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Although the business community lauded the arrival of new crowdfunding laws, the enforcement community has had a different take on them. As stated in 2017 by then Deputy Attorney General Rod Rosenstein: “The potential downside of crowdfunding is that it occurs outside the watchful eye of a regulated banking and financial industry. Unregulated websites therefore provide a platform for criminals to defraud potential investors.”
In 2012, President Obama signed into law the Jumpstart Our Business Startups Act (the JOBS Act), the stated purpose of which was to provide easier and simpler routes for small businesses to access capital markets without all the regulatory burdens imposed by the SEC on larger companies. In 2015, President Obama signed into law the Fixing America’s Surface Transportation Act (the FAST Act), to further ease small business’s access to capital formation. Another proposed refinement of the JOBS Act, JOBS Act 3.0, has been stalled in Congress but under the current regime, there are still plenty of potential regulatory and enforcement landmines of which both issuers and intermediaries, such as funding portals and platform hosts, need to be aware.
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Repairing the Foreign Agents Registration Act
By Harry Sandick and George Carotenuto
In recent years, mostly due to the well-publicized prosecution of Trump campaign manager Paul Manafort, FARA has become more of a focus for federal prosecutors. As a result, white-collar attorneys have been consulted more often about whether particular conduct requires registration under the Act.
SCOTUS Hears Arguments In Doctors’ Good Faith Defense to Prescribing Controlled Substances
By By Robert J. Anello and Richard F. Albert
When is a doctor a doctor and when is a doctor a drug dealer? In early March, the U.S. Supreme Court heard oral argument in two consolidated cases — Ruan v. United States and Kahn v. United States — to address where that line is drawn.
Strategies for Advising Foreign Clients As DOJ Pursues Extraterritorial Criminal Cases
By Emil Bove
This article addresses some issues to consider, including foreign arrest procedures, contesting extradition, and engaging with prosecutors before a defendant arrives in the United States.
Crypto Executive Order ‘Both a Landmark and a Question Mark’
By Andrew Goudsward
The Biden administration released its long awaited executive order on cryptocurrency, directing a range of federal agencies to study and assess a litany of issues related to digital assets, including cybersecurity, money laundering and climate impact.
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