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Stradley Ronon Helps Launch Cryptocurrency Self-Regulatory Organization

Lack of regulatory oversight of the cryptocurrency market has sparked the gusto of over 100 industry professionals in Chicago who are seeking to establish an international self-regulatory organization (SRO) for cryptocurrencies. Known as the Global Digital Asset & Cryptocurrency Association (Global DCA), the purpose of the SRO is to bolster the market’s integrity, protect public interest and maximize legitimate economic opportunity for all participants in the global digital economy.

The Global DCA effort grew out of a 2019 Chicago event organized by Managing Partners David Carman and George Vukotich of Fintank, a local fintech hub and accelerator. The event attracted a large number of active professionals in Chicago’s crypto community and featured a presentation by then-Mayor Rahm Emanuel.

With a plug from the Mayor and sponsorship and legal guidance from the law firm of Stradley Ronon Stevens & Young LLP, FinTank launched the SRO initiative which is spearheaded by Stradley Ronon Securities & Commodities Attorney Nicole Kalajian, Grip Investments Chairman Tony Pettipiece, DrawBridge Lending General Counsel Matt Lisle, Former World Bank Group expert Gabriella Kusz, RPM Managing Principal Tom Bakas, Former Chicago Stock Exchange President and CEO John Kerin, Blockchain Consultant Wulf Kaal, and Foreign Exchange Consultant George Dowd.

Global DCA intends to establish best practices and procedures across different categories of the SRO’s membership, as well as rules that govern the operation of members, enforced by a Code of Conduct to ensure ethical member behavior. As a distinguishing feature, the SRO will administer an arbitration system for its members – serving as a one-stop facilitator of cryptocurrency disputes. Members will also receive the SRO’s assistance with advocacy efforts, such as the recent comment letter that the SRO submitted to the U.S. Securities & Exchange Commission (SEC) regarding the proposed revisions to the accredited investor definition. Read the SEC comment letter here.

For more information about Global DCA, view their website here. Recently, Crain’s Chicago Business also reported on the creation of the Global DCA. Read the story here. In addition, feel free to contact our Stradley Attorney Nicole Kalajian directly at 312-964-3507 or nkalajian@stradley.com for additional information about this effort.

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