{"id":21823,"date":"2023-12-05T22:00:51","date_gmt":"2023-12-05T22:00:51","guid":{"rendered":"https:\/\/diazreus.com\/?p=21823"},"modified":"2023-12-05T22:06:48","modified_gmt":"2023-12-05T22:06:48","slug":"before-the-bust-miamis-crypto-boom-attracted-many-now-its-luring-prosecutors","status":"publish","type":"post","link":"https:\/\/diazreus.com\/ru\/before-the-bust-miamis-crypto-boom-attracted-many-now-its-luring-prosecutors\/","title":{"rendered":"Before The Bust, Miami\u2019s Crypto Boom Attracted Many. Now It\u2019s Luring Prosecutors"},"content":{"rendered":"

November 21, 2023 By Alexander Lugo <\/p>\n

Enforcement is stepping up in Florida as its financial sector matures, and crypto is leading the charge.
\nA year since FTX’s downfall began, crypto lawyers are seeing more enforcement in the space.
\nBut there is also plenty of opportunity to cash in on legitimate businesses id investors are careful.<\/p>\n

South Florida\u2019s growth has led to a ramp up of the region\u2019s financial sector. It has also led to more work for prosecutors, especially in the faltering crypto sector.<\/p>\n

Almost exactly a year ago, FTX\u2019s collapse was beginning to send shockwaves through the financial world. Today, South Florida\u2019s financial sector looks more mature while crypto is still struggling to shake off the negative energy that\u2019s accompanied its slide and enforcement efforts are still winding through the courts.<\/p>\n

\u201cAs a practitioner, you see a lot of crypto-related cases. I don\u2019t know if it\u2019s putting more of a burden on the courts, but it\u2019s a growing presence,\u201d said Mark Kornfeld, a Florida-based shareholder at Buchanan Ingersoll & Rooney. \u201cWe\u2019re seeing more enforcement and civil cases pop up in Florida involving financial services, especially in the crypto space.\u201d<\/p>\n

Kornfield sees a crypto industry currently \u201cunder siege,\u201d with FTX just marking the beginning of the sector\u2019s reckoning. But, like the dot-com bubble in the \u201890s, he says there\u2019s still plenty of legitimate opportunities within the space. Investors just have to be cautious.<\/p>\n

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\n\u201cNo one should be looking at Sam Bankman-Fried in isolation. He\u2019s just the beginning of cases like that,\u201d Kornfield said. \u201cThis isn\u2019t the safest arena to be traveling in. It doesn\u2019t mean there won\u2019t be legitimate platforms, it just means investors need to do more due diligence to avoid risk.\u201d<\/p>\n

Also reminiscent of the dot-com bubble days, Kornfield says many are still waiting for the government to give coherent guidance on how to navigate the sector. In the early days of crypto, the industry saw little oversight. Now that the government is taking notice, people are blaming that limited oversight for fraud that\u2019s bubbled up throughout the industry.<\/p>\n

\u201cThere was a fever in this industry when it wasn\u2019t regulated and it was creating chaos. This reminds me a lot of the rise of the internet. People were throwing millions of dollars at it; then, when the government came around to enforce it, people were claiming there was no government guidance leading them in the right direction,\u201d Kornfield said.<\/p>\n

Now, after the government has taken a more active role, there\u2019s growing discussion surrounding the idea that some of the crypto players should leave the U.S. and head to less regulated jurisdictions, he said.<\/p>\n

But the reverse may also be true as many Latin American nations are seeing increased scrutiny by regulators as well. Generally, the region is experiencing flight of capital, which is increasingly showing up in Miami, said Nicolle Lafosse<\/a>, a Miami-based counsel focused on crypto cases at Diaz Reus.<\/p>\n

That capital flight in the crypto space is accompanied by substantial litigation involving crypto players that moved to Miami, said Lafosse<\/a>. Whether it\u2019s fraud schemes coming to light or investors doing more due diligence, the sector is still alive for Miami\u2019s crypto lawyers.<\/p>\n

But beyond all the bad actors being weeded out, Lafosse says there\u2019s also plenty of legitimate business being done in the industry.<\/p>\n

\u201cThere\u2019s still a lot going on. It\u2019s just not obvious to the naked eye; and, unless you\u2019re working within that industry, you won\u2019t see it because all the PR that\u2019s going out is for lawsuits and fraud,\u201d she said. \u201cThere\u2019s a lot being built from the area of startups and the financial influx from Latin America, which is huge when it comes to crypto exchanges.\u201d<\/p>\n

READ MORE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

November 21, 2023 By Alexander Lugo Enforcement is stepping up in Florida as its financial sector matures, and crypto is leading the charge. A year since FTX’s downfall began, crypto lawyers are seeing more enforcement in the space. But there is also plenty of opportunity to cash in on legitimate businesses id investors are careful. South Florida\u2019s growth has led … Read More<\/a><\/p>\n","protected":false},"author":5,"featured_media":21780,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","inline_featured_image":false,"footnotes":""},"categories":[873,551,330],"tags":[],"class_list":["post-21823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles-publications-ru","category-551","category-articles-ru"],"acf":[],"yoast_head":"\nBefore The Bust, Miami\u2019s Crypto Boom Attracted Many. 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