August 16, 2017
The SEC’s Report of Investigation
Geoffrey Cher & Melissa Smith
Read online or download the full update here.
The U.S. Securities and Exchange Commission (“SEC”) recently published an investigative report (the “Report”) that places issuers or sponsors of digital assets or “crypto-assets” on notice that the exchange of assets such as tokens issued upon an initial coin offering (“ICO”) for value using distributed ledger technology (“DLT”) may comprise a distribution of securities, and therefore be subject to United States federal securities laws, including prospectus and registration requirements.
Despite the perception that issuances of tokens are...
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