Foley & Lardner LLP accomplice Patrick Daugherty supplied perception on the prospects of a shift in U.S. regulatory strategy to cryptocurrency within the Cryptonews article, “Patrick Daugherty Sees Optimistic Shift in Crypto Regulation Put up-Elections.”
Daugherty, who leads Foley’s Digital Belongings, Web3 & NFT Observe inside the agency’s Revolutionary Know-how Sector and just lately joined the World Digital Asset and Cryptocurrency Affiliation Steering Committee, criticized the U.S. Securities Trade Fee’s present crypto technique, emphasizing the necessity for clear guidelines and laws as an alternative of relying predominantly on enforcement actions.
“You possibly can’t simply all the time sue individuals with out telling them what the regulation is first,” he commented.
Daugherty highlighted the challenges confronted by trade contributors beneath the present regulatory regime, noting the significance of getting a balanced strategy that helps each regulation and innovation. “Most individuals within the bar suppose that the crypto trade is being singled out for this,” he mentioned. “We don’t see this taking place in different industries. Not simply now, however actually ever.”
“I feel it’s best for an company to make use of its energy to make guidelines and laws in a considerate method with discover and hearings and remark letters and interpretations and all these ordinary rudiments of lawmaking somewhat than investigations and lawsuits as a main mechanism,” Daugherty added, emphasizing he foresees potential constructive modifications within the regulatory surroundings following the 2024 U.S. elections.
Daugherty’s feedback additionally appeared within the Cryptonews article, “SEC Commissioner Peirce Suggests Reconsideration of Ethereum ETF Staking.”
