The ICO Attorney
An Experienced Cryptocurrency Lawyer is an Essential Partner for advanced FinTech companies.
The Tracy Firm, Ltd. innovative cross-disciplinary support for FinTech companies runs the full legal spectrum from asset protection, venture and private equity financing, mergers and acquisitions and public offerings to regulatory counseling, shareholders disputes matters and litigation. The Tracy Firm, Ltd., has embraced digital currency, and accepts payment for legal fees in ICO and other cryptocurrencies.
ICO attorney, Adam S. Tracy , J.D., M.B.A. is an authority in the law of blockchain technology with keen understanding of the regulatory issues facing crypto currency industries and can help you navigate regulatory waters in the field where innovation collide with the law and taxation issues. Contact us at 1.888.978.9901 or get in touch with us online if you are in need for help in any aspect of cryptocurrencies legal maze.
ICO and other forms of cryptocurrency including ICO, DASH, Dogecoin and many more are each a form of digital currency that uses cryptography for security and anti-counterfeiting measures. Different types of formulas, all of which are cryptographic in nature, are used to record the movement of cryptocurrency between persons, limiting the amount of currency in circulation, and identifying the individual accounts that control it. Some of the legal issues inherent in the cryptocurrency industry are extremely complex, and often misunderstood in this newly developed economy, and as such, require a skilled ICO attorney to interpret them.
Legal Issues with the ICOs
An initial coin offering (ICO) is a process by which a percentage of the initial supply in a new digital currency project is offered to the public. It is said that these sorts of offerings require less regulatory hassle because they’re described as software pre-sales rather than public stock offerings, but it’s unclear if this claim is true at this point in time.
The Blockchain Doesn’t Shield You From the SEC
“For those of you who practice securities law, you are terrified, and you probably should be,” attorney Morgan said at the Blockchain Meetup Zurich about ICOs during her recent talk. “If anyone is selling these securities to U.S. citizens, you will get in trouble with the SEC for sure. I’m sure there are other jurisdictions that don’t look kindly on this, so this is a developing area of law.”
Ethereum is perhaps the most notable project that was launched via an ICO, of sorts, and it’s unclear whether the SEC will eventually clamp down on this sort of activity. While the Ethereum Foundation contends that ether is a product, rather than a security or investment vehicle, their claim can be open to alternate interpretations.
What are the laws concerning ICO and other cryptocurrencies?
The IRS has recently issued guidance stating that cryptocurrency is considered property for U.S. Federal tax purposes. Additionally, general tax principles that apply to property transactions apply to transactions using virtual currency. This also means that certain instances in which these currencies are acquired will be considered taxable income. As ICO and other cryptocurrency soar in popularity and value, government and regulatory bodies such as the IRS or Securities and Exchange Commission have struggled to keep pace – creating a loose framework of rules and regulations governing the use of cryptocurrency. The lack of clarity by such entities requires that individuals and businesses operating with ICO or other cryptocurrency align themselves with a knowledgeable and trusted legal advisor. Increased regulation of cryptocurrency both here in the United States and abroad can be expected as the use of ICO and other altcoins becomes prevalent. While many countries will most likely follow the lead of the U.S., the nuance found in each country’s tax and securities codes, to name just a few, will make compliance a daunting task in today’s global economy. The current regulations in place across the globe are as young as digital currency itself, and because of this, require an experienced cryptocurrency lawyer who is adept at interpreting and responding to ever changing regulations.
Adam S. Tracy, an Experienced ICO Lawyer
ICO attorney Adam S. Tracy has been at the leading edge of the cryptocurrency revolution for years. Located in Chicago, Adam has built his career in one of the world’s great financial hubs while helping clients locally and around the world managing the complex process of cryptocurrency compliance. If you are involved with ICO and other cryptocurrencies and have any questions with regard to how to comply with digital currency regulations, call The Tracy Firm, Ltd., at 1.888.978.9901 now or contact us online!
Get in touch with our team and we can start looking for a solution that works for you. Call 1.888.978.9901 today!