Consensus 2017: Advice From a Lawyer to ICOs: ‘Don’t Be Stupid’

One expert blockchain attorney has simple advice for blockchain companies currently navigating regulatory uncertainty.

Though the technology has been up for discussion for years, laws aren’t very clear right now with a tangle of regulatory bodies that all might, or might not, have some power over different aspects of the technology. Bitcoin has seen some progress in that respect, but with other projects like ethereum now emerging, an entirely new ecosystem of use cases is springing up.

Much of the conversation during the CoinDesk’s Consensus 2017 legal workshop centered on this confusing state of affairs.

Harvard Berkman Center fellow and special counsel at Cooley LLP Patrick Murck argued that, while this regulatory uncertainty might cause problems for businesses, it’s actually better that regulators are so far taking a hands-off approach to blockchain companies and letting the ecosystem develop it’s own system for weeding out bad actors.

In the meantime, though, he had some advice:

“As long as you’re not stupid or have ill-intent, most of the time you’re going to be fine. It’s amazing how common-sensical this could be. Don’t be stupid. Don’t have ill-intent.”

Uncertainty redoubled

Another trend discussed during the panel, one that very much related to this uncertainty, was the growing spread of initial coin offerings

Read more ... source: CoinDesk

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