SEC Takes Aggressive Action Against Allegedly Fraudulent ICO

As the prices of Bitcoin and other cryptocurrencies march relentlessly upward, regulators have been taking notice. The SEC recently filed a civil enforcement complaint against Quebec resident Dominic Lacroix, his company PlexCorps and his partner Sabrina Paradis-Royer in connection with an initial coin offering (ICO) of “PlexCoins.” Matthew Rossi, a Mayer Brown partner and former Assistant Chief Litigation Counsel in the SEC Division of Enforcement, told the Cybersecurity Law Report that the case illustrates the priorities of the recently formed SEC Cyber Unit. See also our three-part series on blockchain and the financial services industry: Basics of the Blockchain Technology (Jun. 4, 2017), Using Blockchain to Improve Operations and Compliance (Jun. 28, 2017) and Potential Impediments to Its Eventual Adoption (Jul. 12, 2017).

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