In this article, Jenner & Block Partners David Bitkower
and Michael W. Ross
and Associate Emily A. Bruemmer discuss the enthusiasm for cryptocurrency that has swept the financial world and the frequent reports of fraud and abuse that have come along with it. The article explains that regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission have sounded the alarm that the virtual currency frontier is a digital Wild West. The authors highlight the types of steps companies should consider taking to safeguard against these abuses by examining two recent cases: 1) the SEC’s enforcement action against the PlexCoin ICO and 2) enforcement actions by DOJ and the Financial Crimes Enforcement Network against virtual currency exchange BTC-e and its proprietor.
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