Digital currency is an exciting, dynamic and growing technology changing the financial and legal landscapes. To keep pace, corporate counsel must stay abreast of new rules, new regulations, and new applications of blockchain technology. Recognizing this need, Digital Currency + Blockchain Perspectives chronicles industry news, including regulatory developments and other issues affecting our clients and the digital currency industry.

SEC Exams To Focus On ICOs And Cryptocurrency

On February 7, 2018, the SEC’s Office of Compliance Inspections and Examinations (OCIE) announced its 2018 Examination Priorities.  In what comes as no surprise, the exam priorities include initial coin offerings (ICOs) and cryptocurrency, stating the following: “The cryptocurrency and ICO markets have grown rapidly and present a number of…

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Yahoo! Finance All Markets Summit: Crypto, Featuring Grant Fondo

The 2018 iteration of Yahoo! Finance’s All Markets Summit, taking place on Tuesday, February 7, 2018, will focus solely on cryptocurrency. From Bitcoin and blockchain to ICOs, in conjunction with CoinDesk, Yahoo! Finance will lead a series of conversations with CEOs, engineers, policy makers and legal experts on the growing…

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ICOs in 2018: Increased Regulatory Scrutiny, and Alternatives to Traditional "Utility" Token ICOs

As originally published by Brave New Coin, January 19, 2018. As we transition from 2017 into 2018, there has been an increase in SEC and state regulator activity in the area of Initial Coin Offerings (“ICOs”), as the agencies seek to determine (i) whether certain ICOs constitute a sale of unregistered securities;…

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SEC and CFTC Enforcement Directors Issue Joint Statement Regarding Virtual Currency Enforcement Actions

On January 19, 2018, SEC Co-Enforcement Directors Stephanie Avakian and Steven Peikin and CFTC Enforcement Director James McDonald issued the following joint statement regarding virtual currency enforcement actions: “When market participants engage in fraud under the guise of offering digital instruments – whether characterized as virtual currencies, coins, tokens, or…

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BitConnect and the Advent of State Securities Enforcement Over ICOs

In the wake of the SEC’s clarifying guidance in Munchee[1] regarding the application of the federal securities laws to initial coin offerings (“ICOs”), there has been increased activity among both federal and state regulators as they seek to deter what they deem to be sales of unregistered securities in the…

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FINRA Targets ICOs and Digital Currencies in Annual Broker Exam Priorities Letter

On January 8, 2018, the Financial Industry Regulatory Authority (FINRA) released its 2018 Annual Regulatory and Examination Priorities Letter (Exam Priorities Letter) for its broker-dealer members.  In the Exam Priorities Letter, FINRA addresses initial coin offerings (ICOs) and digital currencies, stating the following: “FINRA will closely monitor developments in this…

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Massachusetts Securities Regulator Announces "Aggressive Policing" of Cryptocurrency Firms

On December 15, 2017, Massachusetts Secretary of State William Galvin announced that his office’s Securities Division (“MSD”) would begin “aggressive policing” of cryptocurrency sales in Massachusetts.  The MSD regulates the offering and sale of securities in Massachusetts.  The MSD can seek a range of civil remedies for violation of the…

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See You At TokenFest!

Goodwin is a proud sponsor of TokenFest, taking place March 15 & 16, 2018 in San Francisco, CA. Mitzi Chang, a partner in Goodwin’s Digital Currency + Blockchain Technology practice, will be a featured speaker on a panel of legal experts discussing compliance and regulation for token crowd sales. For…

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