Prominent Bitcoin Lawyer: New Crypto Regulations Are Going the Right Direction, Yet Plenty To Be Done
In a recent Forbes article, Joshua Ashley Klayman said that she was optimistic about the steps the US is taking when it comes to crypto regulations. Although she even acknowledges that there is a lot of work to be done.
Klayman is one of the best-known Blockchain and Cryptocurrency lawyers in the world. Recognized by Chambers and Partners as one of the top 12 Blockchain and Cryptocurrency lawyers globally, she is the Managing Member of Klayman LLC, a boutique blockchain law firm based in New York, and the CEO of Inflection Point Blockchain Advisors, LLC, a blockchain consulting firm.
Earlier this month, the U.S. Securities and Exchange Commission (SEC) had issued a “no-action” letter to TurnKey Jet, Inc., agreeing that tokens used by the business-travel startup are not securities. Regarding this development, Joshua had said that it is a huge step forward for the industry to have a no-action letter published.
She even added that it was sort of guidance that the market needs and has been looking for.
U.S. Representative Warren Davidson reintroduced the Token Taxonomy Act, saying in a statement that the bill if approved by Congress and signed into law, would “send a powerful message” to innovators that “the U.S. is the best destination for blockchain technology.”
The act would amend the Securities Act of 1933 and the Securities Exchange Act of 1940, granting regulators such as the U.S. Securities and Exchange Commission (SEC) clarity on how they may enforce securities laws surrounding cryptocurrencies.
In the article, Ashley says:
“In the past 10 days, federal regulators and legislators may have breathed new life into a U.S. blockchain and crypto industry that – outside of states like Wyoming – had begun to resemble a repeat of the traditional financial space, including with respect to who may participate.”
Davidson calls the TTA the key to unlocking blockchain technology in the US. He adds:
“Without it, the U.S. is surrendering its innovative origins and ownership of the digital economy to Europe and Asia.”
As a matter of fact, many European countries such as Switzerland, Gibraltar, and Malta have leapfrogged to the front of the regulatory adoption.
Klayman ends the article being optimistic about the developments. She states:
‘While the quest for legislative perfection is admirable, so is the courage to listen to the blockchain community’s concerns and take action in response. Blockchain literally requires collaboration, as does change existing laws. The Bills themselves are likely to evolve.’