US Crypto Policy Tracker: Industry Groups

On January 26, 2023, the International Swaps and Derivatives Association, Inc. (ISDA) published version 1.0 of the long-awaited ISDA Digital Asset Derivatives Definitions (the Definitions), intended to create “an unambiguous contractual framework for digital asset derivatives under the umbrella of the ISDA Master Agreement.” ISDA also published the first of two whitepapers exploring the legal questions that emerged from the recent tumult in the crypto space. The first whitepaper, Navigating Bankruptcy in Digital Asset Markets: Netting and Collateral Enforceability, explores the legal and property characterization issues that exist for digital assets. It also confirms that ISDA will begin work in 2023 to update netting opinions in the relevant jurisdictions to cover digital assets. The second paper will focus on issues related to customer assets held with intermediaries and should be published later in Q1 of 2023.

Read more on Latham's Global Fintech & Digital Assets Blog.