THIS WEEK:NYC Blockchain Week & City Blockchain Summit
In this week’s episode I will discuss NYC Blockchain week and the City Blockchain Summit which was held on May 17-18. What we saw what we learned and what NYC will do now for an encore over 8500 people from around the globe visited us!
The second segment will include a discussion of ICOs with my new co-host, Ms. Lahdan Rahmati. and will dive deep into several case studies to highlight examples of both good and bad ICOs, including examples of companies that have advertised the use of blockchain in an industry that doesn’t make sense. The discussion will include some best practices of companies seeking to enter the ICO space.
Lahdan Rahmati is an associate attorney at Bevilacqua PLLC and helped launch the firm’s cryptocurrency practice group. Ms. Rahmati is an active blogger in the ICO, cryptocurrency and blockchain space.
Ms. Rahmati started her career in law at the U.S. Securities and Exchange Commission, Division of Corporation Finance, Office of Telecommunications in Washington, DC. Prior to that, she interned at the U.S. Securities and Exchange Commission, Division of Corporation Finance, Office of Information Technology and Services in Washington DC, Morgan Lewis in Beijing, China, E2open, Inc., in Foster City, CA, and Elo Touch Solutions, Inc. in Milpitas, CA.
Tune in to learn more!
David discusses NYC Blockchain Week and the City Blockchain Summit with Lahdan Rahmati.
David begins the first segment by discussing the NYC Blockchain Week and the City Blockchain Summit. Consensus 2018, of which NYC Blockchain Week was a part, has grown over the past couple years to include 8500 attendees this year. Many celebrities and cryptowhales were present, with Snoop Dogg performing at a private show. As blockchain is secure and difficult to hack, many attendees from various fields such as healthcare, politics, logistics, and freight were present. Overall, the Blockchain Week attracted an international and prominent crowd, and David noted that blockchain presents a great economic opportunity for New York.
David continues his talk about the NYC Blockchain Week in this second segment. Various members of Fortune 500 companies and cryptowhales were present, as well as much of the public. One of the main focus of the Blockchain Week was new jobs, with the job fair being a main propeller in the quadrupling of the number of attendees since the previous year. David emphasized that, although cryptocurrency will not replace the dollar overnight, the blockchain is here to stay and that Ethereum and Bitcoin has become a valid alternative to fiat currencies; prominent financial institutions such as the SEC and Goldman Saak’s made sure their presence was noted at Consensus. With the legalization of online sports gambling, blockchain will also become a major part of many upcoming gaming apps, which was highlighted by the many attendees from the field. One of the speakers at the panel noted, however, that blockchains, like centralized systems, are still prone to viruses.
In this segment, David dives into various case studies and discusses good and bad ICOs. Lahdan Rahmati, an associate attorney at Bevilacqua PLLC and an active blogger of ICOs, joins the conversation. After emphasizing that she is not representing the opinions of her firm in this show, she noted that the ICO model has been used by many corporations to raise more than 12 billion dollars. Cryptocurrencies have many qualities such that the SEC can view it as a security, the IRS can use it has property, and etc. However, some ICO companies are running into legal problems, and SEC created a cyber unit to keep the public safe from various aspects of the rapidly expanding cryptocurrency market. Lahdan introduces PlexCoin as an example of of a ‘bad ICO.’ In December 2017, PlexCoin was shut down by the SEC after legal trouble involving 15 million dollars raised through illegal fundraising.
In the final section, Lahdan continues discussing the regulatory aspects of the ICOs. She notes that PlexCoin lacked proper knowledge and respect of ICO regulations and laws; they guaranteed a massive and unwarranted return to the investors without and continued to operate even after the court decision to shut down all advertisement and functions. Munchee was also shut down last December after unlawfully raising $15 million dollars for their Iphone cryptocurrency app; in this case, the fraud was caught early and the funds were returned to the investors. Lahdan notes that there are both lawful and unlawful ICOs; thus, investors should be actively asking questions before investing.