Professor Comizio Speaks at ICPS Conference on the Challenges to Virtual Currency Regulation and Crypto’s Relationship to the Russian Invasion of Ukraine

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On March 7, 2022, the International Centre for Parliamentary Studies, a leading international research institution promoting effective policy making and good governance,

hosted its annual Public Policy Exchange conference on “Regulating Cryptocurrencies: Protecting Investors and Mitigating Environmental Damage.” Featured among the key speakers was Professor Gerard Comizio, Associate Director of the American University Business Law Program, who spoke on Crypto’s Trajectory: The Emerging Legal and Regulatory Framework and Challenges-and the Ukraine Invasion.

In his presentation, Professor Comizio described the growth of virtual currencies and the various challenges that have arisen ranging from potential disruptions to the financial sector to law enforcement concerns regarding its uses related to illicit activities. He noted that the U.S. response has continued to evolve and expand from silk road prosecutions in 2013 targeting narcotics traffic, terroirs, money laundering, and other illegal activities to the more recent U.S. prosecution of a record $3.6 billion online hacking and crypto theft scheme.

Additionally, he commented on the role of crypto in the discussion of policy issues related to Russia’s invasion of Ukraine, given national security concerns that crypto can be used to evade effective sanctions regimes through, among other things, unregulated crypto trading exchanges. However, Professor Comizio observed that the Ukrainian government has also made use of crypto to raise donations for its defense and humanitarian aid.

Given the emerging legal and regulatory framework driven by state and federal government and regulatory agencies, he reviewed the questions presented by the lack of a comprehensive regulatory scheme from the consolidation or dispersal of agency regulatory authority to potential registration requirements for cryptocurrencies. Ultimately, Professor Comizio advocated for a balanced, pragmatic, and comprehensive regulatory approach. To see the full presentation, click here (Access Passcode: Crypto0307!). The presentation slides may be found here.