A new database called the Blockchain Litigation Database is making easier for law firms to provide legal services to crypto-sector clients concerned about compliance issues with the SEC and CFTC.
Financial Regulators Crack the Whip
In July Jamal El-Hindi, the acting director of the United States Financial Crime Enforcement Network, filed a $110 million civil case against former BTCe head Alexander Vinnick. The case alleged that BTCe provided services to 700,000 customers without requiring users to go through any anti-money-laundering (AML) or know-your-customer (KYC) processes.
A few days prior to El-Hindi’s filing, the New Jersey attorney general Gurbir Grewal also launched a case against Ethereum startup Pocketinns for violating the state’s securities laws.
According to Grewal, Pocketinns raised $410,000 and intended to use the funds to construct a decentralized marketplace that would compete with Airbnb, Amazon, and Uber.
In 2018 U.S. federal and state-level financial regulators clearly stated that they would…