The SEC and Virtual Currency Markets

Posted by Richard M. Rosenfeld, Matthew Rossi, and Alex C. Lakatos, Mayer Brown LLP, on Saturday, March 24, 2018 Editor's Note: Richard M. Rosenfeld, Matthew Rossi, and Alex C. Lakatos are partners at Mayer Brown LLP. This post is based on a Mayer Brown publication by Mr. Rosenfeld, Mr. Rossi, Mr. Lakatos, Philip J. Niehoff, Nina L. Flax, and Matthew Bisanz. “For any normal person trying to respond, it would be hellish.” [1] Major media sources reported last week that the US Securities and Exchange Commission (“SEC”) has intensified its ongoing probe of the virtual currency markets. [2] This probe builds on a recent disclosure by the head of the SEC’s Cyber Unit that more than a dozen issuers have voluntarily halted their initial coin offerings (“ICOs”) after receiving calls from the SEC and continues the months-old Cyber Unit’s focus on misconduct involving distributed ledger technology and ICOs. [3] (more…)

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