Mintz Member Steve Ganis spoke to IFLR on the Lummis-Gillibrand bill and the need for consistency between standards adopted for digital asset regulation globally. Steve said, “An international standard-setting body has not been a key part of substituted compliance for swaps, which has progressed largely through regulator-to-regulator interactions and local rulemaking, but it is a mechanism that nations could use to establish harmonisation criteria... However, multilateral or bilateral memoranda of understanding, as well as local legislation and rulemaking, would be necessary to implement any international standards in many nations – including the US.”

Source

IFLR