Token Alliance co-chair Paul Atkins has been nominated to replace crypto antagonist Gary Gensler as chair of the Securities and Exchange Commission (SEC), signaling a major shift in how crypto is regulated in the United States. 

Gensler's tenure, though instrumental in laying regulatory groundwork and case laws, drew heavy criticism for its reliance on enforcement-driven regulation.

Across the Atlantic, the European Union has implemented the first of its kind Markets in Crypto Assets (MiCA) regulation to oversee the crypto industry. While praised for its ambition, MiCA's stringent rules are driving some businesses out of the region, adding to debates over the regulatory burden on digital markets. Meanwhile, Asia continues to integrate crypto into its legal systems, with significant cases setting local precedents.

To unpack the most important legal developments of 2024 and forecast what's next, Magazine spoke with legal experts Catherine Smirnova and Yuriy Brisov of Digital & Analogue Partners in Europe, Joshua Chu of the Hong Kong Web3 Association, and Charlyn Ho of Rikka Group in the US.

The discussion has been edited for clarity and brevity.

Magazine: How will crypto law in the US change under the new administration?
Brisov: The Biden administration did a lot to prepare the legal frameworks for crypto assets. I'm sure that the proceeds of this preparation will help the next administration.

Willingly or not, the SEC helped shape the surface of crypto regulation so far. Common law countries are usually based on case law. We usually regulate when we have a sufficient amount of case law, and now is the time.