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8 April 2026

Beyond Fintech: Crypto Moves Toward Clarity (Podcast)

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A&O Shearman

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A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
In our latest Beyond Fintech podcast, partners Dario de Martino and Susan Gault Brown examine a wave of coordinated U.S. regulatory and legislative developments that signal a meaningful shift toward a workable framework for digital assets.
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In our latest Beyond Fintech podcast, partners Dario de Martino and Susan Gault Brown examine a wave of coordinated U.S. regulatory and legislative developments that signal a meaningful shift toward a workable framework for digital assets.

The conversation builds on recent analysis from our Fintech blog, including our deep dive into the SEC–CFTC’s landmark interpretive guidance and our breakdown of the OCC’s proposed rules to implement the Genius Act, which together illustrate how regulators are moving away from an enforcement first approach and toward clearer market structure.

They discuss:

  • the joint SEC–CFTC guidance and why its new taxonomy marks a shift away from enforcement first regulation
  • how the Howey analysis is evolving, with the focus moving from the token itself to the circumstances of the sale
  • what NASDAQ’s tokenized securities pilot signals for the future of public markets and
  • why recent CFTC and OCC actions matter as Congress debates the Clarity Act.

The message is clear: this isn’t the finish line—it's a credible bridge toward regulatory certainty.

Listen to the full episode to understand what this moment means for digital asset businesses, platforms, and investors navigating what comes next.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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