Thursday, November 9, 2017

Media Appearance: "A Recent Pair of US Enforcement Actions: a Harbinger for Chinese Digital Currency Companies" on Hong Kong Lawyer

Here is my latest contribution on digital currency, co-authored by Kobre & Kim's Benjamin Sauter. The upshot:
These enforcement actions by US authorities are occurring on somewhat contradictory theories advanced by the SEC and the CFTC: the SEC claims many digital currencies are "securities", while the CFTC claims they are also "commodities" under US law. Both agencies have taken a global view when it comes to personal jurisdiction over companies that transact business which could harm US investors. As the turf war between the two agencies continues, it is highly likely that the two agencies will take more adventurous enforcement actions to mark their jurisdiction in markets around the world. In doing so, it is highly likely that the SEC and the CFTC will target Chinese companies with increasing frequency.
A Recent Pair of US Enforcement Actions: a Harbinger for Chinese Digital Currency Companies [Hong Kong Lawyer]

Digital currency is an important emerging issue in Asia, as the majority of the Bitcoin and Ethereum trade occurs in China and Korea. As the Chinese and Korean regulatory authorities tighten their oversight, as the U.S. regulatory agencies venture out into Asia, all kinds of clashes will be coming soon. Many of them, no doubt, will come awash the U.S. courts.

In a related topic, will you be in Seoul from November 30 to December 1? If you are, come hear me speak about this very topic at the Inside Fintech Conference. If you are attending, you can contact me to obtain a 40 percent discount coupon for the conference.

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