Welcome to Coinlaw Podcast – the best place for in-depth interviews with lawyers, regulators, entrepreneurs, and academics who navigate the complex legal and regulatory issues facing the global blockchain and cryptoassets industry.
In our first episode, we sat down with Stephen McKeon to talk about crypto regulations in the US. Stephen McKeon is the Chief Strategy Advisor to Security Token Academy, a finance professor at the University of Oregon, and a partner at Collaborative Fund. His commentary on securities issuance, M&A, and cryptoassets has been published in top academic journals and cited in media outlets such as the Wall Street Journal, Financial Times, and CNBC. In this interview, we focused on crypto regulations in the US.
- If regulation is thoughtfully composed, it actually can have a beneficial effect on the crypto sector.
- There still is a tremendous amount of regulatory uncertainty. Establishing some safe harbors, perhaps through no-action letters would be the right move.
- The SEC takes time to change its direction. We are looking probably at 12 to 18 months out before we get a higher degree of regulatory certainty.
- With smart contracts, the logic of regulatory compliance can be put in the security itself whereupon it can reference a white list or some other form of identification and check off all the boxes. There is a long way to go in bringing all of this on the chain, but that’s the vision.
- Existing regulation is sufficient to launch an STO, but there is room for a lot of improvement in the regulatory environment, particularly around the way disclosure is executed, the way records are kept and the way retail investors are allowed into the space.
- Technology can be used to democratize access and bring retail investors back into value creation.