As broad regulatory changes under the current U.S. administration continue to drive hope for a more laissez-faire environment in which private funds can make ever freer use of technological innovations and bespoke cross-border strategies, the importance of conducting proper diligence is hard to overstate. Although the growing use of blockchain and tokenization has provided operational freedoms to private funds scarcely imaginable in the past, the proliferation of complex and disparate regulatory regimes in foreign jurisdictions poses pitfalls for fund managers that do not properly tailor their compliance programs and outbound investment protocols. Those points were covered in two panels at Morgan Lewis’ 19^th Annual Advanced Topics in Hedge Fund Practices Conference held June 9, 2026, entitled “International Trade and National Security Regulations” and “Cryptocurrencies, Digital Assets and the Tokenization of Funds.” The speakers on the first panel were Morgan Lewis partners David Plotinsky and Casey Weaver, and those on the second panel were partners Arnaud Grünthaler, Robert A. Schwartz and Todd P. Zerega. This article presents key takeaways from the two panels. For coverage of Morgan Lewis’ 2025 Hedge Fund Conference, see “SEC Regulatory and Examination Priorities in 2025” (Aug. 14, 2025).