Unstable Regulation Of Crypto Creates Legal Malpractice Risk

By Julie Mallen (April 24, 2020, 6:20 PM EDT) -- As blockchain technology and cryptocurrency become more prominent in both the digital and financial realms, federal regulatory bodies, such as the U.S. Securities and Exchange Commission, are being called upon to increase their presence and regulate the digital asset space.

While the SEC has regulatory authority over the issuance, resale and trade of digital assets that constitute a security, it has not promulgated a bright-line rule or operational test for determining when a digital asset is a security under Sections 2(a)(1) and 3(1)(1) of the Securities Act of 1933, sometimes leaving attorneys guessing as to how to make sense of applicable...

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