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Gary DeWaal Quoted by the New York Law Journal on Cryptocurrency

Firm News | April 25, 2018

Gary DeWaal, special counsel in the Financial Services group, was quoted in the New York Law Journal on New York Attorney General Eric Schneiderman's recent inquiry into 13 cryptocurrency firms seeking information on operations, privacy practices and money laundering. Gary noted that the request was "extraordinary because of the reach to people who have chosen not to operate in New York State, and the now apparent overlap between New York State agencies in the virtual currency space." He added, "This is evidence of the problem that legitimate participants in the market face. Many, many regulators want to exercise jurisdiction and the problem is complying with everyone's expectations or requirements. This is a very, very new industry and regulators have legitimate concerns about fraud and they want to protect folks within their jurisdiction but, there does seem to be a tremendous amount of regulatory overlap, and ultimately hopefully that will be addressed, sooner and not later." ("NY Attorney General Gets Pushback on Cryptocurrency Inquiry," April 19, 2018)

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