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A wonderful law clerk, Tristyn Meyer from MSU College of Law, has spent the year with us at ICAN. He arrived the way most young lawyers do—having studied securities regulation from a casebook, where the SEC executes flawlessly and the people on the other end barely appear. Then he spent a year representing those people in real cases, and the picture changed.

Preemption, Blue-Sky Laws, and the Fight Over Who Regulates Digital Assets. Congress came within reach this past week of enacting the first comprehensive framework for regulating cryptocurrencies and, more broadly, digital assets. It did not get there. Below we review where that legislation stands and examine the obstacle we believe will decide its fate: federalism.