23 minutes | Nov 12, 2019

Cryptocurrency Part 1: Busting Myths and Regulation Basics

Digital currencies have the potential to transform the financial industry, with wide-ranging implications for regulators and attorneys. This three-part series on cryptocurrency demystifies a rapidly changing field, the regulatory response, and what it all means for law practices. In this episode, Bloomberg Law senior data analytics manager Tom Shen and senior legal analyst Robert Kim explain the mechanics of cryptocurrencies and how they intersect with regulators and traditional banking. Shen discusses how blockchain technologies are streamlining banking processes and explains why stablecoins aren’t necessarily stable.Federal and state agencies are turning their attention to the cryptosphere, according to Kim, but the U.S. regulatory system may be moving too slowly to avoid falling behind to China and other countries on crypto. Going forward, law firms and companies can expect more requests for compliance advice and defenses against enforcement in uncertain regulatory territory.Cryptocurrency Part 2 will feature SEC Commissioner Hester Peirce, also known as “crypto mom.” In Part 3, we’ll interview Linda Lacewell, Superintendent of the New York State Department of Financial Services about Bitlicenses for cryptocurrencies. Listen and subscribe to Law X.0 from your mobile device:  Via Apple Podcasts | Via Stitcher | Via Overcast | Via Spotify Hosts: Dori Goldstein and Meg McEvoyGuests: Robert Kim, senior legal analyst at Bloomberg Law; Tom Shen, senior data analytics manager at Bloomberg LawProducer: RJ Jewell
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