The Securities and Exchange Commission is expanding its focus from the companies developing initial coin offerings to the hundreds of lawyers who are guiding them through regulatory gray areas. The industry argues it doesn’t fit neatly into existing legal frameworks as global regulators consider whether virtual tokens might be securities — which require strict regulatory compliance.
Attorneys that intentionally misadvised clients or failed to advise disclosure that a token was a security to investors could be fined, prohibited from practicing before the SEC, disbarred, or criminally charged, attorneys told Bloomberg Law.
‘Enforcement 40’ for 2020
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