Partner David Rothschild, alongside other team members, attended Bitcoin 2022 in Miami. David advises clients, frequently in the crypto space, on the formation and structure of domestic and offshore investment funds. He represents a wide variety of funds, ranging in size from startups to multibillion-dollar firms. David commented:
“Many people had questions about President Biden’s recent executive order (“EO”) on digital assets and what it will mean for their businesses and the asset class writ large. Some worried that the EO signaled upcoming regulation of digital assets and were concerned about how that would impact them. In my view, the EO was a good thing for the industry. Additional regulation is inevitable, but the order is focused on keeping the U.S. at the forefront of technological innovation; in the context of digital assets, that’s as close to an endorsement as we could expect from the U.S. government (especially as certain other nations seek to curtail or ban digital assets outright). Short term, I expect to see rulemaking aimed at protecting retail investors, but that is likely to have little direct impact for private fund managers. Longer-term, the order is a sign that the U.S. government recognizes the permanence of the asset class and will seek to build a regulatory framework to embrace it rather than prohibit it. That’s a win.”
“I was surprised by the breadth of participation. Everyone from teenagers in hoodies to institutional asset managers in ties was soaking in the industry’s energy and excitement. It is incredible to witness this explosive growth.”
“In my experience as an attendee, they called it “Bitcoin 2022” but walking around the conference and the exhibition hall, it easily could’ve been “Crypto 2022.” I saw booths selling NFTs, air conditioners for mining operations, every crypto FinTech application under the sun, etc. For the general public that may not have much familiarity with the digital asset space beyond Bitcoin headlines, you should understand that this is an asset class very much on the rise and moving into every corner of the economy. It cannot be ignored.”
“In reflection, this was my first actual, in-person conference since COVID hit (and I wasn’t the only one). Meeting people in person, shaking hands with new friends, and clinking glasses with old ones enlivened a part of my soul that’s been dormant for two years. Business can be done remotely, but there’s nothing like in-person for making new connections and rekindling old ones.”
