The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Gerald S. Sachs, Of Counsel, Paul Hastings LLP will speak at the Knowledge Congress’ webcast entitled: “Consumer Advisory: CFPB's Concerns on Virtual Currency” This event is scheduled for January 28, 2015 from 3:00pm – 5:00pm (ET).
For further details, please visit:
http://theknowledgegroup.org/event_name/cfpbs-consumer-advisory-on-virtual-currency-in-2015-live-webcast/ (http://theknowledgegroup.org/event_name/cfpbs-consumer-advisory-on-virtual-currency-in-2015-live-webcast/)
About Gerald S. Sachs
Gerald Sachs is of counsel in the Global Banking and Payment Systems practice at Paul Hastings and is based in the firm’s Washington, D.C. office. Prior to joining Paul Hastings, Mr. Sachs was Senior Counsel for Policy and Strategy of the Consumer Financial Protection Bureau’s (CFPB) Office of Enforcement. At the CFPB, he assisted the office with strategic planning, drafting internal policies and procedures, coordinating with state and federal regulators, conducting investigations, providing supervisory exam support, and working on intra-agency initiatives. In addition, he led two teams of attorneys that focused on auto finance, credit cards, mobile payments, emerging payments, prepaid cards, and digital currency.
Prior to working with the CFPB, Mr. Sachs served as an Assistant United States Attorney in the Northern District of Georgia where he prosecuted both civil and criminal cases relating to money laundering and asset forfeiture, economic crimes, computer crimes, narcotics trafficking, and the False Claims Act. Before joining the United States Attorney’s Office, Mr. Sachs worked as an attorney for the Federal Trade Commission’s Southeast Region Office in Atlanta, Georgia where he investigated and prosecuted consumer protection cases related to unfair and deceptive acts and practices.
About Paul Hastings LLP
With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings has the global reach and extensive capabilities to provide personalized service wherever its clients need the firm. Paul Hastings offers a complete portfolio of services to address its clients’ complex, often mission-critical challenges – from structuring first-of-their-kind transactions to resolving complicated disputes to providing the savvy legal counsel that keeps business moving forward.
Event Synopsis:
Alternative forms of money are not new. Several 'crypto-currencies' have lost value or collapsed including: Auroracoin, Terracoin, Reicoin, Mooncoin, Scotcoin, BBQCoin and others. Bitcoin and other virtual currencies soon may share the same fate. Bankers and governments dislike and fear such virtual currencies since their users skirt many regulations faced by established banking systems.
Now, the US government's Consumer Financial Protection Bureau (CFPB) has issued a 'Consumer Advisory' warning about virtual currencies and, has established a consumer complaints database. Stiffer regulation and new policies may be imminent. The Consumer Advisory highlights risks of using or owning virtual currency; including hacking, high transaction costs, un-stable value, scams, lack of insurance, and lack of government 'protection'; almost all of which co-incidentally are risks faced when owning and trading in real currencies of one type or another.
Our panel of key thought leaders and practitioners, assembled by The Knowledge Group, will provide a review and discussion of risks and benefits of virtual currencies and, discuss the latest Consumer Financial Protection Bureau Advisory on Virtual Currency.
Key topics include:
· Virtual Currency - An Overview
· The CFPB Consumer Advisory
· Associated Risks of Virtual Currency
· Virtual Currency and the Law (FINRA)
· Mitigating Risks in Virtual Currency
· The Death of Virtual Currencies
About The Knowledge Group, LLC/The Knowledge Congress Live Webcast Series
The Knowledge Group was established with the mission to produce unbiased, objective, and educational live webinars that examine industry trends and regulatory changes from a variety of different perspectives. The goal is to deliver a unique multilevel analysis of an important issue affecting business in a highly focused format. To contact or register to an event, please visit: http://theknowledgegroup.org
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