Foley & Lardner LLP Partner Patrick Daugherty is quoted in the Axios Crypto newsletter, commenting on the recent actions by the SEC against major cryptocurrency exchanges.
Daugherty said in contrast to the early cases the SEC has brought against the industry, the recent ones may reflect a broader objective to “chill the market for these tokens.”
“Rather than a rifle, they’ve used a shotgun,” Daugherty explained. “Let’s say you’re managing such an exchange, and the SEC has claimed one of those tokens have been listed — that means logically you’re an illegal securities exchange.
“That means you should shut down or delist. You might do this even if you think the SEC is wrong, because it mitigates the damage,” he added.
People
Related News
25 July 2024
In the News
Donald Schroeder on Groff – ‘Supreme Court decision is inviting a more fact-based analysis’
Foley & Lardner LLP partner Donald Schroeder assessed the impact of the U.S. Supreme Court’s 2023 decision in a religious accommodation case as it returns to the district court in the Law360 article, “A Year After High Court Spotlight, Groff Case Still A Bellwether.”
24 July 2024
In the News
Louis Lehot Featured in Q&A on How Startups Can Prepare for IPO
Foley & Lardner LLP partner Louis Lehot features in the Q&A, "How startups can get in top shape for an IPO, according to Silicon Valley lawyer Louis Lehot," part of Business Insider's Road to IPO' series.
24 July 2024
In the News
Courtenay Brinckerhoff on Patent Cap in Drug Pricing – ‘Hard to predict if this will make a difference’
Foley & Lardner LLP partner Courtenay Brinckerhoff discussed a recent bill passed in the U.S. Senate aimed at lowering drug prices by limiting the number of patents that can be asserted in cases over biosimilars in the Law360 article, “Patent Cap In Drug Pricing Bill Seen As Having Muted Effect.”