On July 21, 2022, Partners Teresa Goody Guillén and Joanna Wasick are quoted in a Law360 article titled “Crypto Industry Could Cast Skeptic Eye On Cyber Guidance.” The article says the crypto industry may be wary of U.S. financial regulators setting cybersecurity standards as part of a sweeping bill proposed in June, the Responsible Financial Innovation Act. Goody Guillén tells Law360, "I think the industry would be more receptive to a principle-based approach to cybersecurity guidance as opposed to prescriptive requirements and a one-size-fits-all approach.” Wasick says the SEC and CFTC guidance, as proposed, wouldn’t be binding, but it would likely be used as a reference point for “private litigants arguing that an entity in the crypto space did or did not take proper steps to maintain cybersecurity.”
Read the article.