The Daily Business Review reported on a panel discussion held recently at the University of Miami Law Review Tech Conference concerning the issue of cryptocurrency and regulatory uncertainty in an article titled “Don’t Get Too Far Over Your Skis’: What Lawyers Need to Know About Cryptocurrency.”
Shutts & Bowen Miami Partner Daniel Stabile, who served on the panel alongside U.S. Securities and Exchange Commissioner Hester Peirce, explained how the main confusion regarding cryptocurrency revolves around regulations; however, he added that another challenge is that many of the country’s core financial regulations were written decades ago.
“I think that this notion closely echoes what we’ve heard from a number of lawmakers on both sides of the political aisle,” he stated. “While the intellectual history of crypto is yet to be written, I submit that a big part of it is that, for many people, their first encounter with cryptocurrency was news of a crime.”
At the same time, Stabile said he believes one of the motivating factors for crypto was to help the unbanked and underbanked. In a survey of Miami-Dade County employees, 88 percent of whom said they’re talking with family, friends and colleagues about crypto, more than a third of respondents said they’d like to receive a portion of their compensation from the county in cryptocurrency.
“I think that the survey results demonstrate that appetite to understand and profit from blockchain technology is absolutely not a rarefied phenomenon, if it ever was,” Stabile said.
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About Daniel Stabile
Daniel Stabile is a partner in the Miami office of Shutts & Bowen LLP, where he is a member of the Financial Services Practice Group. The firm's Financial Services Practice Group has been recognized by Chambers USA as a Band 1 banking and financial practice area since its first publication. In the financial services arena, Daniel represents financial institutions in internal and governmental/SRO investigations, enforcement proceedings, civil litigations, and arbitrations. Daniel is a leading attorney in the distributed ledger and digital asset spaces and since 2018 has taught a popular course at the University of Miami Law School on digital asset regulation. He has also co-authored a first-of-its kind textbook on digital asset regulation that is taught at law schools across the country.