On December 17, Alan Cohn hosted episode 244 of The Cyberlaw Podcast. We have investigated all aspects of blockchain and cryptocurrency, discussing recent regulatory developments and projections for 2019.
Our episode begins with Alan welcoming Will Turner in Corporate and Steptoe's Blockchain Practice. Turner joins the Chicago studio as a partner, bringing with him over twenty years of experience in corporate and securities law, mainly with the application of cryptocurrency, fund formation, investment operations and mergers and acquisitions. . Turner also deals with issues related to capitalization, project finance, restructuring and joint ventures. Will Turner explains why the cryptography market has become a bear in 2018, associating this development with the increase in mergers and acquisitions in the encrypted market. Towards the end of 2019, Will will project "hot items" as anti-money laundering and compliance with titles. In addition, Will presents a more general overview of how the blockchain industry is not different from other industries.
Evan Abrams discusses the joint statement issued by the Federal Reserve, the Federal Deposit Insurance Corporation, the Treasury's Financial Enforcement Network, the Office of the Currency Controller and the National Credit Union Administration, which solicits the use of technology to strengthen compliance with money laundering. Abrams states that banks can and should engage with industry and the importance of striking a balance between technology and privacy. Abrams also discusses compliance risk control of cryptocurrency companies by the United States Department of the Treasury Department. In 2019, Abrams paid more attention to digital counterparts while blockchain financial institutions continue to grow. Evan Abrams also points to the recent announcement by the New York Department of Financial Services that authorizes Signature Bank, a bank located in the State of New York, to offer a digital payment platform called Signet that uses blockchain technology.
Finally, Josh Oppenheimer covers the recent LabCFTC updates from the Commodity Futures Trading Commission (CFTC). On 27 November 2018 the LabCFTC FinTech initiative of the Commodity Futures Trading Commission was released A primer on smart contracts. This is the first time since 2017 that the CFTC has expressed itself on issues related to the blockchain. The agency published its first virtual currency primer on October 17, 2017. Oppenheimer also discusses the commitment of the G20 countries at the start of this month regarding their commitment to regulating the crypts. -activity to promote a resilient and open global financial system. In doing so, they agreed to abide by the standards set by the Financial Action Task Force, or FATF. Oppenheimer notes that this is significant because FATF, as a global standard setter, has insights into different regulatory approaches and receives constant input from industry stakeholders. Finally, Oppenheimer talks about how Ohio will become the first state in the country to accept tax payments using cryptocurrency.
For the part of our podcast interview, Alan welcomes Gary Goldsholle, who joins the firm as a partner, after serving for nearly four years as Deputy Director and Senior Advisor to the Securities Trading and Markets Division. and Exchange Commission (SEC). Goldsholle has over two decades of experience as a manager in the federal government and in self-regulatory securities organizations. Goldsholle is working with Steptoe on financial services, public policies and blockchain and cryptocurrency. Goldsholle discusses the noteworthy announcement of the Securities and Exchange Commission, a few days before Thanksgiving, with significant implications for the network marketing sector regarding regulatory oversight and the application of cryptocurrency companies. In its public statement, the SEC referred to two recent enforcement actions against Paragon Coin, Inc. and CarrierEQ, Inc. (dba Airfox). Both companies sold tokens that the SEC considered to be unregistered securities. Goldsholle also provided information on EtherDelta, the SEC order for Ether trading against other ERC-20 tokens. Towards the end of 2019, Goldsholle hopes the SEC will define and provide guidance on what the industry calls "utility tokens" and "consumption tokens". It projects that a failure of custody, or an equally significant event, will stimulate a more in-depth discussion on the issue of custody of crypto-assets and promote orientation in the custody space.
Download the 244th Episode (mp3).
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