Blockchain technology and the related cryptocurrency asset class are rapidly evolving and present traps for unwary fund managers. A recent webinar hosted by the Hedge Fund Law Report examined regulatory developments affecting cryptocurrencies; scrutiny of initial coin offerings; the recent SEC examination sweep of firms that trade cryptocurrencies; and custody and other compliance issues faced by advisers who hold digital currencies. The program was moderated by William V. de Cordova, Editor-in-Chief of the Hedge Fund Law Report, and featured Karl A. Cole‑Frieman, partner and co-founder of Cole‑Frieman & Mallon; and Lee A. Schneider, partner at McDermott Will & Emery. This article summarizes the key takeaways from the presentation. For further commentary from Cole-Frieman, see “How Blockchain Will Continue to Revolutionize the Private Funds Sector in 2018” (Jan. 4, 2018). See also our three-part series on blockchain and the financial services industry: “Basics of the Technology and How the Financial Sector Is Currently Employing It” (Jun. 1, 2017); “Potential Uses by Private Funds and Service Providers” (Jun. 8, 2017); and “Potential Impediments to Its Eventual Adoption” (Jun. 15, 2017).