Gabe Rosenberg quoted in Fast Company on crypto regulation
Davis Polk partner Gabe Rosenberg was quoted in Fast Company from IBM’s recent “Future of Hybrid Cloud” event on cryptocurrency regulation. At the program, Gabe spoke on the “Why Good Regulation (Yes, Regulation) Will Drive the Next Wave of Innovation in Fintech and Banking” panel. The panelists emphasized that most organizations will need clear guardrails to feel comfortable investing in fintech, crypto and digital assets.
“Clarity, clarity, clarity,” said Gabe. “I’ve spoken to so many in the digital asset space who just want to know what they can and can’t do. They don’t want to put in a bunch of investment, time, and money into a project and then be told, ‘You can’t do this’—or even worse, be told regulators are coming after them with enforcement action.”
The panel also noted that the U.S. is lagging behind other countries in fintech regulation. “What we’re seeing in the U.S. is what people are calling regulation by enforcement—going after various digital asset firms for violating laws that, frankly, firms didn’t know they were violating,” Gabe said. “And that has stifled innovation. Unless it’s done a different way going forward, I think it’s really going to put the U.S. back compared to the rest of the world in these spaces.”
“Why fintech and crypto companies are craving good regulation,” Fast Company (May 26, 2023)