Schemers and Scammers, 2017 Edition: The Never Ending Battle Against Fraud
Murphy & McGonigle, P.C., a leading provider of legal services to the financial services industry, has launched a dedicated website to track the U.S. Department of the Treasury’s new recommendations that seek to reform capital markets regulation.
Paris Hilton, Floyd Mayweather, Jamie Foxx and other celebrities have all recently promoted Initial Coin Offerings (ICOs) to their social media followers. But as celebrity promotion and endorsement of ICOs and other investments gain steam, the Securities and Exchange Commission is reminding them to heed federal securities laws.
Murphy & McGonigle, P.C. announced today that Carol Elder Bruce has joined the firm as a shareholder in its Washington, D.C. office. Ms. Bruce’s arrival continues the strong trend of top litigation and regulatory talent joining the financial services law firm that was founded in 2010.
The regulatory implications of blockchain technology and cryptocurrency were debated this morning at a meeting of the SEC Investor Advisory Committee. The Committee was established by the Dodd-Frank Act to advise the Commission on issues affecting investors and the securities market, and is empowered to make findings and recommendations to the Commission concerning regulatory priorities. This morning’s meeting included a panel on distributed ledger technology (“DLT”), including cryptocurrencies and blockchain technology. Panelists included Michael Bodson, President and CEO of DTCC; Fredrik Voss, VP of Blockchain Innovation at Nasdaq; Jeff Bandman of Bandman Advisors; Nancy Liao of Yale University; and Adam Ludwin, CEO of Chain Inc.
Howard Kramer Comments - Early this year FINRA released a thoughtful white paper (or concept release) on distributed ledger technology (“DLT”), also referred to as blockchain, and its implications for securities regulation. The white paper provided an overview of DLT and its securities industry applications and potential impact. It also described the factors to consider when implementing DLT and the attendant regulatory considerations.