1-Hour Program

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Despite regulatory uncertainty, by some estimates over $6 billion was raised in ICOs in 2017.  The new year has seen similar levels of investment.   Yet, the SEC has grown increasingly strident in criticizing advice given by attorneys in this space.  To quote SEC Chairman Jay Clayton: “My first message is simple and a bit stern. Market professionals, especially gatekeepers, need to act responsibly and hold themselves to high standards. To be blunt, from what I have seen recently, particularly in the initial coin offering ("ICO") space, they can do better.”  In our presentation we will highlight the ethical concerns that attorneys should consider when advising in this space and potential ethical issues with various ICO-related practices.

Topics to be addressed include:

  • An introduction to ICOs and the ethical concerns when advising clients in this space
  • The SEC’s approach to ICOs/digital assets and the enforcement actions brought by the Agency; Consultation with the SEC as part of a professionally responsible approach to ICO counseling
  • Ethical obligations counseling clients undertaking an ICO
  • Ethical considerations for Boards of companies undertaking an ICO


Program Level:  Intermediate

Intended Audience:  In-house counsel, outside attorneys, board members, corporate officers, and other allied professionals

Prerequisites:  A general background in securities regulation and fiduciary duties of directors

Advanced Preparation:  None 



C. Stephen Bigler – Director; Richards, Layton & Finger, P.A.

Dror Futter – Partner; RIMÔN Law

Jonathan A. Ingram - Deputy Chief Counsel; U.S. Securities and Exchange Commission, Division of Corporation Finance

Michael S. Sackheim – Senior Counsel; Sidley Austin LLP

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