Crypto Policy

As Policy Counsel for Blockchain Association, Marisa helps develop and advocate for policy positions on behalf of the crypto industry as well as manages BA's litigation strategy. Prior to joining the Association, Marisa represented corporate clients in regulatory enforcement actions, internal investigations, and civil litigation matters at Covington & Burling and O'Melveny & Myers. Marisa also had a robust pro bono impact litigation practice. After law school, Marisa clerked for a federal judge in the Central District of California. She earned her B.A. from Brandeis University and her J.D. from Loyola Law School in Los Angeles.

Eve #wealthwednesday Highlight 82: Marisa Coppel, Policy Counsel - Blockchain Association

What is an amicus curiae brief?

An amicus brief, also known as a “friend of the court”, is an opportunity for a third party, neither the plaintiff nor the defendant, to provide the court with additional context that may not have been presented by either party. As an association, we assist in educating the court about the potential broader implications of a ruling on a particular issue and how it could impact the industry beyond the parties named in the lawsuit.

What was your first-ever investment?

That’s a good question and I have a funny story to share about my late grandfather. He used to give my brother and me one share of Home Depot stock every year on our birthdays. He worked as a broker for manufacturers to help get their products into stores like Home Depot and worked closely with the store. My dad has taken over his business since then. My grandfather had a special connection with Home Depot and was always excited about it. When I was a kid, I used to see stock listings in newspapers like The New York Times or the LA Times and it was my introduction to the stock market.

How and why did you get into the space of law and eventually into Blockchain and Crypto??

After college, I worked at a branding and licensing agency for two years, but I felt intellectually unfulfilled and knew I wanted to go to graduate school. I considered getting a Master's in public policy, social work, or a law degree, ultimately choosing to pursue a JD. I practiced litigation and white-collar investigations, both internal and government-facing, at two large law firms, where I worked on an SEC enforcement action of a crypto company in 2018. I found it fascinating since there was no legal precedent, and it sparked my interest in crypto. Last year, I left law firm life and decided to pursue crypto because it was intellectually stimulating, combined legal and emerging technology, and had an impact on creating a more equitable financial system and internet more generally. I found a position at the Blockchain Association through Jake Chervinsky, my boss and the chief policy officer, who I coincidentally connected with when I was in law school and he interviewed me for my clerkship while he clerked for the same judge. I joined the Blockchain Association last May.

What role do you play in the wealth space??

There is a crucial responsibility to regulate and facilitate the continued growth and innovation of this technology. If certain regulations are drafted in an unduly restrictive way, even unintentionally, that does not factor in important aspects of how this technology functions and the civil liberties at stake, they could potentially impede the development of blockchain technology. Our organization works diligently to prevent this from happening and to ensure that this technology can thrive in the United States. From that perspective, my role involves ensuring that blockchain technology remains accessible and ensuring policy impacting blockchain technology can help innovation continue.

What is the most exciting thing you’ve learned that you would want others to know as we experience economic challenges and controversies over the last year?

It was definitely a challenging environment in 2022, which was quite an eventful year. It's crazy that I joined the industry during this time, but I do believe that we've entered an era of building, where many of the bad actors are being filtered out, and we're refining the technology to keep building. I think this will be the focus in the coming years. As for what I've learned, I find the parallels between the start of the internet and blockchain technology fascinating, particularly from a regulatory perspective. In the early days of the internet, regulators attempted to prevent people from using credit cards online, but now it's an integral part of how we interact with each other and businesses. I'm researching history to identify the core principles that can protect innovation in this space. Additionally, the history of the renaissance is also relevant, where the double-entry accounting system allowed people to build wealth through credit, and I think we're experiencing a similar revolution in the way people can build wealth. I'm excited about this new era and believe we're only at the beginning of it.

What are the potential third-party effects of regulatory pushback in the blockchain industry, particularly around staking, interest pairing products, and security, and how can the average person advocate for their personal freedoms and values in transactions?

I believe there are a few important points to consider. Firstly, regulators are always focused on protecting consumers or investors, and this is often their reasoning for wanting to limit blockchain technology. It is our responsibility to educate them about how this technology can actually mitigate some of the risks that consumer or investor protection laws aim to address. Secondly, there is a balance between privacy and the government's interest in protecting national security. We need to continue advocating for our right to privacy while also acknowledging the need to prevent illicit finance. While KYC is already required in some circumstances, we should strive to strike a balance between the national security interests at stake and individual and financial privacy.?

Is there a person or a company that’s really inspired you? And why?

I'm really excited about decentralized social media, such as what Aave with Lens is doing. While I haven't fully figured out how to use it, I do have my Lens handle. I just love the idea of not having a single entity owning everything we post online. I think that's such an important aspect of what we're trying to achieve. Additionally, decentralized finance is fascinating. The concept of not needing an intermediary to complete transactions is revolutionary. Uniswap is a major player in this space, but there are also many other companies involved. The DeFi Education Fund does some amazing advocacy work, specifically related to DeFi. Maggie Love at SheFi does incredible work educating the community about the technology, and I'm still learning a lot from her, especially as the technology continues to evolve. Li Jin, a partner at Variant, has also written some excellent publications on decentralization and the ownership economy, so I would definitely recommend following her and Variant's work.

What advice do you have for someone getting started?

First, don't hesitate to ask questions and explore the topic by reading and learning more about it. There are numerous resources and communities available to help you gain knowledge about the crypto industry. As a lawyer, it would be helpful to work on crypto matters or securities and commodities-related cases, or venture deals to gain experience in the ecosystem that plays a significant role in building the crypto industry.

Additionally, there are various online communities for lawyers, such as Blockchain Barristers Discord channel, and Lex DAO, which is an open-source legal repository. Connecting with prominent lawyers in the field who writes about the law in this area would be beneficial. Most of them are available on Twitter, and you can initiate a conversation with them about how they got into this space and what they would recommend to someone new to the field. I have found that people in this industry are very open and welcoming to helping others get started.

How can we stay in touch?

So the blockchain association is on Twitter (@BlockchainAssn).

I am @mtcoppel on Twitter and I also have a substack that's not crypto-related at all -? It's called Becoming Undefined.

Have thoughts on this week’s topic or question for me or Marisa? Post your thoughts in the comment section. Until next week.??

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DISCLAIMER: The thoughts and views expressed in this video do not constitute financial or investment advice.

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