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Date Published: 09/20/2018

Cryptocurrency Regulations: Past, Present, and Future

Since the publication of the Satoshi Whitepaper in 2009 which launched the Bitcoin protocol, cryptocurrencies have begun reshaped the financial world. For the first time in human history, people can remotely transfer value across international boundaries without the need for any financial intermediaries. These financial intermediaries, however, are increasingly relied upon by regulators to self-police and to detect and report on information necessary for key regulatory and law enforcement functions. Over the past 9 years, regulators across the globe have tried many strategies - ranging from hands-off approaches to outright bans - in order to address this new reality and its implications on existing anti-money laundering, securities, and other regulatory systems. Mr. Kelman provides background on the areas of regulation which most directly affect cryptocurrencies, how they have evolved during this period, and where they appear to be headed in the coming years. Mr. Kelman drafted the Online Market Protection Act (OMPA) of 2014 which sought to regulate cryptocurrencies only at the point of exchange into traditional financial markets and instruments, and advocates for a cautious regulatory approach centered around preventing and investigating fraud within the cryptocurrency ecosystem. He covers his approach along with his insights on how regulatory approaches have trended recently, projecting where they may be headed and providing advice to attorneys whose clients are or may become involved in the cryptocurrency space.

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