In light of warnings from the Securities and Exchange Commission (SEC) about heavier regulation of fraudulent initial coin offerings (ICOs), Financial Services Partner Jennifer Connors shared her insight into the complicated industry of cryptocurrencies and how it will change the banking landscape.
"I see technologists, exchange owners and entities being very thoughtful about what all the limitations and concerns could be,” Ms. Connors told American Banker.
One particular ICO company, Prometheum, has specific plans to satisfy these regulatory concerns. Regarding Prometheum's plans, she said: “It appears they’re cognizant of what the limitations are from a securities law perspective, and they’re trying to build a structure that would be compliant with current regulations."
Ms. Connors predicts that banks will also find a way into this business. “It’s inevitable that they probably will in some way or another. I don’t see them necessarily being on the forefront, ...[but] most of the financial services firms are probably looking to catch up at some point.”
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