The cryptocurrency space is definitely a strange one. You can be a villain and the next second turn into a hero. Well, this is what happened to the crypto lawyer Silver Miller. He was booed off stages and conferences when he said that some cryptocurrency startups (mainly ICOs) were not entirely legal. Now the situation gives him the reason.
Crypto Lawyer David Silver
David silver was always attracted to cryptocurrencies, as a revolutionary technology. However, he is a lawyer, and only he can get the kind of understanding that a normal investor cannot. That is why he was always on the lookout for illegalities in the cryptocurrency business. And when he found them hiding in plain sight, people did not like it. He states that:
“I started off with everyone calling me ‘Better Call Saul’ and ‘the ambulance chaser of crypto.’ I wore that like a badge of honor,”
so he had to carry that cross in every presentation and conference he had to attend.
However, recent developments have confirmed most of his concerns about the cryptocurrency space and how some startups were doing business knowing that their model was not completely legal. His take on ICOS has been now upheld by the stance that the SEC is taking against ICOs.
Last week, the Securities and Exchange Commission started a regulatory escalade on sanctioning Initial Coin Offerings that failed to register their tokens as securities. Two ICOs were fined for this with more than $200K. Also, this month the SEC fined the developer of the EtherDelta smart contract with a large sum for selling unregistered securities.
Winds Of Change
With this new stance that the SEC has taken, he feels that the cryptocurrency space, traditionally ruled by fraudsters, can be cleansed. His firm has already won several cases of frauds and scams that are related to the cryptocurrency space. despite this, he does not consider himself a crypto lawyer. About this, he stated:
“At the end of day, I consider myself an investment fraud lawyer. I don’t care how people lose money—crypto happens to be the crime du jour. It’s not that complicated; I just say stop stealing money”
He is now behind the latest crime trend: SIM Swapping. These are scams that allow attackers to take control of the victim’s cryptocurrency wallet through social engineering and accomplices inside big phone carriers. People are losing millions to this new kind of scam schemes already. David is the crypto lawyer that will sue these companies due to it.