Amanda R. Lawrence and Jonice Gray Tucker quoted in Law360 article, “Policing cryptocurrency ads: 4 things you should know”
Law360Amanda R. Lawrence, Jonice Gray Tucker
Amanda R. Lawrence and Jonice Gray Tucker were quoted on June 7, 2019 in a Law360 article, “Policing cryptocurrency ads: 4 things you should know,” which discussed what practitioners need to know about cryptocurrency advertising enforcement, including the activity of state regulators in this space. The article noted that “federal regulators may be making a splash when it comes to protecting consumers in the crypto arena,” but the states cannot be discounted.”
Tucker noted, “States can also go after shady conduct under their individual unfair and deceptive trade practice laws. Those statutes provide relatively wide latitude to fundamentally look at an act or practice say, 'hmmm, I don't like this, this doesn't feel right, it feels deceptive, it feels unfair.’ There's your legal hook even in the absence of a statute that specifically regulates a particular product or service.”
Lawrence added, “The New York Department of Financial Services is one state regulator that's known for looking into consumer protection issues by using its authority under Dodd-Frank to bring unfair, deceptive or abusive acts or practices claims, as well as employing its other authorities. Indeed, the NYDFS recently announced the creation of its Consumer Protection and Financial Enforcement Division, which is responsible for protecting and educating consumers, as well as fighting consumer fraud. The department has been watching the crypto space for years, taking steps like requiring virtual currency businesses in the state to be licensed. But the NYDFS doesn't always stop there, as something that starts out as a licensing matter could turn into a consumer protection matter.”
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