The world of crypto runs 24/7 and has no borders, but it's no monolith. The rules, however, might be applied as if it was. And the global watchdog aiming for consistent application of crypto rules appeared to evoke Securities and Exchange Chairman Gary Gensler. The Financial Stability Board, the international advisory group to G20 member countries, wants to create guardrails for establishing regulation and monitoring activities of digital assets. "Law is jurisdictional, but crypto is not," says Mitzi Chang, co-chair of the Fintech and Digital Currency & Blockchain Technology practices, while speaking with Axios. The FSB proposed an international framework of rules last week in an effort to "promote the consistency and comprehensiveness of regulatory, supervisory and oversight approaches." They were grounded in "same activity, same risk, same regulation.” To Chang, those words were evocative of Gensler's stance that existing securities laws should apply to crypto.
In The Press October 20, 2022