The Global Challenges of Regulating Crypto and Digital Assets

Mr Timothy Massad, Research Fellow, Harvard Kennedy School Mossavar-Rahmani Center for Business and Government and Director, M-RCBG Digital Assets Policy Project

Timothy Massad is currently a Research Fellow at the Mossavar-Rahmani Center for Business and Government at the Kennedy School of Government at Harvard University, and the Director of the Center’s new Digital Assets Policy Project. He is also a nonresident scholar at the Brookings Institution and a consultant on financial regulatory and fintech issues.

Mr. Massad served as Chairman of the U.S. Commodity Futures Trading Commission from 2014-2017. Under his leadership, the agency implemented the Dodd Frank reforms of the over-the-counter swaps market; harmonized many aspects of cross-border regulation, including reaching a landmark agreement with the European Union on clearinghouse oversight; declared bitcoin and virtual currencies to be commodities; and enhanced cybersecurity protections.

Previously, Mr. Massad served as the Assistant Secretary for Financial Stability of the U.S. Department of the Treasury. In that capacity, he oversaw the Troubled Asset Relief Program (TARP), the principal U.S. governmental response to the 2008 financial crisis. During his tenure, Treasury recovered more on all the crisis investments than was disbursed. Mr. Massad was with the Treasury from 2009 to 2014 and also served as a counselor to the Treasury Secretary.

Prior to his government service, Mr. Massad was a partner in the law firm of Cravath, Swaine & Moore, LLP. His practice included corporate finance, derivatives and advising boards of directors. He managed the firm’s Hong Kong office from 1998 to 2002 and represented governments and corporations on transactions in China and throughout Asia. Mr. Massad was also one of a small group of lawyers who drafted the original ISDA master agreements for swaps.

Mr. Massad’s articles and podcasts on crypto and financial regulation can be found at Brookings as well as the Wall Street Journal, Barron’s, Bloomberg and other outlets.

Mr. Massad received a J.D. from Harvard Law School and a B.A. from Harvard College.

Mr Benjamin Gaw, Director, Drew & Napier LLC

Benjamin is a Director in Drew & Napier’s Telecommunications Media and Technology and Information Technology Practice Group. He regularly advises on FinTech-related licensing and regulatory issues, including requirements relating to the Payment Services Act, blockchain and cryptocurrencies and other fintech matters. Benjamin’s FinTech expertise includes advising on emerging and established payments solutions, payment gateways, blockchain-based digital investment platforms, cryptocurrencies and ICOs, e-wallets, contactless and mobile payments solutions, and digital gift vouchers. He also acted for the investor in a sports related NFT platform, with an investment valued at USD120 million.

Benjamin also regularly advises on legal issues in the commercialisation and exploitation of intellectual property rights, such as research and development agreements, IP licensing and cross-licensing agreements, IP assignments and also franchises and franchising businesses. Benjamin also regularly reviews software licensing agreements, IT procurement and related contracts, website terms of use, and other IT and technology contracts. He also advises on start-ups and early stage investments in technology companies.

Benjamin is an endorsed lawyer for Information Technology Law by Best Lawyers International: Singapore 2024. He is recognised as a market-leading lawyer for Corporate/M&A by Asialaw. He is also recognised as a Global Elite Thought Leader for life sciences; and labour & employment by Who’s Who Legal 2023, while Asia Pacific Legal 500 2023 recommends Benjamin in employment, and fintech & financial services, and notes, “‘Benjamin Gaw is always available and understands the issues well.’, a ‘true subject matter expert’, and ‘practical and efficient, able to deliver timely and accurately pitched advice.

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