Category Archives: Cryptocurrency

Tech Industry & Consumer Advocates Share Support for Federal Data-Privacy Legislation, Differ on the Details

In late September and early October, the Senate Commerce Committee held a pair of hearings with tech companies and consumer advocates to explore the possibility of federal data-privacy legislation.  The Committee invited representatives from tech giants such as Google, Amazon, and Twitter to testify in September, then in October invited Dr. Andrea Jelinek, Chair of the European Data Protection Board;… More

Regulators Step Up Scrutiny of Cryptocurrency Advertising as Industry Stance Softens

We posted earlier this year about increased scrutiny of cryptocurrency advertising, especially the promotion of Initial Coin Offerings, or ICOs.  The key takeaway from that post was that the frenzy around cryptocurrencies – including as an investment opportunity for individuals who aren’t otherwise active investors – has led to a number of efforts to curtail cryptocurrency promotion, from both regulators and industry stakeholders.… More

Watch: Regulatory Considerations and Blockchain Technology – Best Practices for In-House Counsel

Co-hosted by Foley Hoag LLP and ACC-Northeast

The emergence of blockchain technology, and its use to create digital tokens and currencies, raises numerous legal questions and challenges, across a wide variety of industries.

This webinar is a chance for in-house counsel to learn what blockchain technology is, the relevant legal and regulatory considerations surrounding blockchain technology and cryptocurrency, how to navigate the various areas affecting digital tokens and currency,… More

HoweyCoins:  The SEC’s Newest Attempt at Educating the Public on ICOs.

Perhaps in the spirit of the saying “if you can’t beat them, join them,” the Securities and Exchange Commission recently launched an initial coin offering website of its own – HoweyCoins.com.  No, the SEC has not suddenly decided to join the coin offering craze.  But the Office of Investor Education and Advocacy has launched this new mock site to illustrate the dangers of such offerings to retail investors. … More

Bitcoin Takes A Hit As Cryptocurrency Advertising Faces Increased Scrutiny

Crypto is a Greek prefix meaning “secret” or “hidden.”  Unless you live under a rock, or in one of several countries like Bolivia where buying and selling it is illegal, there is nothing secret or hidden about cryptocurrency.  It’s everywhere.  And public interest in cryptocurrency has led to lots of advertising, mostly on social media and the internet.

Spurred on by an incredible—some might say too-good-to-be-true—increase in value in late 2017,… More

Massachusetts Securities Division Files First Complaint Related to Initial Coin Offering

On January 17, 2018, the Massachusetts Securities Division Enforcement Section filed a complaint against the company Caviar and its founder Kirill Bensonoff for violations of the Massachusetts Uniform Securities Act in connection with an ongoing initial coin offering (ICO).

This is Secretary of the Commonwealth William F. Galvin’s first enforcement action related to an ICO. Last month, Secretary Galvin announced that the Massachusetts Securities Division would conduct a sweep of Massachusetts entities engaged in ICOs.… More

Massachusetts Announces ICO Sweep

The Massachusetts Securities Division has announced that it will conduct an exam sweep of Massachusetts entities engaged in initial coin offerings (ICOs).

In the announcement, released on Friday, Massachusetts Secretary of the Commonwealth William Galvin said that he views ICOs as securities that must be registered with the state.

“Blockchain may or may not change the way banks transfer money or the way credit payments are made,… More

SEC’s Cyber Unit Takes Aim at ICOs

For the second time in less than a month (click here for a prior enforcement action), the SEC’s newly created Cyber Unit has shut down an initial coin offering (ICO).  This time the ICO was for Munchee, Inc., a California-based developer of an iPhone application for people to review restaurant meals.  The recent enforcement activity follows several policy statements and warnings regarding ICOs.  … More