Regulatory Horizon, A New Digital Era
Join us to hear from experienced industry professionals as they discuss Current pathway of the SEC’s Crypto Task Force’s approach to the regulation of crypto assets, current thinking about the applicability of the federal securities laws, and recommended practical policy measures that aim to foster innovation! The panel will tackle topics covering:
Recent Regulatory Updates (as of mid-2025):
- GENIUS Act: Passed the Senate; proposes a federal stablecoin framework—important for funds using or receiving stablecoins.
- CLARITY Act: Seeks to divide regulatory responsibilities between SEC and CFTC for digital assets.
- Anti-CBDC Act: Would prevent a U.S. central bank digital currency without Congressional approval.
Preparing for Challenges:
- Custody Rule: Must safeguard crypto assets properly. If assets are securities, they must be held at a qualified custodian. For non-securities, protections must still be in place.
- Best Execution: There are no traditional brokers for crypto, but funds must show they seek best execution across exchanges.
- NAV Calculation: Generally calculated monthly based on market prices from multiple crypto exchanges; must be fair, consistent, and documented.
- Trading Platforms: Hedge funds trade crypto through centralized exchanges (e.g., Coinbase, Binance), OTC desks, and sometimes DEXs (decentralized exchanges).
- Audit and Valuation: Crypto assets in cold storage must be auditable. GAAP-compliant financials are required if relying on audit exemption under the Custody Rule.
- Surprise Exam vs Audit: Most funds prefer audited financials over surprise exams. Self-custody heightens audit complexity.
- Fair Value: Required for GAAP; crypto pricing often references exchange data but can vary in illiquid assets.
Speakers
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John AraneoPartner, Cole-Frieman & Mallon LLPJohn Araneo is a partner at Cole-Frieman & Mallon LLP, renowned for his ability to bridge legal strategy and technological innovation in the investment management industry. He specializes in advising both digital asset and traditional (“tradfi”) fund managers on fund formation, IT infrastructure, seeding, capital raising, employment, regulatory compliance, and cybersecurity, with a particular focus on the unique challenges facing cryptocurrency and digital asset managers.
After nearly two decades in private practice, John left the firm for several years to co-found Align Managed Services, where he and his co-founder pioneered the first cybersecurity-compliant, fully managed IT infrastructure solution designed specifically for fund managers. This venture established a new benchmark for managed service providers in the asset management space. John later returned to Cole-Frieman & Mallon LLP to continue his work with investment managers, applying his combined legal and technological expertise to help his clients navigate the increasingly complex regulatory landscape and assist them in embracing technological and operational innovations.
John is a published author and sought-after speaker on a range of investment management topics, including crypto compliance, digital assets, cybersecurity, and operational resilience. His earlier experience includes serving as general counsel to one of the first direct-access electronic trading firms, which was acquired by E*Trade in 2003. He advises a diverse clientele, from startups and emerging managers to established funds and family offices, providing practical, business-focused guidance across both digital and tradfi asset classes.
Outside of his professional life, John enjoys spending time with his family, cooking, fishing, and playing golf. -
Joshua RiveraOperating Partner & General Counsel, Blockchain CapitalJoshua Rivera is an Operating Partner and the General Counsel of Blockchain Capital. Joshua is an expert in the legal and regulatory issues attending various aspects of the crypto industry, including token protocols, DeFi, KYC/AML, and tokenization and RWAs, and he has extensive experience analyzing the blockchain industry’s rapidly evolving regulatory landscape. Joshua is also a member of the Blockchain Capital investment team, providing particular expertise in assessing salient legal questions pertinent to prospective and current portfolio companies. Joshua brings to bear his regulatory understanding and connections to help forecast the ongoing development of the industry.
Joshua also serves on the Board of Directors for the Blockchain Association, the crypto industry’s leading policy trade association, where he helps coordinate industry consensus on policy and regulatory matters. In April of 2023, Joshua provided oral and written testimony before the United States House of Representatives Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion in a hearing titled The Future of Digital Assets: Identifying the Regulatory Gaps in Digital Asset Market Structure.
Before joining Blockchain Capital, Joshua worked as a senior associate at Cooley LLP and as an associate at Shearman & Sterling LLP.
Joshua received a J.D. cum laude from Georgetown University Law Center and a B.S. of Business Administration, with a second major in Philosophy, with highest distinction from the University of North Carolina, at Chapel Hill.
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Gena DiraniManaging Director, Salus GRCGena joins Salus GRC as a Managing Director in the Regulatory Compliance practice. She brings nearly a decade of experience advising private fund managers and RIAs across asset classes with significant involvement in digital asset compliance. Most recently, she was a Director at Optima Partners, where she led the development and oversight of the firm’s digital asset compliance offering and supported private equity, venture capital, real estate, and other private fund advisers through SEC registration, program implementation, and regulatory exams.
Previously, Gena managed SEC compliance programs in-house at two private equity firms and was responsible for both SEC and FCA compliance at a real estate-focused asset manager. She began her career at Ascendant Compliance Management, assisting private fund and wealth managers with all aspects of regulatory compliance.
She holds a BS from Michigan State University’s James Madison College, a JD from Suffolk University Law School, and an LL.M. in Banking and Financial Law from Boston University. Gena is licensed to practice law in Massachusetts and Nevada.
