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Securities,
Government,
Administrative/Regulatory

Oct. 6, 2017

SEC goes after its first initial coin offering

On Sept. 29, the SEC issued its first civil complaint against two companies and their founder for violating anti-fraud and registration provisions of the federal securities laws.

SEC Chairman Jay Clayton addresses The Economic Club of New York, in Manhattan in July. As to virtual currencies, Clayton has said, "We seek to foster innovative and beneficial ways to raise capital, while ensuring -- first and foremost -- that investors and our markets are protected." (New York Times News Service)

BLOCKCHAIN AND THE LAW

Virtual currencies bitcoin, etherium and others have gained significant notoriety, intriguing entrepreneurs and established businesses alike and prompting a wave of innovation particularly in the financial services industries, aka FinTech. Now, government regulators and enforcement agencies are not only taking notice, but taking steps to assert their jurisdiction and curb abuses.

Blockc...

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