ExCFTC Commissioner Berkovitz Says ‘DeFi Should Be Regulated’ – But How? Ep. 496

In the SEC’s push to rein in the crypto sector, one question looms large: Is ETH a security? Dan Berkovitz, a former CFTC commissioner and SEC general counsel, and Colin Lloyd, a partner at law firm Sullivan & Cromwell, assess the current state of the regulatory turf war in the U.S., shedding light on some of Washington’s unanswered questions.

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Show highlights:

how an asset can be both a commodity and a security

what it means that bitcoin and ether were listed as nonsecurity futures

whether The Merge may have changed regulators’ views on the classification of ETH

who would be responsible for determining that ETH is a security

what Colin and Dan say about ETH being a security or not

what would happen if any regulator, be it the CFTC or SEC, determined that ETH is a security

how and whether DeFi applications should be regulated

why it is important to consider the “human initiative” behind DeFi platforms

the implications of having a technology that allows for the sale of securities without an intermediary

the implications of the SEC’s proposal to change the definition of an exchange

how new technologies were integrated with the regulatory system in the past and how that differs from the current approach of the SEC

the problems of trying to regulate a technology that’s changing so fast
how other jurisdictions have been taking a more proactive approach to regulating digital assets

Thank you to our sponsors!

Crypto.com

Guests:
Dan Berkovitz, former General Counsel at the SEC and former Commissioner at the CFTC.
Colin Lloyd, partner at Sullivan & Cromwell


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Time Stamps:
0:00 Introduction
31:50 DeFi regulation
54:15 Definition of an exchange
1:08:10 Rulemaking
1:16:52 Securities Clarity Act


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#bitcoin #ethereum #crypto #cryptocurrencies
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