Legal World Panel Discussion: Insights from SEC Crypto Litigation Chief and Blockchain Lawyers
The legal world is known for its civility, with lawyers maintaining a professional demeanor even in the midst of heated disputes. However, last night at a Columbia Business School event, sparks were expected to fly as Ladan Stewart, the former SEC crypto litigation unit chief, took the stage alongside prominent blockchain lawyers including Polygon’s Rebecca Rettig.
Stewart recently left the SEC after leading the agency’s lawsuit against Coinbase, which was ultimately upheld in a decision earlier this month. She has since joined the global law firm White & Case to focus on developing a crypto and cyber defense practice, emphasizing that “crypto is here to stay.”
During the panel discussion, Stewart shared insights on the SEC’s approach to enforcement in the blockchain sector, particularly in light of the recent ruling in the Coinbase case. She expressed her belief that the ruling would embolden the SEC to continue bringing regulatory cases in the crypto space.
The discussion also touched on the debate surrounding clarity in regulations and whether the SEC is engaging in a campaign of regulation by enforcement. Stewart suggested that a lawsuit involving companies like Ripple and Coinbase may eventually make its way to the Supreme Court, providing definitive clarity on the issue of what constitutes a security.
While the evening remained largely civil, tensions rose as the panelists debated whether tokens themselves are securities or if it is the sale that creates an investment contract. The discussion highlighted the divide between the industry and the SEC on how to achieve compliance in this complex regulatory landscape.
As the panel verged on a potentially contentious moment, the host intervened, emphasizing the importance of debating such complicated questions. Stewart lightened the mood by affirming that despite differing opinions, “We’re all friends.”
Overall, the panel provided valuable insights into the ongoing legal challenges and regulatory uncertainties facing the crypto industry, showcasing the diverse perspectives of legal experts in the field.
