Today: White House Crypto Working Group to Release Policy Report on Tokenization

Plus Denver pastor who may have "misheard" God indicted in crypto scheme.

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Bruce Carton
July 30, 2025

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TuongVy Le, former Chief Counsel in the SEC’s Office of Legislative & Intergovernmental Affairs, and Senior Counsel in the SEC’s Division of Enforcement, has joined Veda as General Counsel.

Celia Cohen, former AUSA in the SDNY, has joined KKL as a partner in New York.

Benjamin Klubes has launched Klubes Law Group, based in Washington, D.C.

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White House set to unveil closely watched crypto policy report

Industry participants will be looking closely at what the report says about tokenization, the process of turning financial assets – such as bank deposits, stocks, bonds, funds and even real estate – into crypto assets.

Crypto firms and others have been increasingly discussing the prospect of tokenizing securities as a new way to facilitate trading. Coinbase recently told Reuters it was seeking a U.S. green light from the SEC to offer blockchain-based stocks. The SEC has yet to weigh in publicly on that request.

Wednesday’s report is expected to recognize the need for the SEC to develop a framework for tokenization, according to a source familiar with the discussions, but the details of the language were not immediately clear.

by Reuters

👉 This article by Crypto in America adds that the report is set to be released at a press event today at 2:30 PM EST that is expected to be attended by senior administration officials.

The report “stems from a January executive order by President Trump directing his President’s Working Group on Digital Asset Markets to strengthen U.S. leadership in digital financial technology.”

Denver Pastor and Wife Face Charges in ‘God-Inspired’ Cryptocurrency Scheme

A pastor in Denver who said that God told him to sell cryptocurrency to his followers was indicted this week on dozens of theft- and fraud-related charges, along with his wife, for selling a digital coin that prosecutors said had no real value.

The pastor, Eligio Regalado, and his wife, Kaitlyn Regalado, were indicted on Tuesday on 40 counts of theft, securities fraud and racketeering by a grand jury in Denver District Court. The couple created and sold a “God-inspired” cryptocurrency called INDXcoin and raised nearly $3.4 million by marketing it to their Christian followers, the Denver District Attorney’s Office said.

But that money was used to support the couple’s lavish lifestyle, not their cryptocurrency business, prosecutors said.

by NYT

👉 When Regaldo was sued for civil fraud back in January 2024, he explained that God told him to do it — although he said it’s possible he “misheard.”

“The Lord said: I want you to build this,” Regalado said. “We took God at his word and sold a cryptocurrency with no clear exit.”

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As federal enforcement slows, state Attorneys General are stepping in and expanding their reach fast. From data privacy to civil rights, their growing influence is reshaping compliance risks for companies.

What’s driving this surge — and how are law firms responding?

Read more from FTI Consulting experts Flower Chadraabal, Lindi Jarvis and Edurne Sistiaga: https://www.fticonsulting.com/insights/articles/state-ag-surge-future-enforcement

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