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Adam T. Ettinger Partner - Corporate Group

Mr. Ettinger represents leaders in semiconductors, networking technology, digital currencies, social gaming, internet advertising and mobile

apps. His clients have included AMD, Apple, BitGo, DeviceScape, Intel, Lucrative Gaming (fgl), Magma Design, Network Solutions Inc.

(NSI), Orchestria (acquired by CA), S3 (acquired by HTC), Self Aware Games (acquired by Big Fish), Social Concepts, and Undertone

Networks. He has represented investors in investments as diverse as Hootsuite, Houzz, Lucrative Gaming (fgl), The Social+Capital

Partnership, and SpaceX.

Cryptocurrency Experience:

· Represented investors and digital currency start-ups in numerous financings.

· Represented BitGo, the recognized leader in digital currency security, in all aspects of its business including SAAS agreements,

enterprise customer contracts, and technology development.

· Represented one of the premier digital currency payment companies (GoCoin) in payment gateway and business partnership agreements

with PayPal, Apriva and other companies.

· Advised Bitcoin 2.0 company in structuring channel relationships for customer acquisition and international distribution.

· Advised manufactures of bitcoin network verification equipment (mining equipment) in all aspects of business including semiconductor

development agreements, distribution agreements, technology licensing, and venture financing.

• $314,000,000 in reported venture investments in 2014, an increase of more than 330%

from 2013, but …

Actual figures are much higher, and these figures do not include the estimated $250M+

invested in bitcoin transaction verification (“mining”) hardware and infrastructure or

crowdsales of cryptocurrencies

Investment levels increased in Q3 and Q4 of 2014 and Q1 of 2015 despite Bitcoin price

volatility, proposed regulations, and companies not being able to get bank accounts.

Amount invested in US Internet Companies in 1995: $507,800,000

Investment in Bitcoin/Distributed Blockchain

2014

Sources: PWC, NVCA via Coindesk

1 Jan 2015 - Present: $437,000,000

Investors:

Circle Internet Financial

Goldman Sachs, IDG Capital Partners, Breyer Capital, General Catalyst Partners, Accel

Partners

21 Inc (21e6)

Andreessen Horowitz, Khosla Ventures, RRE Ventures and Yuan Capital

KnCMiner

Accel Partners, GP Bullhound, Creandum, Martin Wattin

Coinbase

New York Stock Exchange (NYSE), USAA, BBVA, DoCoMo, Draper Fisher Jurvetson (DFJ)

Growth Fund, Tim Draper, Union Square Ventures, Ribbit Capital and Andreessen Horowitz Sources: Coindesk

Investment in Bitcoin/Distributed Blockchain

• US Financial Crimes Enforcement Network (FinCEN) is in the process of

investigating businesses in the digital currency ecosystem, fines Ripple

Labs $700,000

• NY Dept Financial Services BitLicense

• US State Bank Supervisors Issue Model Regulation for Digital Currencies

• US Commodities Futures Trading Commission (CFTC) - bitcoin is a

commodity and CFTC has authority to regulate

• Consumer Financial Protection Bureau (CFPB) already accepts digital

currency complaints

• Australia “Not worth the cost”

Regulation: An Upward or Downward Force on Investment?