John Cahill (Associate-White Plains, NY) and Thomas Wilson Jr. (Partner-New York) co-authored “What are digital assets and who defines them?” for the September 7, 2023, edition of Thomson Reuters Westlaw Today. The article looks at the introduction of comprehensive legislation by Congress, with the Financial Innovation and Technology for the 21st Century Act (FIT21), noting it ostensibly omits any definitions of digital assets. Compounding the confusion created by this lack of clarity, John and Tom find “the patchwork of definitions across varying bills underscores the urgent need for a consistent and comprehensive definition of “digital asset” in FIT21 and other crypto-related bills making their way through Congress. John and Tom emphasize that the ambiguous nature of digital assets highlights the need for a definition “that can serve as a cornerstone for future legislation and regulatory actions.” The authors also raise the question of whether the definition and framework regarding digital assets should be the responsibility of Congress, “providing the dual benefits of democratic legitimacy and the capacity for open debate and ensuring that various perspectives are considered.”