Legit Ledger Episode 20: Ripple v. Terraform, CFTC v. SEC – Where Next?


In this episode of the Legit Ledger, Matthew Lisle of Wedbush Securities joins Sheppard Mullin partner Bill Kane and associate William Sierra-Pambley to discuss recent regulatory developments impacting the digital asset marketplace.

What We Discussed in This Episode:

There remains a lack of judicial consensus in applying the 1946 United States Supreme Court case, SEC v. W.J. Howey, where the Court delineated a three pronged test for determining what constitutes a security subject to SEC oversight. 77 years later the courts remain in disagreement on how to apply the Howey test as illustrated in recent US District Court decisions Ripple and Terraform.

Cryptocurrency industry leaders want clear and comprehensive digital asset industry regulation to promote market transparency and investor confidence. Mr. Lisle provides his views on why the Commodity Futures Trading Commission (“CFTC”) should be the chief digital asset regulator and how it would benefit the market.

Lisle discusses a path forward for the digital asset industry facing continued regulatory uncertainty. Self-regulation and legislative collaboration are discussed along with constructive solutions the Global Digital Asset & Cryptocurrency Association has proposed.

About Matthew Lisle

Matt Lisle serves as Chief Compliance Office (CCO) for Wedbush Securities Futures Division, one of the nation’s leading diversified independent financial services providers. As an attorney he has focused on legal and regulatory compliance in the futures industry for over 25 years.

Matt served as General Counsel for Drawbridge Lending, which Galaxy Digital acquired in 2020. At Galaxy, he served as CCO of the commodity pool and trading advisory business. Matt also co-founded and is Chairman of the Global Digital Asset & Cryptocurrency Association.

About Bill Kane

Bill Kane is a partner in the Business Trial Practice Group in Sheppard Mullin’s Chicago office, where his national litigation practice includes complex commercial litigation and advice across industry sectors in corporate governance, director and officer issues, shareholder rights, media/entertainment, and regulatory issues. 

Bill represents clients before trial and appellate courts, administrative agencies, as well as private mediations and arbitrations. His government controversy practice includes representing clients in response to state and federal regulatory enforcement actions, including parallel proceedings, Presence Exams, and market issues related to 7 U.S.C. § 9 of  the Commodity Exchange Act, including its application in the Fin-Tech industry. He further conducts internal investigations for company board of directors and executive management in response to threatened and pending claims.

About William Sierra-Pambley

William Sierra-Pambley is an associate in the Finance and Bankruptcy Practice Group and a member of the firm’s Alternative Finance team and Blockchain & Fintech team.

William represents corporate borrowers, financial sponsors, portfolio companies, commercial banks and other financial institutions in a variety of domestic and cross-border financing transactions. Some of the areas in which William has experience are senior secured and second-lien credit facilities in connection with broadly syndicated transactions, leveraged buyouts and add-on acquisitions. William also specializes in tribal-related financing projects.

Contact Information

Matt Lisle 

Bill Kane

William Sierra-Pambley


Global Digital Assets & Cryptocurrency Association

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