#SECCryptoRoundtable A long time ago, cryptocurrency companies operated comfortably in the United States. In that picturesque and bygone era, they often conducted fundraising events called "initial coin offerings," and then used the funds raised to try to do things in the blockchain world and in the real world.

Now, they largely operate "offshore" or extraterritorially, through foreign entities, while performing "geofencing" of the United States.