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The Vault
May 5, 2021
Identity Tokens and NFTs Beware
Richard Levin, the chair of Nelson Mullins‘s Financial Technology and Regulation was recently quoted in an article in Yahoo Finance – “The Risks & Rewards of Growth Hacking & Clout Chasing with BitClout.” The article discusses a new technology that allows individuals to monetize their identities through digital assets and the potential regulatory issues facing the creators of Non Fungible Tokens (NFTs). Levin noted “one of the problems with the model is that if you create a coin of any type ... and then you create a mechanism for exchanging that into other virtual currencies, or into traditional fiat currency, you could be acting as a money service business.”
An electronic trading and Wall Street veteran, Levin was one of the first lawyers to focus on the regulation of blockchain and digital assets. He is considered a thought leader in the FinTech space. Chambers and Partners has recognized him as one of a select group of attorneys in the FinTech, blockchain, and cryptocurrency space. He is a frequent speaker at conferences on FinTech and regulatory issues and is the co-author of several chapters of books on U.S. regulation of digital assets and blockchain technology.
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