Travis Brashears

Firm/Organization: Proskauer Rose LLP
Blogs: Blockchain and the Law

Latest Articles

The Federal Trade Commission (FTC) recently sought and received a temporary restraining order (TRO) against four promoters of alleged pyramid schemes involving cryptocurrencies. The promoters were charged with violating the FTC Act’s prohibition on unfair or deceptive acts or practices in or affecting commerce. The FTC’s complaint (filed under seal in the U.S. District Court for the Southern District of Florida on February 20, and released on March 16) targets the promoters of three cryptocurrency-related…
BitConnect International, PLC had a somewhat unique business model, even for an industry known for its unconventional nature.  On its face, BitConnect functioned as an exchange. However, the real purpose of the platform, and what led to its ultimate downfall, was its lending program. BitConnect “borrowed” the crypto investments of its customers in exchange for an equal value of its own native coin, BitConnect Coin or BCC, along with promises of astronomical returns…
Renren Inc. (NYSE ticker RENN), a Beijing-based social network company, saw rapid growth in its stock price following the release of a whitepaper (in Chinese) and publicity over its intention to engage in an Initial Coin Offering (ICO) of cryptocurrency dubbed RRcoin. However, last week Renren announced it has cancelled its ICO plans, following reports of meetings between the company and Chinese regulatory bodies. China banned ICOs back in September, but Renren, along with…
On Monday, the U.S. Securities and Exchange Commission (SEC) halted all trading in the stock of the Hong Kong-based firm, UBI Blockchain Internet, Ltd. (OTC ticker UBIA).  “The commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company,” the SEC said in its order. Citing questions as to the accuracy of UBIA’s recent disclosures as well as…