As the battle over crypto regulation plays out across the globe, partner Michael Philipp speaks with Protocol about how the United States is grappling with some of the bigger regulatory concerns given its fragmented financial regulatory scheme with multiple agencies competing for a role in crypto. Michael said the United States is the “most complex” and the “most difficult place” to operate for crypto companies, since the country has “separate securities laws and separate derivatives or commodities laws” as well as “very broad concepts of what constitutes a security.”