Cryptocurrency & Blockchain Law
Ever since the debut of Bitcoin, Ifrah Law has been at the forefront of the cryptocurrency movement, counseling companies on the best ways to utilize the digital revolution of blockchain in their own business models.
Ifrah’s attorneys have always been trail blazers, and our ability to brainstorm ways to leverage this concept of a decentralized peer-to-peer network has long been a valued asset to our clients. Representing pioneers in the interactive entertainment and financial services industries, we have accumulated deep experience shaping programs for companies to enhance their products and their bottom line while staying within the bounds of the still-evolving regulatory landscape.
Ifrah Law’s prime positioning at the intersection of finance, technology and government regulation enables us to effectively counsel companies on the cutting edge of cryptocurrency.
- We advise companies like ConsenSys, the for-profit arm of Ethereum, on ways to take advantage of blockchain platforms while remaining compliant with pertinent regulations, both domestically and abroad.
- We have advised clients concerning ICOs (initial coin offerings) with valuations in the tens of millions of dollars for such companies as Unikrn, ConsenSys, Joy Gaming and FunFair.
- We represent a new cryptocurrency exchange platform, supporting them in all their startup needs such as setting up money service business and other licenses and drafting policies and procedures.
- We are working with numerous companies in industries spanning philanthropy to transportation, advising on the possibility of issuing an ICO and other ways to utilize the blockchain to achieve their business goals.
- We counsel clients on cryptocurrency issues such as payment and licensing, consumer protection requirements, and data privacy, with special attention to the growing scrutiny of digital currencies by state attorneys general and federal agencies like the SEC, CFTC and FTC.
- We draft internal policies to ensure corporate compliance with anti-money laundering laws, banking and securities regulations, and international requirements.
This infographic is provided for informational purposes only and not for the purpose of providing legal advice. Please contact Ifrah Law to obtain advice with respect to any particular issue or problem.
Crypto exchange Bittrex made news this week when it announced its first initial exchange offering (IEO), which it was to host through its Malta-based affiliate Bittrex International. Bittrex planned to offer its registered members the opportunity to buy RAID’s XRD token. RAID is an international gaming data blockchain project, with the goal to create a… Read More
UPDATE – NOT SO FAST INDEED: DISTRICT COURT BALKS AT SEC’S BLANKET CHARACTERIZATION OF TOKENS AS SECURITIES BUT THEN RECONSIDERS RULING
An issue of major importance to cryptocurrency and digital token markets has been whether tokens were all to be considered securities under U.S. law. The SEC’s frequent admonishments that it would consider ICOs to be securities offerings has caused a dramatic slowdown in the US ICO market. In one of the first cases to test… Read More
Following on the heels of the SEC’s announcement of subpoenas to crypto exchanges and token issuers, yesterday New York Attorney General Eric Schneiderman announced “the Virtual Markets Integrity Initiative,” which he described as “a fact-finding inquiry into the policies and practices of platforms used by consumers to trade virtual or ‘crypto’ currencies like bitcoin and… Read More
As predicted, the Securities and Exchange Commission (SEC) has taken additional steps to clamp down on the exploding ICO market: yesterday the Wall Street Journal reported the agency had issued “dozens of subpoenas and information requests to technology companies and advisors.” After repeated warnings from regulators like SEC Chairman Jay Clayton, the SEC is now sending… Read More
In retrospect, it all seems so predictable. International capitalism creates virtual currencies. Banks are avoided. Millennials hail a new world order of anonymous or nearly untraceable market transactions. Numerous parties and exchanges hold on to large quantities of virtual currencies. But then the bad guys show up. And I’m not talking about the regulators. Last month, in what looks like the… Read More
In January, Bitcoin dropped to approximately 50% of its 2017 peak price. Other digital currencies saw similar declines. Most market observers blamed these massive price fluctuations on related events: (i) widespread reports of fraud and price manipulation, and (ii) increasing prospects for the regulation of digital assets and currencies. Indeed, 2018 has brought us federal… Read More
In a paradox of sorts, cryptocurrency’s continued survival may hinge on its submission to greater regulatory oversight. Such a notion is paradoxical in the sense that cryptocurrency’s origins can be traced to a “stick it to the man” mentality in which currency is decentralized and not tied to any one governmental body. Thus, submitting to… Read More
Cryptocurrencies (e.g. Bitcoin) took the broader public by storm in 2017 and had a breakout year. There were outsized and even unprecedented returns, along with extreme volatility and even more extreme volatility. The question for 2018 is whether cryptocurrencies had their “fifteen minutes of fame” or they are here to stay? Blockchain technology (which is… Read More
Bitcoin and a host of cryptocurrencies have taken both Wall Street and Main Street by storm in 2017. The nearly continuous gains in the price of Bitcoin have spawned numerous imitators and led a number of companies to raise critical start-up funds by selling their own token/cryptocurrency in a process similar to an initial public… Read More
The unregulated nature of virtual currencies like Bitcoin plays a big role in their appeal. However, wild swings in prices in addition to the perception that these markets are subject to manipulation, make it difficult—if not impossible—for the average person to rely heavily on Bitcoin and other virtual currencies as a currency, much less as… Read More
Cryptocurrency is the latest trend to be embraced by celebrities, so much so that the federal government this month issued a warning about the possible risks involved. Both the U.S. Securities and Exchange Commission (SEC) and the Federal Trade Commission (FTC) have made clear that if a celebrity is being paid to promote a product… Read More
Today, the Securities and Exchange Commission (“SEC”) issued an investor bulletin and an investigative report. The investigative report found that companies involved in sales of digital assets via distributed ledger or blockchain technology may be engaged in conduct subject to federal securities laws. While this report is the first of its kind to address initial… Read More