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Insights

December 4, 2017

Regulators Are Catching Up to Cryptocurrency and Blockchain Technology within the Financial Services Industry

By Craig Nazzaro, Dowse Bradwell "Brad" Rustin, IV, John M. Jennings

ALM’s Cybersecurity Law & Strategy

In an article published in the December 2017 issue of ALM’s Cybersecurity Law & Strategy, Nelson Mullins attorneys Craig Nazzaro, Brad Rustin, and John Jennings discuss how an ever-changing financial industry is causing regulators to try and catch up and ensure they are regulating the industry fairly. “As we head into 2018, cryptocurrency and blockchain will continue to be a top initiative for pioneers in the financial services industry,” they write. “Within financial services, this space includes everyone from those looking to issue a new cryptocurrency, FinTech firms looking to disrupt the financial services industry through creative uses and implementation of the technology, and banks and non-bank lenders of all sizes looking to see how they can best utilize the technology to cut costs and drive advancements in service. As with any innovation within the financial services industry, the regulators are never far behind and are doing their best to keep up. Those that enter this space will find that they also have to pioneer the controls to manage the regulatory risks this technology presents.”