Davis Polk partner Fiona Moran was featured on the Association for Women in Cryptocurrency’s podcast, Women in Crypto, discussing SEC enforcement, formal verification and the future of crypto compliance with host Amanda Wick and founder and CEO of Dowsers Patrick Azzopardi.  

In the episode, they explore major regulatory shifts at the SEC, including moving away from “regulation by enforcement” toward traditional fraud and AML oversight; how compliant companies are using this space to mature their compliance programs; how existing legal frameworks intersect with AI agents and autonomous code; and the technical realities of smart contract security, including how formal verification could prevent up to 75% of protocol hacks. Fiona and Patrick also share practical guidance for corporate leaders and tech teams on governing technical architecture, building programmable compliance directly into code, and engaging constructively with global regulators.

“The [SEC] is working to put in place a better framework for how it approaches crypto. We are all waiting here in the U.S. to see if we were going to get market infrastructure legislation, but in the meantime, the SEC is moving forward within the realm of what it can do,” Fiona said. “For example, the SEC has the crypto task force that was launched back in January of 2025 under Commissioner Pierce. More recently, this year, they put out formal interpretation classifying crypto assets into certain categories. Other things are also taking place, like the SEC and CFTC have established a joint oversight initiative called Project Crypto to attempt to harmonize their respective jurisdictions in the digital landscape.”

“Decrypting SEC enforcement, Formal Verification, and the Future of Crypto Compliance,” Women in Crypto (July 29, 2026)

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