The Global Digital Asset and Cryptocurrency Association Announces Creation of the Compliance Community of Practice

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Feb 21, 2023 (AB Digital via COMTEX) —
Chicago, Illinois – February 21, 2023 – The Global Digital Asset and Cryptocurrency Association, the preeminent self-regulatory association for the digital asset and cryptocurrency industry, announces the creation of its  Compliance Community of Practice (C-COP). The C-COP aims to provide practical guidance and insights to Chief Compliance Officers and their teams as they develop compliance frameworks for businesses evolving in digital assets. The chairpersons selected to lead this important new initiative include the following industry experts and leaders in the regulatory space concerning digital assets: Joe Schifano, Global Head of Regulatory Affairs at Eventus and Elizabeth Davis, Partner at Davis Wright Tremaine LLP. 

“The C-COP provides a vehicle through which the Global DCA may support its member firms in sharing lessons learned and best practices in the area of digital asset compliance ,” said Gabriella Kusz, CEO of the Global Digital Asset and Cryptocurrency Association. “We believe in a modern approach to self-regulation which not only includes standards and guidance, and education and certification, but also supporting digital asset firms as they work to build systems, policies and procedures to mature the ecosystem, protect consumers and advance market integrity.”

Financial institutions have dealt with uncertainty and “regulation-by-enforcement” for decades,” said Schifano. “The enduring lesson is to proactively set up reasonably designed governance frameworks while the policy debate continues. I look forward to participating in a network of compliance professionals who will cut through the noise and share best practices to support their businesses.”

With heightened scrutiny on compliance programs, the importance of having a strong compliance program cannot be understated,” said Davis. “I look forward to these important and necessary discussions about navigating through compliance issues and challenges in the digital asset space given the current regulatory environment.”

The C-COP will facilitate roundtable discussions with Chief Compliance Officers and navigate common challenges. Despite pockets of regulatory uncertainty on many issues, compliance departments must nonetheless develop best practices for governance models, policies and procedures, and surveillance. Regulations exist today that impact financial market participants and new regulations are being developed. We will consider the on-the-ground implications of current and proposed regulations for compliance departments, and also review enforcement actions. Together, we can discuss practical, day-to-day best practices for compliance issues specific to digital assets.

About the Global Digital Asset and Cryptocurrency Association

The Global DCA is a global self-regulatory association for the digital asset & cryptocurrency industry. It was established to guide the evolution of digital assets, cryptocurrencies, and the underlying blockchain technology within a regulatory framework designed to build public trust, foster market integrity, and maximize economic opportunity for all participants. Its broad-based membership includes exchanges, proprietary trading firms, traders, investors, asset managers, brokerage firms, FCMs, custodians, decentralized technology organizations, banks, legal firms, audit firms, insurance professionals, academics, consultants, & media.

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About Joe Schifano

Joe Schifano is currently the Global Head of Regulatory Affairs at Eventus. Founded in December 2014, Eventus is the leading global provider of multi-asset class trade surveillance and market risk solutions. Eventus drives innovation at the intersection of risk and surveillance to replace legacy and inflexible systems. Eventus supports multiple asset classes and jurisdictions around the world with a fully customizable, SaaS-based platform that meets clients’ unique needs. Joe’s role is to partner with client stakeholders, champion their needs and concerns, communicate regulatory trends, offer insights to maximize effectiveness, and help compliance and supervisory staff build best-in-class surveillance and monitoring capabilities. Joe has been with Eventus since July 2020. 

Previously, Joe served as Deputy Chief Counsel and Global CCO at Tower Research Capital in New York City. At Tower, he also served as Head of Americas Compliance and CCO for Latour Trading LLC and TRC Markets LLC from 2016 to 2018 and as Counsel from 2014 to 2015.  Before Tower, Joe was the Vice President of U.S. Markets (Legal) for the Intercontinental Exchange (NYSE) advising SROs and affiliate businesses on rule interpretations, business initiatives, media inquiries, regulatory exams and reporting to the SEC. Joe was Director of Equities Supervision (Americas) for Barclays Capital Inc. managing the supervisory requirements of multiple desks and before that Joe worked for many years at UBS Securities in leadership roles including as Regulatory Attorney, Head of Customer Service, Regulatory Affairs Officer and Trading Supervisor. Joe earned his law degree from New York Law School and passed the NY State Bar in 2008 while working full time at UBS.

About Elizabeth Davis 

Liz co-chairs the firm’s national financial services practice. With nearly two decades of federal government experience at the Commodity Futures Trading Commission and U.S. Department of Justice, Liz has the insights to effectively advocate before the CFTC, DOJ, Internal Revenue Service, Securities and Exchange Commission, National Futures Association, and exchanges such as CME and ICE.

Liz represents individual and corporate clients in financial services examinations, regulatory investigations and proceedings, and white-collar matters. Her wide-ranging clients include financial institutions, proprietary trading firms, agricultural and energy firms, futures commission merchants, fintech firms, digital asset exchanges, commodity pools, and commodity trading advisors. Liz’s depth of government experience allows her to handle government investigations efficiently and resolve civil and criminal matters in a way that significantly reduces penalties sought by the government, while zealously advocating on behalf of her clients in litigation. She also works with companies to conduct cost-effective internal investigations.

At the CFTC, where she served as a chief trial attorney in the Division of Enforcement, Liz led civil regulatory enforcement investigations on wide-ranging matters including fraud and manipulation, virtual currencies, ICOs, credit default swap indices, undercapitalization, and swaps reporting. Before her nine-year tenure at the CFTC, she served as counsel to the deputy assistant attorney general for civil matters within the DOJ Tax Division and was a trial attorney in the Tax Division’s civil trial section. As a trial attorney, Liz tried numerous bench and jury trials to judgment, representing the IRS in federal district and bankruptcy courts.

Liz is the former chair of McGonigle, P.C., where she was a founding member of the firm’s Commodities, Futures & Derivatives practice group.

Source: Global Digital Asset and Cryptocurrency Association

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Company Name: Global Digital Asset and Cryptocurrency Association
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