Thomas Hyrkiel, Head, Content Services
Here at GRIP we make a concerted effort to focus less on the controversies of the day and more on the developments that matter to practitioners. This article by Peter Sharp and David Waldron from legal firm Morgan Lewis highlights an important future development that legal and compliance professionals should be aware of.
It offers an insightful and succinct commentary on the present state of the law and potential changes, slicing through complex issues with aplomb and offering an analysis that is informative, thought-provoking and, at the same time, highly practical.
Martin Cloake, Managing Editor
The podcast with Andrew Davies of Comply Advantage is a fascinating conversation illustrating how financial crime and financial regulation affects real lives, bringing what can be a dry subject to life and giving it relevance. Andrew’s knowledge and enthusiasm and our reporter Carmen Cracknell’s measured questioning combine for an engaging and effective half an hour.
Martina Lindberg, Production Manger
There’s nothing I love more than a good enforcement story. And in the world of tricky rules and regulations, we need something to bring a smile to our faces. That’s why I’ve chosen Julie DiMauro’s article on the creators of NFT-driven cartoon series Stoner Cats getting fined for offering unregistered securities.
SEC’s Gurbir S Grewal’s quote – and guidance – will forever make me grin like the Cheshire cat.
“Regardless of whether your offering involves beavers, chinchillas or animal-based NFTs, under the federal securities laws, it’s the economic reality of the offering – not the labels you put on it or the underlying objects – that guides the determination of what’s an investment contract and therefore a security.”
Mic drop.
Dissenting SEC Commissioners Hester Peirce and Mark Uyeda also had some fun, making comparisons between the Stoner Cats NFTs and the Star Wars collectibles of a previous generation.
“Using the analysis of today’s enforcement action, the SEC should have parachuted in to save those kids from Star Wars mania.”
SEC Commissioners Hester Peirce and Mark Uyeda
Jean Hurley, Commissioning Editor
Martin Cloake charts the development of information and communication throughout the ages, acknowledging distrust and fear of the unknown and ultimately suggesting a positive outcome. In conversation with AI & Compliance expert Christian Hunt, he looks at how AI can assist with predictable tasks and how firms should embrace technology to change the way in which we work.
He theorizes that how we deal deal with the rise of AI is by maximizing our own innate humanity. Like any technological tool, AI can be used for good or bad but it’s up to us as humans to ensure this technology is used in a responsible and ethical way.
“The development of AI … will change the way people work, learn, travel, get health care, and communicate with each other.”
Bill Gates
Julie DiMauro, US Content Manager
I recommend that GRIP readers take a peek at Carmen Cracknell’s article entitled Court opposes SEC over Grayscale ETF, about the ruling by a three-judge panel of the District of Columbia Court of Appeals in August that said the SEC was wrong to reject Grayscale’s proposed bitcoin ETF.
The case had been closely watched by the industry and it briefly boosted the price of bitcoin nearly 7%.
You know the story by now. What you might not know is that Carmen covers crypto industry technology, new product and regulatory developments routinely, and this coverage rounds out GRIP’s monitoring of the technology that is shaping the future of compliance as a profession.
Whether the court’s decision turns out to be the catalyst for the SEC to adjust its approach to crypto as an asset class or not, Carmen will keep us posted.
“This ruling is not just about Grayscale or Bitcoin, it sets a precedent for the broader crypto industry. This is big, positive, and precedent-setting news.”
Ji Kim, General Counsel and Head of Global Policy, Crypto Council for Innovation
Carmen Cracknell, UK Senior Reporter
AI is the buzzterm of the moment, and its evolving use in all sectors should be a real concern for regulators. The British government’s attempts to make the UK an AI powerhouse will only bring this issue more to the fore in the coming months and years.
With a major AI summit fast approaching, my colleague Martin Cloake’s coverage of the Ada Lovelace Institute’s report New report questions credibility of UK approach to AI regulation, is more prescient than ever.
The UK’s take differs to the EU’s rules-based approach on how existing regulators will need to get to work to regulate AI in the near future.
