Regulation

2022 was a whirlwind year for crypto, to say the least.

While the year started off strong, with real technological advancements and excitement about its potential, there were noticeable challenges. Overnight support in the millions to Ukraine, 1 billion donated in COVID relief, and legislative gains in the EU and Asia, were accompanied by headlines around Terra Luna, Celsius, and Three Arrows. At the end of the year, the latestrevelations about FTX and the alleged criminal activity of a small group of people within the company sent massive shockwaves through the entire crypto industry. Given its importance in the space, thecontagion and fallout may not be over.
If there is one message that came across loud and clear, it’s that regulatory clarity is needed – and it’s needed now.

Stablecoins have quickly catapulted from the fringes of crypto into the core of U.S. financial policymaking. What began as a tool for on-chain liquidity is now being treated as critical monetary infrastructure that Washington can no longer ignore.

I often get asked why I made the switch from lawyer to investor.  Usually, it is from lawyers slightly jealous that I no longer need to account for my time in six-minute increments and sometimes from financiers slightly wary that I am encroaching on their turf.  Although there is no single answer to that question, I thought the launch of this column would be a good place to lay out why I did what I did and what I believe every entrepreneur building in the FinTech space should look for in a lawyer.

Judge Failla handed down heropinion on Coinbase’s motion to dismiss the SEC’s complaint in late March. Crypto enthusiasts, the FinTwit crowd, and even industry analysts paid little attention. The continuing saga of supervision of sponsor banks and the settlement of the injunctive class in the decades-long interchange litigation dominated the week’s agenda. I think the opinion merits more attention than it received. It sends an important signal of the limit of the SEC’s effort to regulate the digital asset industry. It also provides an opportunity to discuss the downsides of the use of enforcement to achieve regulatory objectives. 

In crypto policy, extremes have defined the narrative. One side demands full institutionalization; the other cries overregulation. The result? Years of noise, and very little signal.

That changed on March 13, 2025, when the Senate Banking Committee passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act with a bipartisan vote of 18-6. It marks the first comprehensive federal framework for regulating stablecoins in the U.S.—and the most pragmatic attempt we’ve seen yet.