Blockchain technology has tremendous potential. But do you really know where it is heading in the financial services arena?

Amidst a dramatically evolving and escalating landscape for blockchain companies, crypto assets and business potential, many of the legal parameters and regulatory guidelines impacting this growing market sector remain undefined, vague and/or in the throes of a turf battle by government regulatory bodies.

In the meantime, blockchain companies face regulatory and business uncertainties.

Murphy & McGonigle hosted its inaugural FinTech & Blockchain event, the memorable, informative and well-attended CryptoLex2018.

Attendees at the September 26, 2018 conference commented that a distinguishing aspect of CryptoLex from the myriad of other blockchain conferences taking place was the high quality and diverse backgrounds of outside speakers who were attracted to participate, providing a range of perspectives, experience and strategies.

The varying approaches of state regulatory bodies towards blockchain were illuminated by in-the-trenches representation of state regulators and leaders such as Margaret Liu, SVP / Deputy General Counsel of the Conference of State Bank Supervisors; Andrea Tinianow, Founding Director of the Delaware Blockchain Initiative; and Greg Bordenkirscher, Chief Litigation Counsel at the Alabama Securities Commission.

Exchanges using the blockchain, such as Kwon Park of Bittrex and Abishek Kumarasubramanian of TradeWind Markets also were featured, as well as academicians studying regulatory and legal aspects of the blockchain; Dr. James Angel of Georgetown’s McDonough School of Business and Jeanne L. Schroeder, Law Professor at Cardozo School of Law, participated as panelists.

Adding to those thought leaders were the perspectives that Murphy & McGonigle shareholders who previously served at U.S. and state regulatory bodies brought to CryptoLex – Daniel Alter (NY State Department of Financial Services); Larry Bergmann (SEC); Katherine Cooper (NYSE Liffe US Futures Exchange); Matthew Comstock (SEC) and Elizabeth Davis (CFTC).

“The panelists really knew the law and how it applies to cryptocurrency and blockchain companies,” said Mr. Kwon, who spoke on the panel, ‘Trading Digital Assets.’ Another CryptoLex attendee noted, “There was some discussion of issues that I had not heard before - about bitcoin and virtual currencies under the UCC.”