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 an attorney in Quinn Emanuel's Washington, DC office. Prior to joining the firm, Michael clerked for the Hon. D. Brooks Smith of the U.S. Court of Appeals for the Third Circuit and worked for several years at another major international law firm. He has dual degrees in Computer Science and Biology from Penn State University. Michael's practice includes intellectual property litigation, antitrust litigation, and data security and privacy. Michael advises 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 has applied his technical training to patent cases involving semiconductor design, systems programming, and mobile device architecture. He has worked on multiple cases at the intersection of patent and antitrust law. Michael represents clients in cases before federal courts throughout the country, as well as before the International Trade Commission.