Davis Polk partner David Portilla appeared on Bloomberg TV’s “The Close” to discuss the importance of digital asset market structure legislation.

Speaking about the political process to pass this legislation, David said, “These pieces of legislation are complicated, and at the finish line, there are always a few issues that are tough to resolve. And the way to get those through is really a big political push. We saw that with the GENIUS Act, the stablecoin legislation.”

“I think [the administration] wants to get it done,” he added.

Discussing traditional financial institutions’ appetite to have this legislation implemented, he stated, “I think everyone has an interest in the market structure legislation, [including] the digital natives and the traditional financial institutions. From the perspective of traditional financial institutions, they want clarity that they can engage in these activities.”

When asked how this legislation will address potential issues of fraud or other criminal activity, David said, “From my perspective, when you bring things into a regulated environment, that’s all for the good. So, when you have traditional financial institutions and the digital natives all operating under a federal regulatory framework overseen by the banking agencies, the SEC and the CFTC with clear authority, that should make it safer for consumers, safer for institutional investors, and reduce fraud.”

“US Stocks Rise as Oil Gains on Maduro Ouster,” Bloomberg’s “The Close” (starting at the 1:25:15 mark) (January 5, 2026)

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