Keith Miller, a partner at the Perkins Coie law firm, joins BlockchainJournal.com editor-in-chief David Berlind on the Blockchain Journal podcast during the NFT.NYC conference in New York City. As law firms go, Perkins Coie is well-known for its expertise in technology and has been involved in blockchain since 2012. During the interview, Miller recounts his journey into the space, representing early exchanges and navigating major crypto cases involving the SEC, such as Library (LBRY) and Ripple. But the conversation quickly turns to the current day environment where American businesses are hesitant to move forward with their blockchain plans so long as there's a chance they could end up on the wrong side of a law that hasn't even been written yet.

Today, Miller and other members of the Perkins Coie team help the law firm's clients figure out how to move forward with their blockchain innovations, given the significant regulatory uncertainty in the United States. While some states have passed blockchain-specific laws, the US Congress has made virtually no headway in terms of drafting such laws at the Federal level. This situation leaves government agencies such as the SEC, the CFTC, and the IRS to rely on existing laws (laws that were drafted before blockchain existed) to guide their regulatory activities when it comes to blockchain and cryptocurrency. Against the backdrop of that lack of regulatory clarity, Miller discusses the challenges facing organizations in the evolving crypto landscape and advises organizations against the idea of engaging in projects solely for fast profits. Highlighting recent cases involving NFTs, Miller stressed the need for organizations to develop a clearly articulated business purpose for their NFT ventures (implying that making a quick buck off primary market sales of NFTs is likely to attract the attention of regulators looking to carry out their next enforcement).

The conversation delves into the role of the SEC in fostering innovation amidst its primary objectives of investor protection, capital formation, and market integrity. Miller suggests that regulatory clarity is necessary for innovation to thrive, expressing skepticism about imminent changes from the SEC without Congressional intervention. The current highly tribalistic political divide is further complicating the regulatory landscape, potentially hindering progress when it comes to blockchain legislation. And, so long as the laws are slow in coming, organizations would be remiss not to seek the input of legal experts to help them strike the right balance between blockchain innovation and federal enforcement trends.

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   • Given Regulatory Uncertainties, Busin...