Proposed Voluntary Framework for Digital Asset Tokens Designed to Identify Material Information Enabling the Market to Make Informed Decisions
CHICAGO, Oct. 20, 2024 /PRNewswire/ — The Global Digital Asset and Cryptocurrency Association (Global DCA), in collaboration with Global Blockchain Business Council (BGGC), The Digital Chamber and the Proof of Stake Alliance, today announced the Proposed Information Guidelines for Certain Tokens Made Available in the United States, a comprehensive, voluntary framework designed to enhance transparency and enable informed decision-making in the rapidly evolving digital asset market.
Prominent attorneys along with distinguished law and finance scholars leading in the fields of blockchain, digital assets and Web3, developed and proposed the Guidelines as members of an impartial Senior Steering Committee:
Chris Brummer – Professor of Law, Georgetown University, and Faculty Director, Georgetown’s Institute of International Economic LawLewis R. Cohen – Partner and Co-Head of the CahillNXT practice, Cahill Gordon & Reindel LLPPatrick Daugherty – Partner and Head of Digital Assets Practice, Foley & Lardner LLP; Adjunct Professor of Law at Cornell and NorthwesternDaniel Davis – Partner and Co-Chair Financial Markets Regulation, Katten Muchin Rosenman LLP; Former General Counsel, U.S. Commodity Futures Trading CommissionZachary O. Fallon – Partner, Ketsal PLLCMerritt B. Fox – Professor of Law & Director of the Program in Law and Economics of Capital Markets, Columbia Law SchoolCarol Goforth – Distinguished Professor of Law, University of Arkansas School of LawYuliya Guseva – Professor of Law, Rutgers Law SchoolJoel Hasbrouck – Kenneth G. Langone Professor of Business Administration and Professor of Finance, NYU Stern School of BusinessLilya Tessler – Partner & Head of FinTech and Blockchain Group, Sidley Austin LLPYesha Yadav – Professor of Law, Vanderbilt University Law School
The Steering Committee was advised by the Advisory Committee composed of key industry stakeholders:
Rachel Barnett – Chief Legal Officer, IEXJason Civalleri – Product Counsel, GrayscaleWilliam Costello – General Counsel, Gemini Trust CompanyRobert Krugman – Chief Digital Officer, BroadridgeAjay Mittal, CFA – Product Strategy, ConsenSysNilmini Rubin – Chief Policy Officer, HederaCraig Salm – Chief Legal Officer, GrayscaleLee Schneider – General Counsel, Ava LabsAnnemarie Tierney – Founder and Principal, Liquid Advisors
The proposed Guidelines focus on native distributed ledger technology (DLT) tokens and are informed by U.S. securities, commodities, and consumer protection regulations as well as industry best practice. The framework seeks to align with global standards, including the European Union’s Markets in Crypto-Assets Regulation (MiCA), ensuring flexibility for the adoption within different regulatory regimes. Further, the Guidelines do not impose mandatory disclosures but instead provides a fit-for-purpose, comprehensive model that stakeholders may voluntarily adopt.
“Global DCA expresses its sincere gratitude to members of the Steering Committee and the Advisory Committee for their unwavering dedication and leadership in this groundbreaking effort. Your collective expertise, insights, and hard work were instrumental in shaping a framework that will enhance transparency and trust in the Web3 industry,” said Renata Szkoda, the Chair of Global Digital Asset & Cryptocurrency Association.
The Guidelines are open for public comments from October 21, 2024 to January 31, 2025. Global DCA invites feedback from all interested stakeholders. Timely comments will be publicly available and considered by the Steering Committee for inclusion in the proposed Guidelines.
How to Submit Comments:
Interested parties can submit comments via email to: comments@globaldca.org
About the Global Digital Asset and Cryptocurrency Association
The Global DCA is a global leading trade association for the digital asset & cryptocurrency industry. It was established to guide the evolution of digital assets, cryptocurrencies, and the underlying blockchain technology within a regulatory framework designed to build public trust, foster market integrity, and maximize economic opportunity for all participants.
For more information, visit https://global-dca.org/proposed-u-s-disclosure-guidelines/
Media Contact:
Christina Sciotto
c.sciotto@globaldca.org
312-593-5119
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SOURCE The Global Digital Assets Cryptocurrency Association
