As Washington emptied out for the long holiday weekend on Dec. 20, a bill hit the hopper in the House of Representatives that has the potential to be a total game changer for regulation of digital assets (also referred to broadly as “tokens”). And as it’s bipartisan, co-sponsored by Reps. Darren Soto, D-Fla., and Warren Davidson, R-Ohio, it actually stands a realistic chance of passage after it is reintroduced in the new 116th Congress. The bill — dubbed the “Token Taxonomy Act” (H.R. 7356) — has been referred to the Committee on Financial Services and the Committee on Ways and Means.
Murphy & McGonigle, the financial services and regulatory law firm, announced today the promotion of several of its lawyers.
Meghan Carey, a securities lawyer with experience from the Securities and Exchange Commission, an in-house role, and the Big 4 accounting sector has joined financial services and regulatory law firm Murphy & McGonigle in the Washington, D.C. office.
After years of false starts, there are signs that Congress might be ready to move forward on a national cybersecurity and data protection standard. With new mega-breaches reported with alarming regularity, significant legislative activity in this area among the states and abroad, and a heightened awareness of privacy risks by the American public, the 116th Congress faces an ideal opportunity to pass bipartisan legislation that could safeguard consumer data, provide clear and uniform rules for businesses, and preserve innovation. Yet any new legislation faces significant hurdles, as Congress must resolve a series of sensitive issues regarding the enforcement, scope, and potential preemptive effect of the new federal law.
Frederic Krieger, an experienced securities lawyer who has held senior legal roles at the New York Stock Exchange and the Chicago Board Options Exchange, has joined financial services and regulatory law firm Murphy & McGonigle. Mr. Krieger comes to the firm from BMO Capital Markets, where he served as General Counsel for eight years at a legacy broker-dealer, KGS-Alpha Capital Markets.
Clients that interact with one another on the platform will see their transactions settle in real time, safely and securely, and with no transaction fees. Better yet, “[d]eposits held within the Signet platform are eligible for FDIC insurance up to the legal insurable amounts defined by the FDIC.” Blockchain proponents have long lauded the technology’s potential for added efficiency and cost reduction.