EXECUTIVE SUMMARY –

Following testimony February 6th before the U.S. Senate, as well as a series of recent enforcement actions, it is clear that both the SEC and CFTC are picking up steam in their efforts to command a presence in the fast-developing world of virtual currencies.

Testifying before the Senate Committee on Banking, Housing & Urban Affairs, the Chairs of both the SEC and the CFTC described cooperation among their agencies and other federal financial regulators as they sort through how existing jurisdictional lines and enforcement authority apply to cryptocurrencies, cryptocurrency exchanges, initial coin offerings, and other aspects of virtual currencies….