difference a week makes — Do Kwon is now being held in medical quarantine following his arrest in Montenegro. Also coming up… a man who stole 50,000 Bitcoin from Silk Road asks for no prison time. MicroStrategy ends a loan agreement with Silvergate Bank and spends another $150 million buying Bitcoin. Disney shuts its metaverse unit as it prepares to cut 7,000 jobs. And the U.K. ditches plans to launch a non-fungible token. You can follow us on Twitter — @ConnorSephton and @CoinMarketCap.

Mar 28: SBF 'bribed Chinese officials,' CFTC sues Binance, Bitcoin thief asks for no prison time

A short bite from Coach K on the topic of my recent article published at legendster.medium.com/the-hidden-age…00760510ce38f0

Logan K & Coach K Talk About US' Agenda With Binance

Many companies are in a catch-22 when it comes to working with blockchain. On the one hand, organizations are fearful of doing nothing with blockchain because they know how, in the hands of a clever competitor, distributed ledger technology could be used to disrupt their businesses or industries. On the other hand, those same organizations also know blockchain laws are coming but not when or in what form. Meanwhile, regulators at the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have embarked on a startling wave of enforcement activities against blockchain-related projects. 

At NFT.NYC 2023, a conference dedicated to the many use cases of non-fungible tokens, two Washington, DC-based crypto attorneys from Perkins Coie LLP—Jamie Schafer and Valerie Dahiya—were on hand for a panel discussion to offer sound advice on how to move forward as safely as possible on blockchain projects given the current regulatory climate. 

Following the session (which was standing room only), Blockchain Journal editor-in-chief David Berlind caught up with Schafer and Dahiya (who was once an attorney for the SEC) and looking for more specifics on behalf of reluctant enterprises that want to move forward with their blockchain initiatives. Two significant takeaways were (1) to take note of laws surrounding corollary precedents that already exist and (2) to bring a lawyer with you if you decide to take any regulators up on their open-door offers to meet with "industry."

Only a few weeks before this event, David interviewed CFTC Commissioner Summer Mersinger (https://blockchainjournal.com/interview/cftc-commissioner-mersinger-invites-nervous-enterprises-come-chat-about-blockchain/) who, in response to the same line of questions about moving forward amid regulatory uncertainty, advised businesses to come in for a chat. Said Dahiya, "They are not your lawyers." In other words, do not necessarily take a regulator's advice as legal advice.

To watch the video version of this podcast or read its full-text transcript, go to:
https://blockchainjournal.com/interview/use-nonblockchain-precedents-a-guide-selfregulation-say-perkins-coies-crypto-lawyers/

The video can also be watched on Blockchain Journal's YouTube Channel at https://www.youtube.com/watch?v=3a-SX8Flr5I

Use Non-Blockchain Precedents As A Guide To Self-Regulation Say Perkins Coie's Crypto Lawyers

In an interview during a Boston Blockchain Association event at the US Federal Reserve Bank of Boston, Blockchain Journal editor-in-chief David Berlind speaks with Hester Peirce, one of five commissioners at the US Securities and Exchange Commission (SEC).

Peirce first clarifies the SEC's mission, emphasizing its focus on protecting investors, fostering capital formation, and maintaining market integrity. She highlights the distinction between the SEC and other regulatory bodies like the Commodity Futures Trading Commission (CFTC) and stresses the importance of understanding the various regulatory frameworks to which businesses operating in the blockchain space are legally beholden. Those frameworks could involve local, state, and federal government organizations in the US as well as other government agencies in international jurisdictions.

As the discussion progresses, Peirce addresses concerns about the slow pace of regulatory developments in the crypto space, acknowledging the complexities that businesses face when it comes to achieving their blockchain ambitions at a time when legal clarity has yet to take form. Although she encourages caution while operating amid such regulatory uncertainty, she encourages engagement with regulators while advocating for a lighter regulatory hand when it comes to oversight of cryptocurrency and blockchain (a personally held belief that has informally earned her the nickname "Crypto Mom" in some industry circles). Peirce also delves into the potential applications of blockchain beyond cryptocurrency, and David asks about the possibility of blockchain's role in emissions data tracking, given the SEC's recent regulatory announcements regarding the disclosure of such data. Peirce was not in favor of those new regulations.

In response to David's questions about regulating blockchain and cryptocurrency on separate regulatory tracks, Peirce agrees with the need to take a more nuanced approach as opposed to painting blockchain (the platform) and cryptocurrency (an application that runs on that platform) with the same brush. Peirce emphasizes the importance of balancing regulatory oversight with market-driven solutions, hinting at the potential of self-regulation. Overall, the interview sheds light on the SEC's stance on blockchain regulation and underscores the need for collaboration between industry stakeholders and regulators to foster innovation while ensuring investor protection.

To watch the video version of this podcast or read its full-text transcript, go to:
https://blockchainjournal.com/interview/sec-commissioner-hester-peirce-we-need-a-more-nuanced-approach-regulating-crypto-and

The video can also be watched on Blockchain Journal's YouTube Channel at:
https://www.youtube.com/watch?v=nO2l5F0kq4s

For information about the Boston Blockchain Association, please visit them at:
Web: https://bostonblockchainassociation.com/ 
LinkedIn: https://www.linkedin.com/company/boston-blockchain-association
YouTube: https://www.youtube.com/@bostonblockchainassociatio5811

SEC Commissioner Hester Peirce: We Need a More Nuanced Approach to Regulating Crypto and Blockchain

Keith Miller, a partner at the Perkins Coie law firm, joins BlockchainJournal.com editor-in-chief David Berlind on the Blockchain Journal podcast during the NFT.NYC conference in New York City. As law firms go, Perkins Coie is well-known for its expertise in technology and has been involved in blockchain since 2012. During the interview, Miller recounts his journey into the space, representing early exchanges and navigating major crypto cases involving the SEC, such as Library (LBRY) and Ripple. But the conversation quickly turns to the current day environment where American businesses are hesitant to move forward with their blockchain plans so long as there's a chance they could end up on the wrong side of a law that hasn't even been written yet.

Today, Miller and other members of the Perkins Coie team help the law firm's clients figure out how to move forward with their blockchain innovations, given the significant regulatory uncertainty in the United States. While some states have passed blockchain-specific laws, the US Congress has made virtually no headway in terms of drafting such laws at the Federal level. This situation leaves government agencies such as the SEC, the CFTC, and the IRS to rely on existing laws (laws that were drafted before blockchain existed) to guide their regulatory activities when it comes to blockchain and cryptocurrency. Against the backdrop of that lack of regulatory clarity, Miller discusses the challenges facing organizations in the evolving crypto landscape and advises organizations against the idea of engaging in projects solely for fast profits. Highlighting recent cases involving NFTs, Miller stressed the need for organizations to develop a clearly articulated business purpose for their NFT ventures (implying that making a quick buck off primary market sales of NFTs is likely to attract the attention of regulators looking to carry out their next enforcement). 

The conversation delves into the role of the SEC in fostering innovation amidst its primary objectives of investor protection, capital formation, and market integrity. Miller suggests that regulatory clarity is necessary for innovation to thrive, expressing skepticism about imminent changes from the SEC without Congressional intervention. The current highly tribalistic political divide is further complicating the regulatory landscape, potentially hindering progress when it comes to blockchain legislation. And, so long as the laws are slow in coming, organizations would be remiss not to seek the input of legal experts to help them strike the right balance between blockchain innovation and federal enforcement trends.

To watch the video version of this podcast or read its full-text transcript, go to:
https://blockchainjournal.com/interview/given-regulatory-uncertainties-businesses-should-seek-experienced-legal-input-blockchain

The video can also be watched on Blockchain Journal's YouTube Channel at:
https://www.youtube.com/watch?v=XST_RfApG1Q

Given Regulatory Uncertainties, Businesses Should Seek Experienced Legal Input on Blockchain Plans

The Crypto Today podcast breaks down top stories in an easy-to-understand way — and interviews the people making the news.

The world's leading source of information for enterprises and businesses looking to use blockchain as an application platform for digital transformation, business innovation, customer engagement, and industry disruption.

New tracks tagged #cftc