On September 21, 2018, Congressman Tom Emmer (R-MN), co-chair of the Congressional Blockchain Caucus, announced his plans to introduce three pieces of legislation designed to support the use and development of blockchain technology in the United States. 

With the flurry of subpoenas and investigations into companies in the blockchain space that has erupted in the first eight months of this year, 2018 is on track to be "the year of the crypto investigation."

In case the intrepid and hardy souls bravely blazing entrepreneurial paths in the New World of virtual currencies do not have enough regulatory hazards to navigate, one few seem to have considered to date is the possible application of the Model State Commodity Code (“Model Code”). Depending on how its thirty-three year old provisions are interpreted, the Model Code’s prohibition on the sale of commodities for speculative or investments may possibly be applied to some virtual currency businesses.

If 2017 was the year of the ICO, then 2018 may become the year of the cryptocurrency investigation

Concerned that virtual currencies and related products “may be attracting customers that do not fully understand their nature, the substantial risk of loss that could arise from trading them and the limitations of NFA’s oversight role,” the National Futures Association (“NFA”) is implementing new disclosure requirements for NFA Members engaging in virtual currency activities with customers.

Murphy & McGonigle’s leading FinTech & Blockchain Practice is pleased to publish the second edition of “Who’s On the Block,” a roundup of blockchain conferences, trends and upcoming events.