Daniel Davis, General Counsel of the Commodity Futures Trading Commission (CFTC), joins Katten Muchin Rosenman LLP, a Chicago-based law firm.
Davis, who joined the CFTC in 2017 under the leadership of former President Chris Giancarlo, headed the agency’s legal division for four years, overseeing the regulatory agency’s compliance with the law in the development of rules as well as enforcement measures. In 2018, Davis also drafted a memo authorizing agency staff to invest in cryptocurrencies.
He left the regulator earlier this month, shortly before Giancarlo’s successor Heath Tarbert also left his post as CFTC chairman.
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“I think crypto continues to evolve,” Davis told CoinDesk in a phone call Monday. “Basically what I’m looking to do with my practice is stay on the cutting edge of crypto.”
This development could continue to be unpredictable, he said. The new presidential administration could also approach the industry differently from Donald Trump’s regulators. Davis will work in Katten’s office in Washington, DC.
“I would keep an eye on the enforcement actions, the types of enforcement actions and the theories put forward by the agencies in enforcement actions give an indication of the thinking that comes from the regulators,” he said. declared.
There could also be legislative developments in the coming years, he said. Although Congress has not passed a large number of bills relating to the crypto industry to date, “there has been a lot of talk about the [Capitol] Hill on whether to “regulate” the space.
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Future legislation is likely at state, federal and even international level, he added.
At the CFTC, Davis oversaw the development of various derivatives outside of the crypto space.
In his new role, he plans to ensure that his clients comply with regulations and that the regulation of regulatory agencies complies with the Administrative Procedures Act and other laws governing how agencies can create regulations.
He has already challenged regulation by the Securities and Exchange Commission (SEC) under the Dodd-Frank Act, he said.