Law firm's unified crypto crime database covers Bitcoin, altcoins, others – Cryptopolitan

’s crypto crime database covers Bitcoin, altcoins, others  CryptopolitanEsteemed firm Murphy & McGonigle incepted the unified crypto crime database that covers information on Bitcoin, altcoins and areas of the cry.
: worldnewsoffice
Law firm’s unified crypto crime database covers Bitcoin, altcoins, others – Cryptopolitan

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Law firm’s unified crypto crime database covers Bitcoin, altcoins, others

Esteemed Murphy & McGonigle incepted the unified crime database that covers information on Bitcoin, altcoins and other areas of the sphere. The new database Blockchain Litigation Database (BLG) is making it convenient for the firms to deliver legal services to the clients from the crypto that are concerned about […]
Source: bitcoinwarrior
Law firm’s unified crypto crime database covers Bitcoin, altcoins, others

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Financial Law Firm Creates Unified Bitcoin And Crypto Crime Database

bitcoin and crypto criminal cases

A new database called the Blockchain Litigation Database is making easier for law firms to provide legal services to crypto-sector clients concerned about compliance issues with the SEC and CFTC.


Financial Regulators Crack the Whip

In July Jamal El-Hindi, the acting director of the United States Financial Crime Enforcement Network, filed a $110 million civil case against former BTCe head Alexander Vinnick. The case that BTCe provided services to 700,000 customers without requiring users to go through any anti-money-laundering (AML) or know-your-customer (KYC) processes.

A few days prior to El-Hindi’s filing, the New Jersey attorney general Gurbir Grewal also a case against Ethereum startup Pocketinns for violating the state’s securities laws.

According to Grewal, Pocketinns raised $410,000 and intended to use the funds to construct a decentralized marketplace that would compete with Airbnb, Amazon, and Uber. 

In 2018 U.S. federal and state-level financial regulators clearly stated that they would aggressively pursue legal action against any company offering and hosting unregistered securities sales. 

To date, there are more than 250 cases against various offenders and each case can now be found on the Blockchain Litigation Database (BLG). Virginia-based financial law firm Murphy&McGonigle developed the platform and it is designed to collate all cryptocurrency cases from various jurisdictions into a single, searchable database. 

Fintech Law Firms are Growing in Number

Currently, the law firm represents Capital One, Morgan Stanley, Bittrex, and Coinbase. The firm charges $5,000 to access the platform and $2,500 per month for ‘membership’ style access. According to Murphy & McGonigle partner Daniel Payne, many law firms are delving into the space and looking to develop technology which will allow them to attract well-heeled blockchain and cryptocurrency clients.

Payne said law firms that like pseudo fintech startup legal outlets are growing increasingly attractive to clients from the fintech sector. Payne explained that “it’s been extremely helpful in giving us added credibility when we market to blockchain-related clients. We’ve probably used the database on at least a dozen pitches.” 

The database contains cases that go as far as November 2011, when the United States versus Theresa Tetley (Bitcoin Maven) led to her receiving a one-year prison sentence for money laundering.

The platform also contains information and court documents related to Silk Road mastermind Ross Ulbricht. Documents related to more recent cases, like the $850 million Bitfinex / Tether scandal are also included in the database. 

The BLD platform categorizes cases by criminal or civil and it also lists which case is overseen by which authority. Of the 250 cases in the database, 150 were filed in 2018 and roughly 50% relate to violations of federal securities laws.

Crypto Companies Aspire for Compliance

Generally, the database shows that the U.S. Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) have made good on their promise to crack down on unregistered securities sales.

Many in the crypto-sector are critical of financial regulators heavy hand with the sector and a number of companies have expressed their belief that the lack of regulatory clarity is stifling sector .

While this may be true, the fact that a growing number of law firms are offering fintech and crypto companies legal and financial advice shows that many crypto and blockchain companies are precautions in order to remain compliant. This could be a net positive for the crypto-sector. 

Do you think fewer crypto companies will run afoul of the SEC and CFTC in 2019? Share your thoughts in the comments below! 


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The post Financial Law Firm Creates Unified Bitcoin And Crypto Crime Database appeared on Bitcoinist.com.


Source: bitcoinist
Financial Law Firm Creates Unified Bitcoin And Crypto Crime Database

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New Iranian Law: Government Will Not Recognize Crypto-Related Trade

Iran’s government released a new that does not accept crypto as legal tender or recognize transactions carried out with cryptocurrency


: cointelegraph
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New Iranian Law: Government Will Not Recognize Crypto-Related Trade

This article was originally posted on Cointelegraph – an independent publication covering cryptocurrency, the , applications, the internet of finance and the gen […]
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Law of Blockchain Commons

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Source: ethereum
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New Australian Law: Cash Payments Will Be Limited But Not Cryptocurrency

Australia’s Department of Treasury plans to impose limits on payments in excess of $10,000, but not affect cryptocurrencies
: cryptocomes
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ICO Law Specialist Calls for Kik CEO to Stand Down in Crypto/Securities Case vs SEC

A partner at a law firm working with startups that have raised funds using an initial coin offering is calling on the CEO of Kik to stand down in his case against the SEC. The expert in crypto law believes that Ted Livingston might well do more harm than good to the industry.

The musings come just days after Kik turned control of the #DefendCrypto fund to the Blockchain . The money raised in the fund was intended to Kik fight the SEC in court, which supposedly, be beneficial to the rest to much of the tokenised asset space.

ICO Lawyer: Kik’s Crypto Asset Clearly Marketed as a Security

Josh Lawler, a partner at initial coin offering law specialists Zuber Lawler, has urged Kik’s CEO Ted Livingston to call off the on going legal battle with the US Securities and Exchange Commission (SEC). The financial regulators hold that Kik’s Kin token, sold via an initital coin offering in 2017, is a security and therefore Kik should have registered with the SEC prior to the sale. Lawler believes Livingston should simply settle as other firms have done previously.

In a post on his personal Medium account, Lawler states that the case against Kik is far too strong, despite the company protesting that it made every effort to stay in compliance with securities regulations. This makes the case a very poor one to defend the issue in court and such a course of action might ultimately be damaging to the crypto asset space.

The SEC accuses Kik of selling an unlicensed security.

Drawing upon examples in the way Kik’s Kin token was marketed, Lawler says that the currency was not relevant to the original functioning of the social messaging application:

“In fact, the only reason that Kik decided to offer the KIN tokens is that Kik was running out of money and had dwindling market share.”

The ICO law expert goes on to argue that the firm had stated that in their response to the Wells notice issued by the SEC, that they had pushed Kin tokens on the basis of their utility alone. Lawler claims that Livingston appeared on a video at a Bitcoin Meetup in San Francisco in June 2017 in which told those in attendance that “people are going to make a of money”. reportedly continued:

“You know, I think compared to VC investing, for example, one, you can get in at basically any and in any amount, and two, you can get out at any , and in any amount, and I think that’s really compelling, you know, this idea that I can get in early, identify something that could be big. If I’m right, it can go up in value.”

The firm also stated in its marketing materials that the Kin token would be traded on exchanges. Lawler questions why Kik would bother listing it on exchanges at all if the token is just intended for use with the Kik application alone?

Ultimately, the crypto law expert concludes that Kik is a “very bad test case” to press for the establishment of more lenient regulations on those crypto startups conducting initial coin offerings:

“Based on history, I expect that a court will not only rule against Kik, but also tighten the Howey Test noose around the necks of many projects that otherwise might correctly comply with securities laws notwithstanding a public distribution.”

Lawler concludes his post by pleading for Livingston to step down in his seemingly hopeless crusade against the SEC:

“Ted . . . Please stand down. There is more on the line than the continued existence of the honey badger.”

 

Related Reading: The Bitcoin Network is More Secure and Greener Than Ever

Featured Image from Shutterstock.

The post ICO Law Specialist Calls for Kik CEO to Stand Down in Crypto/Securities Case vs SEC appeared first on NewsBTC.


Source: newsbtc
ICO Law Specialist Calls for Kik CEO to Stand Down in Crypto/Securities Case vs SEC

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