Better to Ask Forgiveness Than Permission? Not When It Comes to ICOs…

In some ways, the legal landscape surrounding cryptocurrencies is very much a blank canvas. For example, no court has yet issued an opinion finding that a cryptocurrency—indeed, any cryptocurrency—is a security. But the converse is also true, and no court has held that a cryptocurrency is not a security. In a vacuum, this lack of … Continue reading Better to Ask Forgiveness Than Permission? Not When It Comes to ICOs…

House Joint Resolution 25, Blockchain Legislation, and the Future of Illinois

House Joint Resolution 25 created the Illinois Blockchain and Distributed Ledger Task Force, a 17-member task force tasked with studying how, and if, the state of Illinois and units of local government can benefit from a transition to a blockchain based system for recordkeeping and service delivery.  Specifically, the task force studied (1) opportunities and … Continue reading House Joint Resolution 25, Blockchain Legislation, and the Future of Illinois

Missed Our Webinar?

Yesterday, February 28, Michael Best attorneys and blockchain experts Cheryl Aaron, Brad Jacobsen, and Brian Mangum hosted a complimentary, hour-long webinar discussing the basics of cryptocurrencies, blockchain technology, and smart contracts - what they are and which laws and regulations apply. Visit our website's event page to view the recording and access the presentation slides. Watch Michael … Continue reading Missed Our Webinar?

Tell Your Friends to Buy Their Own Cryptocurrencies – Money Transmitter Issues in Private Sales of Cryptocurrencies for Legal Tender Currencies

Congratulations!  You’ve figured out how to buy Bitcoins and other cryptocurrencies from reliable sources.  You are likely more computer savvy than most of your friends and family and are the acknowledged “Cryptocurrency” friend.  You’ve likely made some money and are excited to share what you’ve learned with others.  Your friends and family, however, just don’t … Continue reading Tell Your Friends to Buy Their Own Cryptocurrencies – Money Transmitter Issues in Private Sales of Cryptocurrencies for Legal Tender Currencies

House Subcommittees Examine Emerging Applications for Blockchain Technology

The main focus of the February 14, 2018, House Subcommittee on Research and Technology and the Subcommittee on Oversight hearing, “Beyond Bitcoin: Emerging Applications for Blockchain Technology,” was to gather information and get a better understanding of bitcoin and blockchain. Specifically, lawmakers attempted to garner a better understanding of the high profile cases that have … Continue reading House Subcommittees Examine Emerging Applications for Blockchain Technology

Senate Banking, Housing, and Urban Affairs Committee Hearing: Virtual Currencies, SEC and CFTC Oversight

Overview: The Senate Committee on Banking, Housing, and Urban Affairs held a hearing pertaining to virtual currencies and oversight of the Securities and Exchange Commission and the Commodity Futures Trading Commission on February 6, 2018. The hearing shed some light on the potential future path for U.S. regulation of cryptocurrencies and highlighted many issues that crypto … Continue reading Senate Banking, Housing, and Urban Affairs Committee Hearing: Virtual Currencies, SEC and CFTC Oversight

CFTC Draws Jurisdictional Boundaries on Bitcoin

We know that the Commodity Futures Trading Commission (CFTC) considers virtual currencies, including bitcoin, to be commodities, meaning that they are subject to the CFTC’s oversight.  And we know, based on recent statements and enforcement actions, that the CFTC is, in fact, paying close scrutiny to cryptocurrency transactions and the exchanges on which they are … Continue reading CFTC Draws Jurisdictional Boundaries on Bitcoin

SEC Shoots with a Spiritual Blunderbuss – Why Your ICO Is Most Likely a Security In the Eyes of the SEC

On Monday, January 22, 2018, SEC Chairman Jay Clayton expressed the SEC’s growing concern with ICOs and other cryptocurrency offerings being issued and sold without complying with securities laws. Chairman Clayton also warned/scolded the professional advisors connected to these offerings. The full text of Chairman Clayton’s statement is available here. Compliance with securities laws can … Continue reading SEC Shoots with a Spiritual Blunderbuss – Why Your ICO Is Most Likely a Security In the Eyes of the SEC

“Blockchain can probably save the world…” Inside Look of the Silicon Slopes Tech Summit 2018

“Blockchain can probably save the world, but there’s a lot of work to be done before that happens.” This is the simple, awe-inspiring, and sobering message that emerged from two days of presentations on blockchain and cryptocurrency during the annual Silicon Slopes Summit held in Salt Lake City, Utah.  The Summit itself was a spectacular … Continue reading “Blockchain can probably save the world…” Inside Look of the Silicon Slopes Tech Summit 2018

Distributed Ledger Technology Use Cases in the Real Estate Ecosystem

Credit Suisse Group AG, U.S. Bancorp, Wells Fargo & Co., and Western Asset Management Co. announced they’ve successfully tested the distributed ledger technology to track mortgage-backed securities. “Structuring securities is complex, involving many different parties, manual processes, duplicated documents and data in different formats,” said David Rutter, CEO of R3. The group conducted this pilot … Continue reading Distributed Ledger Technology Use Cases in the Real Estate Ecosystem

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