McGuireWoods partner David Hirsch and associates Chelsea Smith Press, Ray Villani and Thomas Watson authored an article titled “Proposed Legislative Frameworks in America” published in Volume 14 of The International Journal of Blockchain Law.
The article analyzes the shifting U.S. regulatory landscape for digital assets, examining three major legislative proposals currently before Congress: the Clarity Act of 2025, the Responsible Financial Innovation Act (RFIA) and the Digital Commodity Intermediaries Act (DCIA). With federal regulators transitioning from confrontational enforcement to a model of favorable guidance and active industry dialogue, the authors explained why legislative action remains essential for long-term market certainty.
“A ten-year business model cannot be underwritten against a four-year political cycle,” the authors observed. “Until Congress passes laws, the industry remains burdened by uncertainty and subject to regulatory whiplash depending on the priorities of each new administration.”
Key topics addressed include the classification of digital assets as securities, commodities or other categories; the division of regulatory oversight between the SEC and the Commodity Futures Trading Commission; requirements for disclosures, registration and legal accountability; the concept of decentralization and its regulatory implications; and the political dynamics that may affect the prospects for passage of comprehensive market structure legislation.
Hirsch is former chief of the SEC Division of Enforcement’s Crypto Assets and Cyber Unit, where he led investigations and enforcement actions involving digital assets, cybersecurity incidents and emerging technologies. He is a sought-after adviser to clients on emerging issues related to cybersecurity and crypto assets. Smith Press counsels broker-dealers, investment advisors, banks and proprietary trading firms on securities regulatory, compliance and enforcement matters. Villani, a former technology consultant for financial institutions, advises clients in private equity industries. Watson represents individuals and companies in criminal investigations and civil enforcement matters.
The International Journal of Blockchain Law is published by the Global Blockchain Business Council.