Blockchain, Virtual Currencies and ICOs: Navigating the Legal Landscape

Chapter One—Blockchain Technology

¶100 The Underlying Technology and its Uses

¶110 Virtual Currencies

¶120 Smart Contracts

¶130 Impact on Legal Profession

Chapter Two—Who Regulates What?

¶200 Securities and Exchange Commission

¶210 Commodity Futures Trading Commission

¶220 Financial Crimes Enforcement Network

¶230 Internal Revenue Service

¶240 Banking Regulators

¶250 Federal Trade Commission

¶260 State Regulators

¶270 International Regulation

Chapter Three—Securities Regulations

¶300 View from the Top

¶310 The DAO Report: Must Initial Coin Offerings be Registered?

¶320 SEC Enforcement

¶330 Listing of Commodity Trust Shares on Securities Exchanges

¶340 Exchange-Traded Funds

¶350 Digital Securities: The Example of Overstock.Com

¶360 SEC Statement Regarding Online Platforms

¶370 FINRA

¶380 Petitions for SEC Rulemaking

Chapter Four—The CFTC’s Approach

¶400 View from the Top

¶410 Agency Guidance and Role in Educating the Consumer

¶420 Virtual Currencies as a “Commodity” under the CEA

¶430 Virtual Currency Futures and Self-Certification of Bitcoin Products

¶440 CFTC Enforcement and DOJ Action

¶450 The National Futures Association and the Role of Self-Regulation

Chapter Five—FinCEN: AML (anti-money laundering) and KYC (know your customer) Regulations

¶500 View from the Top

¶510 Overview of Money Laundering and Related Regulations

¶520 Administrative Rulings

¶530 FinCEN Enforcement

¶540 Congressional Response

Chapter Six—Banking and Other Financial Regulations

¶600 View from the Top

¶610 Fed Research

¶620 Special National Bank Charter

¶630 CFPB Regulation of Digital Wallets

Chapter Seven—State Licensing, Corporate Governance, and Enforcement

¶700 View from the Top

¶710 Corporate Governance; Government Applications

¶720 Licensing

¶730 State Enforcement

Chapter Eight—Conclusion

¶800 The Current State of Play

¶810 Future Directions