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Gary DeWaal Comments on CFTC Cryptocurrency Investor Advisory

Firm News | July 20, 2018

Financial Services special counsel Gary DeWaal was quoted in a Wolters Kluwer's Securities Regulation Daily article on the Commodity Futures Trading Commission's (CFTC) customer advisory aimed at would-be investors in cryptocurrencies and ICOs warning them of potential risks. Gary noted the irony regarding the CFTC's advisory, stating, "They say that blockchain technology is disruptive technology. In the last two weeks, FINRA—a securities self-regulator—has indicated it wants information from its members regarding all their digit asset activity—including futures transactions. And now the CFTC—a derivatives regulator—is warning about utility tokens and security tokens, in addition to tokens that act as virtual currencies." He added, "It seems that blockchain technology is disrupting law and regulation too!" ("Virtual Currencies—CFTC Joins Regulatory Chorus in Warning Investors About the Hazards of Digital Tokens," July 17, 2018)

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