The Rise of the 'Crypto Czar,' the Fall of a 'Blockchain Evangelist'
The cryptocurrency enforcement landscape continues to evolve with several important developments this past week, including the appointment of a “Crypto…
June 07, 2018 at 02:10 PM
2 minute read
The original version of this story was published on New York Law Journal
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All Hail the Crypto Czar
REcoin Centra Tech, Inc. Plexcorps May 2018 report May 2017 report |
The Fall of a “Blockchain Evangelist”
Cryptocurrency—a “Modern Miracle”
rousing speech about cryptocurrencies
Some countries have outlawed virtual currencies. Others have new, strict laws to control them. Many countries simply don't know what to do. Their policy is bewilderment. Or avoidance. And, some countries think virtual currencies are only a problem for developed countries like Switzerland, or Germany, or Singapore, or the United States.
But virtual currencies may—will—become part of the economic practices of any country, anywhere. Let me repeat that: these currencies are not going away and they will proliferate to every economy and every part of the planet. Some places, small economies, may become dependent on virtual assets for survival. And, these currencies will be outside traditional monetary intermediaries, like government, banks, investors, ministries or international organizations.
|Key Takeaways
The SEC's appointment of a “Crypto Czar” demonstrates that the agency is prioritizing cryptocurrency enforcement. crypto industry sweep The SEC is actively investigating both companies and individuals for ICO misconduct, and is particularly concerned about fraudulent activity. The SEC has offered a clue on how it might be differentiating between security tokens and non-security utility tokens. June 6, 2018 interview While regulators are warming up to blockchain's potential and expressing a willingness to work with industry participants, they are persisting with enforcement fervor.
Deborah R. Meshulam is a partner at DLA Piper and a former assistant chief litigation counsel in the SEC's enforcement division. Benjamin D. Klein is a senior associate at DLA Piper and a former international prosecutor. Richard Kelley is an associate at DLA Piper.
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