Our lawyers provide an overview of some of the most significant developments in cybersecurity and data privacy in the United States in 2022 and look ahead to trends for 2023.
<p><span>The topic of today’s event is “regulating the new crypto ecosystem.” It is a hot topic of conversation in Washington, DC. The conversation reminds me of a book for toddlers, </span><span>Are You My Mother?</span><span> In that book, a newly hatched bird searches for his mother. He asks a cat, dog, hen, cow, and front-end loader, each of which disappoints the baby bird with the news that it is not the baby bird’s Mom. Rest assured, baby bird and his actual mother are finally reunited. The crypto industry seems to be on a similar journey; only it is not looking for a mother, but is out looking for its regulator. In a bureaucratic twist on the story in the children’s book, in our story, every agency claims to be the regulator. So crypto is looking to Congress to decide who ought to regulate it. A bipartisan bill announced last week attempts to answer that question.</span>
On February 14, 2022, the Securities and Exchange Commission (SEC) announced a first-of-its kind enforcement action against BlockFi Lending LLC (BlockFi)