In an article published on February 14, 2021, Ciaran Connelly is highlighted in a feature article regarding Bloomberg’s expert analysis on current issues in tax practice and policy. In the article, Connelly addresses the SEC’s enforcement action against Ripple, and he discusses the implications and liabilities surrounding digital currencies similar to bitcoin. The legal precedence is rapidly changing, and blockchain companies should be careful while the regulatory landscape evolves.
“The SEC’s enforcement action against Ripple and its principals illustrates the factors used to determine if a digital asset is a security,” writes Bloomberg. “Blockchain companies should tread carefully until the U.S. regulatory landscape for crypto tokens is reformed,” warns Connelly.
To read the article in full, click here.