The cryptocurrency enforcement landscape continues to evolve with several important developments this past week, including the appointment of a “Crypto Czar,” an enforcement action against a “Blockchain Evangelist” and a government official’s praise of virtual currencies as a “modern miracle” that “will proliferate to every economy and every part of the planet.” In the paragraphs that follow, we analyze these legal developments and their implications for the blockchain and cryptocurrency communities.
All Hail the Crypto Czar
On June 4, the U.S. Securities and Exchange Commission (SEC) announced the appointment of veteran SEC attorney Valerie Szczepanik as associate director of the Division of Corporation Finance and senior adviser for digital assets and innovation. In her capacity as the SEC’s “Crypto Czar,” Szczepanik will coordinate the SEC’s application of U.S. securities laws to emerging digital asset technologies and innovations, including Initial Coin Offerings (ICOs) and cryptocurrencies.
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