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Insights

January 8, 2018

Regulators are Catching Up to Cryptocurrency and Blockchain Technology within the Financial Services Industry, Parts One and Two

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

ALM’s Cybersecurity Law & Strategy

Reprinted with permission from ALM’s Cybersecurity Law & Strategy 

In the January edition of ALM’s Cybersecurity Law & Strategy, three Nelson Mullins attorneys co-authored a piece discussing various regulatory approaches within the financial services industry regarding cryptocurrencies and blockchain: Craig Nazzaro, of counsel in the Firm’s Atlanta office; Brad Rustin, a partner in the Firm’s Greenville office; and John Jennings, a partner in the Firm’s Greenville office. 

“The proliferation of cryptocurrency and blockchain is being driven by the efficiencies and protections afforded to early adopters. The operational efficiencies and resulting cost savings are readily apparent in the financial services industry and are equally coveted by the entities trying to implement them and by the customers who will benefit from the implementation. However, neither party can fully enjoy these benefits without first understanding and overcoming the various regulatory hurdles.

“By no means is this meant to be an exhaustive discussion of the financial regulatory burdens faced by this technology. To cover the entire regulatory landscape would be too great an endeavor, given what we can cover in this article. In Part II of this article, we will continue to focus on additional common regulatory issues faced by market participants in this space.”