Munchee ICO

Today the SEC announced a consent agreement with Munchee to refund investments in the Munchee ICO. I’ll do a deeper dive into the consent decree in the near future, but for now it’s worth noting how steadily the SEC is ramping up its enforcement strategy. Just a few months ago, the SEC was making phone calls to companies with ICOs, the companies were conducting voluntary returns, and they never heard from the SEC again. Now the SEC is demanding consent agreements – and the necessary but expensive legal advice that comes with entering into them – before it will let a company slip the bit. Everyone that has run an ICO or is thinking about running an ICO should be paying very close attention. And while I am admittedly biased, they should be retaining legal counsel now.

Author: Michael O'Connor

Michael O'Connor is a Visiting Assistant Professor of Law at Penn State. He teaches in the areas of cyber law, including data security & privacy, cybercrime, and emerging technologies. His scholarship focuses on cryptocurrency and blockchain technology, including securities regulation, money laundering, and other topics. He joined Penn State Law from private practice at the law firm Quinn Emanuel Urquhart & Sullivan LLP, where he was resident in the Washington, D.C., office. Before that, he clerked for the Hon. D. Brooks Smith on the U.S. Court of Appeals for the Third Circuit and worked for another major international law firm. While in private practice, Michael advised clients on legal planning for data breaches, their obligations for safe handling of personally identifiable information, and the legal implications from emerging technologies like Bitcoin, Ethereum, and the blockchain. He applied his technical training to patent cases involving semiconductor design, systems programming, and mobile device architecture. He also worked on multiple cases at the intersection of patent and antitrust law. Michael represented clients in cases before federal courts throughout the country, as well as before the International Trade Commission.​