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Powers On... Why the fear of ICO enforcement and liability is coming to an end

Published 07/27/2021, 01:17 PM
Updated 07/27/2021, 03:00 PM
Powers On... Why the fear of ICO enforcement and liability is coming to an end

Powers On... is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor at Florida International University College of Law, where he teaches a course on “Blockchain, Crypto and Regulatory Considerations.”

Well, well, well. It seems that some of those class-action law firms that ferret out possible securities claims in search of fees and recovery for investors, sometimes wrapped self-righteously in the flag of investor harm and rights, are properly receiving a cold shoulder from the federal courts in the Southern District of New York (SDNY). That is very good news for the nascent blockchain industry and for investors who own tokens in legitimate blockchain businesses like Bancor, Status and Quantstamp. It is important to highlight these court decisions, even though these decisions came down several months ago.

Marc Powers is currently an adjunct professor at Florida International University College of Law, where he is teaching “Blockchain, Crypto and Regulatory Considerations” and “Fintech Law.” He recently retired from practicing at an Am Law 100 law firm, where he built both its national securities litigation and regulatory enforcement practice team and its hedge fund industry practice. Marc started his legal career in the SEC’s Enforcement Division. During his 40 years in law, he was involved in representations including the Bernie Madoff Ponzi scheme, a recent presidential pardon and the Martha Stewart insider trading trial.

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