Patrick Haggerty has extensive experience advising clients on matters related to financial services regulation, including regulatory strategy, bank powers, licensing requirements, and compliance and risk management expectations. Patrick joined Klaros from Discover Financial Services where he was responsible for advising the company on prudential and consumer protection laws and regulations. While at Discover, Patrick helped develop and maintain programs to meet evolving legal and regulatory standards across multiple agencies at both the federal and state level. He also helped coordinate the company’s preparation for and response to regulatory examinations and external engagement on regulatory policy. Patrick previously worked for nearly a decade in the Law Department at the Office of the Comptroller of the Currency. While at the OCC, he provided counsel to the agency’s Bank Supervision function on supervisory and enforcement matters and assisted with rulemakings and the promulgation of regulatory guidance. Patrick also advised the OCC’s Licensing staff on significant issues related to new bank formation, charter conversions, business combinations, and expansionary activities.
He received his J.D. from Chicago-Kent College of Law with High Honors, where he was an editor of the law review, and his B.A. from Denison University.
Financial regulators will issue a batch of new regulations and enforcement actions, which will cause frustration but should eventually drive crypto further into the mainstream. Securities regulation has always been a huge question mark in the crypto space, since it’s not even clear if crypto should be treated as a commodity, a security or something completely different. Whether or not we’ll get clarity there is still up in the air, but the SEC has an aggressive stance and they’ll likely develop clarity through enforcement rather than issuing a clear roadmap for people.22 January 2022