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CryptoLink - November 2024 Updates

December 18, 2024

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By: Peter I. Altman, Ryan P. Fayhee, Adam Hilkemann, Mitchell P. Hurley, Wael Jabsheh, Lance Jasper, Brad M. Kahn, Jacqueline Yecies, Nicholas R. Lombardi, Kate L. Powers, Andrew R. Schlossberg, Kaitlyn A. Tongalson, Samuel J. Olswanger, Sahar Abas, Patrick Gaul

The Senate has yet to take action on the 21st Century Act (FIT21) (H.R.4763) which passed the House by a comfortable margin of 279-136 on May 22, 2024. FIT21 is a proposed landmark piece of legislation that would enact a comprehensive regulatory framework for the digital assets industry. Sens. Cynthia Lummis (R-WY) and Kirsten Gillibrand’s (D-NY) Lummis-Gillibrand Responsible Financial Innovation Act (S.2281) also awaits consideration in the Senate. Since the election, President-elect Trump has announced key nominations to his cabinet and administration, including Scott Bessent for Secretary of the Treasury, Howard Lutnick for Secretary of Commerce and Paul Atkins, a strong crypto advocate, for SEC Chair. Atkins will replace Gensler, who recently announced his resignation. Atkins is known as a strong backer of cryptocurrencies, and it has been publicly reported that he has expressed reservations about the enforcement actions taken by the Securities and Exchange Commission (SEC) against the domestic crypto industry. 2025 will be a critical year for assessing how new leadership for key U.S. regulators will impact digital asset enforcement actions.

In this Issue

  • Akin Spotlight
  • Key Developments
  • Key Enforcement Actions
  • Akin Thought Leadership
  • Events

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