The Crypto Exchange

In this episode of The Crypto Exchange , hosts Ethan Ostroff and Genna Garver look back at 2025 — ultimately a pivotal year for digital assets and crypto regulation in the U.S. — drawing on Troutman Pepper Locke's flagship publication, Financial Services Industry 2025 Digital Assets Year in Review . The report reflects insights from more than 10 of our firm's practice areas and more than 30 attorn...

In this episode of The Crypto Exchange , hosts Ethan Ostroff and Genna Garver welcome Glenn Pudelka and Straat Tenney from the firm's Intellectual Property Practice Group. They discuss the Ninth Circuit's pivotal decision in Yuga Labs v. Ryder Ripps , which recognizes NFTs as goods under U.S. trademark law. This ruling is a significant advancement in extending intellectual property protections int...

In this special crossover episode of The Crypto Exchange and Payments Pros podcasts, hosts Ethan Ostroff and Carlin McCrory, along with James Stevens, co-leader of Troutman Pepper Locke's Financial Services Industry Group, explore the dynamic landscape of partnerships between financial institutions and digital asset firms. They discuss the increasing demand for payment enablement, highlighting how...

In this episode of the Crypto Exchange , host Genna Garver is joined by David Labhart from ACA Group to discuss the dynamic landscape of digital assets and blockchain technology. David, who brings extensive experience from his previous role as an attorney advisor at the SEC, shares insights on the evolving regulatory environment surrounding digital assets. The conversation highlights the increasin...

In this episode of The Crypto Exchange , hosts Ethan Ostroff and Genna Garver are joined by their colleague Pete Jeydel to explore the implications of the GENIUS Act on sanctions, anti-money laundering (AML), and efforts to combat the financing of terrorism within the stablecoin sector. The discussion focuses on the act's goal to create a regulated ecosystem for payment stablecoin issuers, known a...

In this episode of The Crypto Exchange , Ethan Ostroff welcomes Deb Kovsky and Alex Rovira, partners in Troutman Pepper Locke's Bankruptcy and Restructuring practice, to explore the GENIUS Act's approach to stablecoin insolvency. The discussion highlights the complexities and gaps within the current regulatory framework. The episode provides a historical perspective on crypto bankruptcies, examini...

In this episode of The Crypto Exchange , Genna Garver is joined by Tom Tilton from Troutman Strategies to discuss key legislative developments in the crypto sector, focusing on the GENIUS Act and the Clarity Act. They begin by highlighting the GENIUS Act's influence on stakeholders, including traditional financial institutions like banks and credit card companies, as they navigate the evolving reg...

In this episode of The Crypto Exchange , Genna Garver is joined by Josh Riezman, chief strategy officer and head of U.S. legal at GSR, to discuss the evolving landscape of digital assets and the regulatory environment surrounding them. Josh, with his extensive background in both traditional finance and crypto, offers insights into the increasing demand for cryptocurrencies, driven by both native c...

In this episode of The Crypto Exchange , Genna Garver is joined by Tony Tuths, senior partner and leader of the Digital Asset Group at KPMG, to discuss recent legislative developments in digital assets. They examine the GENIUS Act, which aims to enhance stablecoin market stability through authorized issuers and audited reserves, and the CLARITY Act, pending Senate approval, which proposes a regula...

In this episode of the Crypto Exchange , Genna Garver is joined by John D'Agostino, head of strategy for Coinbase Institutional, to discuss the significant developments in the crypto industry following the Senate's approval of the GENIUS Act and the anticipated CLARITY Act. These legislative moves aim to establish a regulatory framework for stablecoins and clarify the status of digital assets in t...

In this special crossover edition of the Payments Pros and Crypto Exchange podcast, Carlin McCrory is joined by colleagues Alex Barrage and Ethan Ostroff to discuss recent legislative updates surrounding payment stablecoins. The group begins by exploring the advantages of payment stablecoins, such as their 24/7 availability and programmability, and the merits of having robust competition for stabl...

In this episode of Crypto Exchange , host Ethan Ostroff is joined by his colleagues Pete Jeydel and Peter Leary to discuss trends and lessons learned from recent civil enforcement actions by the Treasury Department's Office of Foreign Assets Control (OFAC) and from Department of Justice (DOJ) criminal prosecutions related to digital assets. Their discussion covers key compliance lessons for fintec...

In this episode of The Crypto Exchange , Ethan Ostroff and Alexandra Barrage are joined by Matt Bornfreund to discuss recent activities by federal banking regulators and federal legislative developments impacting the digital assets industry. They examine the emergence of new banks and innovative business models within the banking sector, highlighting their impact on the digital asset landscape. Th...

In this episode of Crypto Exchange, Ethan Ostroff and Alexandra Barrage are joined by partners Joanna Cline and Jay Dubow to discuss the evolving landscape of the SEC's enforcement actions involving cryptocurrencies. The episode highlights the demand for clear regulatory guidelines in the digital asset space, particularly regarding the classification of tokens and cryptocurrencies as securities. T...

In this special joint edition of the Crypto Exchange and the Consumer Finance Podcast , host Ethan Ostroff is joined by colleagues James Kim and Chris Willis to discuss the anticipated regulatory approaches to digital assets by the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), and state agencies following the recent change in administration in Washington. The group b...

In this episode of The Crypto Exchange , Ethan Ostroff is joined by colleagues Pete Jeydel and Matt Orso to discuss a recent landmark decision from the Fifth Circuit regarding Tornado Cash. The court ruled that the Office of Foreign Assets Control (OFAC) exceeded its authority by sanctioning immutable smart contracts created by Tornado Cash. This decision has significant implications for the regul...

In this special crossover episode of the Payments Pros and Crypto Exchange podcasts, our hosts are joined by colleague Alexandra Steinberg Barrage to discuss California's Department of Financial Protection and Innovation’s proposed rulemaking under the Digital Financial Assets Law (DFAL). The group discusses various aspects of the new cryptocurrency licensing regime, including licensure exemptions...

In the latest episode of The Crypto Exchange , host Ethan Ostroff is joined by colleagues Brett Broczkowski and Mike Lowe to discuss the intersection of crime and cryptocurrency, with a focus on the challenges financial institutions face in this space. The conversation highlights the significant rise in crypto-related crimes, with reported losses exceeding $5.6 billion in 2023. The group discusses...

In the latest episode of The Crypto Exchange , host Ethan Ostroff is joined by Addison Morgan to discuss the recent CFTC enforcement action against Uniswap. The CFTC alleged that Uniswap violated the Commodity Exchange Act (CEA) by facilitating retail commodity transactions on behalf of non-eligible contract participants (i.e., retail consumers) through its decentralized exchange, which enabled co...

In the latest episode of The Crypto Exchange , host Ethan Ostroff is joined by Addison Morgan to discuss a groundbreaking initiative by the California Department of Motor Vehicles (DMV) to digitize 42 million car titles using the Avalanche blockchain network. This move allows users to claim, track, and manage digital titles via the DMV's application, reducing transfer times from two weeks to just...

In the latest episode of The Crypto Exchange , host Ethan Ostroff is joined by Addison Morgan for an in-depth discussion on the Lummis-Gillibrand Payment Stablecoin Act. This legislation proposes a state and federal regulatory framework for overseeing stablecoins issued by U.S. companies. The conversation explores the potential implications of the bill, including its intent to protect consumers, m...

In this episode of The Crypto Exchange , Troutman Pepper Partner Ethan Ostroff welcomes his colleague Trey Smith to discuss the recent Wells notice issued by the Securities and Exchange Commission (SEC) to Uniswap, a major decentralized exchange. Ethan and Trey examine the potential consequences of this notice, which is generally a precursor to an enforcement action. The two underscore the importa...

In the final episode of this series, Ethan, Addison, and Trey discuss federal digital asset-related bills and developments from 2023, along with two Office of Foreign Assets Control (OFAC) consent orders involving digital asset exchanges. The group discusses the Economic Report of 2023 issued by the White House, which contained a 35-page chapter dedicated to digital assets and distributed ledger t...

In the third episode of this four-part series, Ethan, Addison, and Trey discuss several state-level developments that occurred in the digital asset sector during 2023. The group discusses the inception of New York Department of Financial Services' (NYDFS) BitLicense regulation, its evolution, and the NYDFS' introduction of guidance describing the procedures a digital asset custodian must engage in...

In the second episode of this four-part series, Ethan, Addison, and Trey explore the CFPB's proposed rule to define a market for general-use consumer payment applications under its larger participant authority, and its impact on digital asset financial services companies. The group discusses the integration of digital assets into the traditional financial system and the associated regulatory conce...