In this episode, lawyers Hailey Lennon and Preston Byrne discuss the current state of crypto regulation in the US and explain why being "crypto literate" will benefit lawyers.
Hailey and Preston practice with Brown Rudnick's Digital Commerce group. Hailey counsels fintech and crypto companies on regulatory requirements and Preston advises technology companies on corporate and commercial law issues.
Both Hailey and Preston have deep crypto experience from both private practice and also as in-house counsel for crypto and blockchain companies. This episode touches on the SEC's enforcement actions against crypto players and the importance of decentralized tools.
They also discuss the potential loss of talent and innovation in the US due to lack of guidance and the importance (and difficulty) of educating others about the industry.
The duo also explain why it is important for lawyers in many practice areas to be "crypto literate" and possess a working knowledge of blockchain concepts. They point out that crypto is not a legal discipline, but is a market sector needing the same type of legal work other businesses do.