Lewis Cohen is the co-founder of DLx Law, a law firm founded in 2018 to serve the needs of a new, technology-driven economy.  Lewis and the DLx Law team provide in-depth legal counsel to startups, growth companies, major enterprises, and governmental entities on a broad range of matters involving the use of blockchain, cryptocurrencies and other disruptive technologies.  Passionate about the ability of innovative technologies to change the way businesses and individuals work together, Lewis has become a major advocate for the potential of emerging technologies to benefit and transform industries around the globe.
Lewis brings more than 25 years of experience advising major clients in capital markets and finance transactions.  Lewis is a frequent public speaker on the topic of blockchain and distributed ledger technology.  Lewis served on the Board and Executive Committee of the Structured Finance Industry Group (SFIG). Lewis is also recognized by Chambers Global as one of only three lawyers in “Band 1” for Legal: Blockchain & Cryptocurrencies – USA. Follow Lewis on Twitter: @NYCryptolawyer.
At present, with some notable exceptions, like the DAO Report in 2017, much of our understanding of the Securities and Exchange Commission’s approach to digital assets has been derived from enforcement actions.  Unsurprisingly, many of these actions have resulted in settlements with the alleged offender, for which little can be gleaned.
The relatively few cases which have gone to litigation have been instructive—if not illuminating.  For example, a brief in the Ripple Labs matter from earlier this year revealed that the SEC’s position is that the digital asset that was sold, XRP, is not itself a security but rather the “embodiment” of an investment contract.  Whether this position is one which the SEC and other regulators will continue to adopt and maintain—as opposed to the more common perception that many digital assets are in and of themselves securities—and whether such a concept would stand up to judicial scrutiny, is representative of the existential uncertainty which persists, despite the current corpus of regulatory guidance.
In addition, although fewer in number, private litigation continues to play a role.  Finding a way to solve for the gap and alleviate some of the legal uncertainties which persist, in a way which drives innovation forward while protecting investors and participants, will likely be one of the greater challenges that practitioners, regulators, and legislators face in the coming years.