Partner Brian Klein, quoted by Law360 in a July 21, 2022 story on proposed cybersecurity legislation co-sponsored by Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), said, “Everyone in the industry agrees that cybersecurity is really important, but that doesn’t mean that everyone is looking to the SEC and CFTC – two agencies that don’t have any special expertise in cyber – for guidance.”
“This proposal, if enacted, is likely to sow confusion and not be helpful, at least at first,” Klein said. The Responsible Financial Innovation Act, proposed in June, would require the Securities and Exchange Commission and the Commodity Futures Trading Commission to develop “comprehensive, principle-based” cybersecurity guidance for a wide-ranging number of companies that create, store or transfer digital currencies.
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