In an article published in FinTech Weekly, Jenner & Block Partners Gayle E. Littleton, David Bitkower and Justin C. Steffen discuss the recent rise of virtual currencies and warn individuals and companies that, although the growth of cryptocurrencies can give the appearance of a Wild West for the digital age, those active in the area should pay close attention to the technologies and the enforcement risks involved. The authors note that regulators’ interest has intensified. A number of US Government agencies, including the Securities and Exchange Commission, Commodity Futures Trading Commission and Internal Revenue Service, have issued guidance on the application of laws and regulations to virtual currencies, and numerous agencies have taken enforcement actions to protect consumers. In the article, the authors outline some simple, straightforward practices that business can adopt in order to stay on the right side of regulators.
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