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A. Lyle Elias
Publisher & Editor in Chief ATMIA Founding Director |
CFTC injunction in cryptocurrency fraud case upheld by federal judge; Interview with Brian Michael, Partner at King & Spalding law firmMarch 20, 2018
The recent rise of the Initial Coin Offering (ICO) as a vehicle for funding companies in the blockchain space is drawing increased scrutiny from regulators. The SEC Chairman, Jay Clayton, recently said at a U.S. Senate hearing, "I believe every ICO I've seen is a security." As part of its own efforts to regulate parts of the virtual currency business, the CFTC in January sued Patrick McDonnell, operator of a company called Coin Drop Markets, for fraud and misappropriation. Judge Jack Weinstein in the Eastern District of New York on March 6 granted a preliminary injunction thus creating precedent for the CFTC to assert jurisdiction over cryptocurrencies as commodities. (Read More)
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