O’Melveny Worldwide

Law360: State Regulators Are Not Leaving FTX To The Feds

March 2, 2023

O’Melveny partners Sid Mody and Daniel Suvor, and associate Marica Wright co-authored this article discussing the collapse of FTX Trading Ltd. and the subsequent actions that state financial regulators in Texas, California, and New York have taken. “As state legislatures become more active in the digital assets space — in some instances imposing greater burdens on industry participants — companies must make sure they are paying close attention to state legislative proposals and keep abreast of any new state legal requirements,” the authors wrote. “Businesses should design and implement effective and meaningful internal controls to accurately account for revenue and expenses and to comply with applicable laws and rules.”

Read the full article here.