David Tutor, special counsel at WilmerHale’s New York office, representing the firm. He does bring a wealth of experience from his previous role as chair of the Securities and Exchange Commission (SEC). His deep experience gives him a distinct perspective on the changing regulatory framework for crypto assets and other technologies. Tutor’s expertise will be especially important as companies leapfrog into the complicated world of this fast-evolving field.
While at the SEC, Tutor was on the front lines of creating, building and leading the new Cyber Unit. He helped to pioneer the Asset Management Unit. He oversaw some of the SEC’s most high-profile cases, including fraud and market manipulation charges related to several crypto offerings. For his extraordinary contributions, he was honored by the SEC with its most prestigious award, the Stanley Sporkin Award.
Key SEC Investigations and Enforcement Actions
Tutor's work at the SEC placed him at the forefront of the agency's efforts to regulate the burgeoning crypto market. He was a part of the team that instituted the first Cyber Unit ICO enforcement action. While Tutor was at joint upper, Tutor’s supervisor was Val Szczepanik, who was very interested in the crypto space.
He previously briefed cases while under Chair Gensler’s tenure, an era infamous for the enforcement-first campaign to regulate crypto. Often, Tutor would have been responsible for ICO enforcement cases. These fundraising approaches in the crypto universe routinely drew the ire of regulators. His experience in these matters surely provides him with an uncanny insight into the SEC’s priorities and concerns.
Understanding the Regulatory Landscape
Tutor's knowledge extends to the SEC's recent statement entitled "There Must Be Some Way Out of Here," signaling the agency's continued focus on crypto regulation. It seems to me that he negotiated with Commissioner Peirce, who is heading up the Task Force, on crypto-related issues. It’s this experience at the SEC that has positioned him to be able to provide cutting-edge guidance to clients at WilmerHale.
He scrutinized lots of marketing materials designed to lure in retail investors. This experience provided him unique perspective into the SEC’s process for evaluating potential securities law violations. His legacy consists of cases brought against corporates and individuals, including Mr. McAfee and one of his former lieutenants. This experience gave him a deep, front-line perspective on the SEC’s enforcement approach and tactics.
A New Regulatory Regime for Digital Assets
Tutor is optimistic that the new regulatory regime for digital assets will be collaborative and industry-informed. As he sees it, this regime will lead to a robust level of disclosure. It will enhance transparency and accountability to the overall crypto market. His extensive experience makes him uniquely positioned to counsel clients on what they need to start doing to prepare for and adapt to these forthcoming changes.
