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Patrick Daugherty, a partner at Foley & Lardner LLP, is quoted in the Fortune article: “Elizabeth Warren’s new crypto bill has sent shockwaves through the industry. Here’s What That Could Mean,” discussing the pros and cons of new legislation that aims to bring know-your-customer rules to various players in the crypto ecosystem.
Daugherty outlined the bill’s pros and cons, noting that empowering federal financial regulatory agencies to audit the compliance of “money services businesses” is “a good step to take.” He noted, however, that the bill goes too far in its definition of what constitutes such a business. The wording of the bill as it stands could impose burdensome requirements on crypto miners, validators, wallet providers, and even hardware manufacturers.
Daugherty explained that based on his view of crypto, these and other elements of the bill could be considered a bug or a feature. “If you don’t trust crypto assets at all, or have some philosophical opposition to them, you’ll probably consider them features,” he added.
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