Public Policy & Regulation Committee – Global DCA

Public Policy & Regulation Committee

Committee Leadership

The Public Policy and Regulation Committee is chaired by Michael Frisch, Partner at the law firm of Croke, Fairchild, Morgan and Beres. Mike’s career to date has involved guiding clients through complex and high-stakes investigations, enforcement matters, litigation, and regulatory matters at the intersection of government and business.

Immediately prior to joining Croke, Mike served as Senior Advisor and Legal Counsel to Chicago Mayor Lightfoot. Mike joined the Lightfoot Administration from the Division of Enforcement of the U.S. Commodity Futures Trading Commission, where he was responsible for investigating and litigating alleged violations of the Commodity Exchange Act (CEA).

At the CFTC, he developed significant expertise in matters related to cryptocurrency and digital assets, bringing one of the CFTC’s first enforcement actions involving cryptocurrency – CFTC v. Bitfinex, and was part of the team responsible for the CFTC’s action against Tether in 2021. While at the CFTC, Mike was part of the litigation team in CFTC v. Monex, a landmark case concerning the applicability of Section 2(c)(2)(D) of the CEA, and contributed to the CFTC’s Final Interpretive Guidance on Actual Delivery for Digital Assets. Mike also served as the lead attorney on CFTC v. Kraft, one of the CFTC’s first market manipulation cases utilizing post-Dodd Frank manipulation authority in Section 6(c)(1) of the CEA. Mike also led numerous investigations and enforcement matters including of CFTC registrants, exchanges, and other market participants.


  • The Public Policy and Regulation Committee (PPR Committee) functions to advance the Global DCA’s goal of reducing the ambiguity and complexity of the current legal and regulatory landscape for digital assets and cryptocurrency.
  • PPR activities promote regulation which balances the need for innovation and advancement of the digital asset and cryptocurrency industry and technologies while protecting consumers and the public interest.


To directly contribute to the delivery of the Global DCA’s strategic objective of reducing the ambiguity and complexity of the current legal and regulatory landscape and promoting “balanced” regulation, the responsibilities of the PPR Committee are to:

  • Advise and provide insights on legal and regulatory trends to the Global DCA and identify opportunities for legal and regulatory engagement, awareness building with key legislators and regulators, and opportunities to provide feedback and insight on needed legal and regulatory reforms (both US domestic, foreign and global in nature).
  • Advocate for strengthening and developing ‘fit for purpose’ legal and regulatory frameworks which best support the current and future growth of the digital asset and cryptocurrency industry and underlying technologies, including through outreach activities and speaking engagements.
  • Act as a trusted advisor to legislators, regulators and broader stakeholders with an interest in improving the legal and regulatory frameworks related to the digital asset and cryptocurrency industry.
  • Provide assistance and support (through public policy research, white papers, or other appropriate means) to the development of the Global DCA’s approach to new and evolving forms of technology, regulation, and evolution of the marketplace.
  • Guide the development of global principles-based standards which address the lack of clarity and best practices in the marketplace and provide global guidance as relates to the development of businesses in the industry.
  • Enable access to materials, resources and expertise from Global DCA member organizations and partners, including international development partners, to support the development of the industry globally (e.g. standards, guidance, educational materials, and tools).

Current Policy Projects

Each week the Public Policy and Regulation (PPR) Committee meets from 2:00-3:00 PM ET USA to discuss key emerging issues in global and national policy.

The PPR Committee is the central body through which the Global DCA crafts its policy positions, strategy and disseminates key news, happenings and flags aspects member and stakeholder firms should be aware of while navigating the complexity of the digital asset industry.

We are currently preparing responses to the following three major legal and regulatory pieces facing the industry:

Given the Global DCA focus not only on representing the view of its direct member base but on speaking as a voice for the industry, at times the Public Policy and Regulation Committee holds public roundtable discussions to gauge the breadth of perspectives and ensure our responses fully represent the industry.

If you would like to learn more about the Public Policy and Regulation Committee as well as participate in Member and/or open roundtables, please feel free to contact for more information.