Blockchain technology companies face unique legal and regulatory challenges. Most entrepreneurs in the space are familiar with the "Howey Test" and the SEC enforcement actions in regard to ICOs, but this is merely the tip of the iceberg. This nascent industry is littered with legal traps such as: significant adverse tax consequences, state and federal regulation of convertible virtual currencies, CFTC regulation, federal and state securities laws, state corporate law compliance and governance, and additional issues like employment and compensation in coins and tokens, custodial compliance, broker dealer registration requirements, inadvertent investment company act exposure, intellectual property, cybersecurity and privacy.