AUGUST 9, 2024 – Stephen Gannon, a partner in the financial services practice at Davis Wright Tremaine LLP, has co-led the creation of a first-of-its-kind publication from the American Bar Association entitled "Banking [on] Blockchain: A Legal and Regulatory Primer."
"Banking [on] Blockchain" is a comprehensive guide to the legal and regulatory landscape surrounding the use of blockchain technology, decentralization, and digital assets within the financial services industry. The book explores the potential benefits and challenges of using these technologies and offers guidance on how financial institutions can navigate the complex regulatory environment.
In addition to co-editing the book with Sumeet Chugani, general counsel at Cloaked, Gannon also co-authored the book's introduction as well as chapters entitled "The Current State of Crypto Regulation" and "Custody, Redemption and Ownership." Mike Borgia, who leads DWT's information security group, contributed a chapter on privacy and cybersecurity, one of the critical components in ongoing digital asset development.
Other contributors to "Banking [on] Blockchain" include leading experts at major law firms and from companies such as Coinbase, Vencora, and Binance.
"The technological advancement going on here is moving quite fast," said Gannon. "We're still at the beginning stages of developing the infrastructure. I'm pleased to be able to provide readers with guideposts and analysis that will help us manage blockchain in the future for the benefit and health of the industry."
The book's 12 chapters provide a comprehensive overview of regulatory and legal issues in this space. These topics include:
- Addressing compliance considerations and complications that arise under various federal and state consumer financial laws.
- Outlining privacy principles in international and U.S. data privacy laws as they apply to banking and its intersection with blockchain.
- Offering in-depth guidance on instituting a robust risk framework for digital asset businesses.
- Providing an overview for financial institutions with limited experience in the crypto realm regarding rug pulls, scams, and fraud.
- Analyzing the current substantive international framework for digital asset regulation.
- Delving into the jurisdictional challenges arising from blockchain technology and their implications for legal enforcement and regulatory oversight.
Gannon is a financial services industry leader who has previously served as a senior legal executive at Citizens Financial Group, Capital One Financial Corporation, and Wachovia Securities. He has spent the last two decades as an advisor on the highest levels of strategic decision-making for several of the country's largest financial institutions.
At DWT, Gannon advises the banking industry on regulatory and strategic matters ranging from public policy and corporate governance to litigation, compliance, and administrative actions. He also focuses on helping the industry adapt to and stay on top of the burgeoning fintech and digital asset spaces, about which he speaks and writes frequently.
About Davis Wright Tremaine
Davis Wright Tremaine LLP is an AmLaw 100 law firm with more than 600 lawyers representing clients based throughout the United States and around the world. With eight of the 10 largest banks and a half-dozen of the largest fintechs among its clients, DWT's financial services group helps clients solve regulatory problems, innovate, and drive business forward. Learn more at www.dwt.com/fs.