Fenwick securities enforcement group chair Michael Dicke spoke with Law360 about the Securities Clarity Act and the Digital Commodity Exchange Act, two congressional bills that seek to provide legislative clarity regarding the status of cryptocurrency tokens and their trading platforms.
While the bills are still in their early stages, Dicke told Law360 the proposals are notable in that they seek to create paths that would enable digital assets to trade on registered platforms without fear of a regulatory crackdown.
"This is a reaction against the myriad of SEC enforcement actions that has stymied a lot of cutting-edge digital assets projects or, at the very least, has created uncertainty for these projects," Dicke said.
Formerly the head of enforcement for the SEC’s San Francisco regional office, Dicke noted that the cryptocurrency industry has attempted to beat the SEC in court in the past. But he told Law360 that strategy hasn't yielded results, potentially leaving it to lawmakers to resolve lingering questions.
"Now I think you're seeing a pivot to focusing on legislation," Dicke said.
The full article is available on Law360 (subscription required).