Richard Levin, Kevin Tran, and Bobby Wenner of the Nelson Mullins FinTech and Regulation Practice, co-authored a chapter for the recently published, Fintech Laws and Regulations 2024 guide by Global Legal Insights. The chapter titled, “More Cowbell – FinTechs (Don’t) Fear the Reaper: Regulation of Digital Assets,” is based on the classic Saturday Night Live skit, “More Cowbell,” spoofing the recording of the classic, “(Don’t Fear) The Reaper.” In the skit, Christopher Walken, repeatedly tells the band what is needed is “more cowbell.” 

In a lighthearted manner, the chapter compares the Chairman of the U.S. Securities Exchange Commission (SEC) to Walken in his belief that what is needed for the FinTech industry is “more cowbell” – more regulation by enforcement. The chapter includes a discussion of: the use of enforcement as a means of regulating digital assets in the United States, regulation of trading platforms that facilitate the trading of digital assets that are securities, regulation of platforms that facilitate the clearance and settlement of digital assets that are deemed securities, and an action by a FinTech firm against the SEC based on the failure to act on a petition for guidance on the regulation of digital assets. The chapter concludes with a discussion of an approach that would be preferred by the FinTech industry – a constructive dialogue between the SEC and the FinTech industry through rulemaking that is subject to the Administrative Procedure Act.

Levin is chair of the firm’s FinTech and Regulation Practice and one of the first lawyers to focus on the regulation of blockchain and digital assets. He is considered a thought leader in the FinTech space. Levin brings his experience as a senior legal and compliance officer on Wall Street and in London to bear in advising clients on FinTech, securities, and regulatory issues. He is routinely quoted by leading publications including Bloomberg, the New York Times, Reuters, and the Wall Street Journal and is a frequent speaker at conferences around the world on the regulation of FinTech, blockchain, and digital assets. 

Tran is a partner in the FinTech and Regulation practice group. He counsels financial institutions and technology clients with financial regulatory, securities, and corporate matters. He focuses on the representation of early stage, mid-stage, and publicly traded FinTech companies focused on blockchain technology, digital assets, and cryptocurrencies, including broker-dealers, digital asset and currency trading platforms, digital asset custodians, alternative trading systems, and securities exchanges and swap execution facilities.

Wenner is of counsel in the FinTech and Regulation practice. He counsels financial services and technology firms on financial services regulatory and corporate matters. He focuses on the representation of financial technology companies working with blockchain, tokenization, digital assets, and cryptocurrencies, including broker-dealers, alternative trading systems (ATS), digital asset and currency trading platforms, digital asset issuers and custodians, securities exchanges, and derivatives trading platforms including swap execution facilities.