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Scrutiny of the cryptocurrency industry continues to grow, with both state and federal regulators arguing that more needs to be done to protect investors. On October 19, 2023, the New York Office of Attorney General filed suit against cryptocurrency companies Gemini Trust Company (Gemini), Genesis Global Capital, LLC, and its affiliates (Genesis), and Digital Currency […]

Initial Coin Offerings Revolve Around Key Question – What Is a Security? Businesses are increasingly relying on initial coin offerings (ICOs) to raise capital. However, as with many other new high-tech financial transactions, the law has largely failed to keep pace. As we have discussed previously, virtual coins are created and disseminated using distributed ledger […]

Are Cryptocurrencies “Money” or “Funds” Under 18 U.S.C. 1960? As of 2011, there were less than a handful of digital currencies (aka cryptocurrencies) in circulation. Today, there are over 900, with another initial coin offering (ICO) hitting the market almost every day. The cryptocurrency market has surpassed a market cap of $100 billion. That type of […]

Will the Federal Government Establish Policy Regarding Blockchain Technology? The Federal Reserve Board recently published a research paper entitled, “Distributed Ledger Technology in Payments, Clearing and Settlement.”  While not necessarily groundbreaking, the report signals that the federal government is moving towards establishing a national policy regarding blockchain technology.Several years ago, the Federal Reserve indicated that […]