Securities Attys Challenged By New Role As ICO Gatekeepers

By Dunstan Prial (May 24, 2018, 6:05 PM EDT) -- As regulators, lawmakers and the courts struggle for a uniform set of rules for regulating initial coin offerings, attorneys on the front lines of the cryptocurrency frenzy are adapting to their role as gatekeepers, a responsibility they describe as both challenging and frustrating.

Working in a new area of technology with little more than guidance from the U.S. Securities and Exchange Commission — as well as a stern warning from the agency's Chairman Jay Clayton — securities attorneys who advise clients seeking to raise money by issuing digital tokens say playing it safe is the smartest advice.

"My job is to...

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