Digital Assets Download, Powered by Mayer Brown

A curated mix of insights and headlines that provide a Layer 3 Legal Perspective™ on the digital assets multiverse – created by Mayer Brown’s global Digital Assets, Blockchain and Cryptocurrency group. Enjoy this edition of the Digital Assets Download (below} and find previous editions here.

Original Mayer Brown content, perspectives and insights from across our global platform that touch on digital assets, decentralized finance, cryptocurrencies and related fields.

First Bipartisan Proposal for US Digital Asset Regulation Previewed 

On March 24, 2022, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) announced that they are working together on legislation to establish a framework for US digital asset regulation. They said they plan to introduce the legislation in the coming weeks. The proposal is notable in that it would be the first piece of bipartisan legislation for regulating digital assets introduced in the US Senate.

EU Regulation of Crypto-Assets (MiCA): EU Parliament Publishes Report and Votes on “Proof of Work” in the Context of Sustainability 

On March 23, 2022, the European Parliament published the text of a report adopted on March 14, 2022 by its Economic and Monetary Affairs Committee (ECON) on the European Commission’s proposal regarding the Markets in Crypto-assets Regulation (MiCA). The draft MiCA included three main principles: a uniform legal framework within the EU for crypto-assets, consumer protection and safeguards against illegal activity, and application of EU taxonomy for sustainable activities to crypto-assets mining.

US Government Requests Information on Energy and Climate Implications of Digital Assets 

On March 25, 2022, the White House’s Office of Science and Technology Policy (“OSTP”) published a request for information on the energy and climate implications of digital assets (the “RFI”). The RFI is part of President Biden’s recent executive order on digital assets and will form part of a report that OSTP will issue on the potential for digital assets to impede or advance efforts to tackle climate change and the transition to a clean and reliable electricity grid.

A curated selection of headlines and news from around this multiverse—including deals, developments and other disruptions in DeFi.

US GAO report highlights benefits and challenges of blockchain, selected policy options, and more. Read Full Report >>
Read Highlights >>

EU Parliament Passes Privacy-Busting Crypto Rules Despite Industry Criticism. Read More >>

New York legislators weigh moratorium on crypto mining, while some look to an executive order from the governor. Read More >>

NY Banking Regulator Aims to Speed Up Crypto Licensing (Law360 interview). Read More >>

Bank of Canada and Massachusetts Institute of Technology Announce Joint Central Bank Digital Currency Collaboration. Read More >>

Bank of Japan to Move to Second Phase of Digital Yen Project. Read More >>

Can Blockchain Tech Help Farmers Get Climate Insurance? Read More >>

The Thai SEC stressed it is only banning the use of crypto for payments and is not banning crypto trading and digital assets. Read More >>

S. Korea's SK Square to Launch Crypto Token by Year-End: Report. Read More >>

Selected upcoming events for deeper dives into different parts of the digital assets and DeFi world.

March-June 2022

Surge Protection: Preparing for the Coming Wave of Enforcement Webinar Series.

In this series of webinars, Mayer Brown has organized leading practitioners, in-house counsel and former government officials across practices to provide practical guidance and insight into how companies can prepare for increased corporate enforcement from the US Department of Justice (DOJ). A policy shift that was announced in 2021 is expected to add substantially to the burdens companies and executives under investigation may face.

March 9: Increased Global Coordination and the Convergence of Corruption Money Laundering and National Security Policy (View Recording)

March 30: Investigating Misuse of Cryptocurrency: DOJ and FTC Enforcement Pane (View Recording)

April 13: SEC, CFTC and DOJ Enforcement Trends (Register Here)

For those new to the digital assets and DeFi world, each edition of the Digital Assets Download will highlight a different term to help you be a part of the conversation.

Cryptocurrency Mixer: A cryptocurrency mixer (also known as a tumbler) refers to a service that can increase the anonymity of certain cryptocurrency transactions. A mixer acts as a type of middleman that mixes together cryptocurrencies from different sources before returning other cryptocurrencies (of the same type, but with different unique blockchain identifiers) to those sources.

There are two types of cryptocurrency mixers: centralized mixers (companies that operate the black box mixer and earn fees by matching/swapping cryptocurrencies) and decentralized mixers (protocols that allow a large group of users to pool cryptocurrencies for redistribution).

Cryptocurrency mixing services have been criticized as facilitators of criminal activity, such as money laundering, and are illegal in some jurisdictions.

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