Hunton Andrews Kurth Joins the Texas Blockchain Council
The Texas Blockchain Council welcomes our newest member, preeminent law firm Hunton Andrews Kurth LLP. Patrick Boot, Associate at Hunton Andrews Kurth, is a member of their their digital banking, FinTech, and emerging payments advisory practice. He explains why the firm chose to join the Texas Blockchain Council.
I am excited to be joining the Texas Blockchain Council at such a pivotal time and appreciate the opportunity to briefly introduce myself.
As a member of Hunton Andrews Kurth’s financial institutions and corporate regulatory practice, I advise a wide range of established financial institutions and emerging fintech companies on developing innovative financial products and services. I was first introduced to blockchain technology several years ago while working at a large bank in Atlanta where I specialized in digital banking, fintech and emerging payments. At that time, banks were beginning to explore the potential of blockchain technology and the use cases for cryptocurrency, but very few banks were actively investing in the space or interested in being the leader in leveraging this new technology – this was largely due to the uncertain regulatory environment. As I developed a focus, both in a professional and personal capacity, on learning about blockchain technology, cryptocurrencies and the developing regulatory landscape, I became increasingly fascinated with the potential of the distributed ledger technology underlying blockchains and digital assets.
In just the last year, we have seen a tremendous amount of maturation with respect to blockchain technology and cryptocurrencies specifically. It’s not just fintechs and a select few companies that are exploring cryptocurrencies; Fortune 500 companies as well as the country’s oldest and largest banks are either actively investing in cryptocurrency directly or exploring ways for their customers to do so in a safe and secure manner. States like Wyoming and New York have taken tremendous strides in enacting regulations that provide the needed clarity for companies to fully understand how digital assets fit within a broader legal framework. While my focus and experience with blockchain relates primarily to the use of digital assets in the financial industry, I recognize that the potential impact of blockchain technology and cryptocurrency spans across virtually all industries.
For blockchain technology to continue developing in a meaningful way, we need a regulatory framework at both the state and federal level that seeks to foster innovation in a coherent manner. Such regulation will serve to enable responsible experimentation and reward companies that are focused on leveraging technology and digital assets to create novel products and services that can benefit the United States as a whole. Enabling responsible innovation requires a flexible, principles-based, regulatory framework and that is why I am excited to join the Texas Blockchain Council to help support its mission to make Texas a leader in blockchain innovation.