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Blockchain technology is about to transform every trust-based interaction of our lives, from financial services to identity, from health care to our Internet of Things devices. In this podcast, host Laura Shin talks with industry pioneers across tech, financial services, health care, government and other sectors about how the blockchain and cryptocurrency will open up new opportunities for incumbents, startups and everyday people to interact more efficiently, directly and globally.

Jun 10, 2022

Lewis Cohen, lead attorney at DLx Law LLC, joins to discuss the recently proposed Lummis-Gillibrand bill, the Responsible Financial Innovation Act, which he helped shape. In this episode, we cover: 

  • how Lewis was impressed by Gillibrand’s and Lummis’s offices’ hard work and bipartisanship  
  • how the bill creates a new definition for an “ancillary asset” with split oversight responsibilities between the CFTC and the SEC 
  • how the bill proposes a test of managerial centralization as a determinant of disclosure requirements for digital assets 
  • his response to criticism that the ancillary token approach is more complicated than need be and gives too much power to the SEC 
  • why the bill didn't adopt an approach more similar to something like SEC Commissioner Hester Peirce’s token safe harbor proposal 
  • how Lewis would respond to SEC Chair Gary Gensler’s contention that the vast majority of digital assets are securities 
  • how Cohen is concerned about legislation or regulation impinging on basic freedoms to transact by over-applying securities regulation
  • what kind of SEC disclosures will be required for “ancillary assets” and the requirements for projects to be able to cease mandatory disclosure
  • how the bill defines stablecoins
  • whether the requirement for stablecoins to maintain reserves means the end of algorithmic stablecoins or whether they will just be called something else
  • how the bill handles DAOs and how legislation in this area must be delicate
  • why Lewis believes the proposal is a “bright spot” for thoughtful US legislation and bipartisanship
  • why he doesn’t see the bill being adopted in the current Congress 

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Lewis Cohen 


Lummis-Gillibrand Proposal (Responsible Financial Innovation Act)