In an article published on March 5, 2025, in Law360, Brooks Pierce partners Daniel Adams and Greg Gaught analyze how the Terraform Labs case could shape the future of cryptocurrency regulation.
Adams and Gaught explain the current regulatory landscape, where cryptocurrencies are governed by decades-old statutes and multiple federal agencies with differing approaches, creating a patchwork of enforcement that has led to conflicting interpretations among federal agencies and courts.
Analyzing the new administration's shift toward a "regulate first, enforce second" approach, they note that the Terraform case presents a unique test of when cryptocurrencies should be treated as securities versus commodities, and may help define the boundary between lawful and unlawful conduct in digital asset transactions.
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