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SEC Grants No-Action Letter Finding Certain Tokens Are Not Securities and Publishes Framework on Investment Contract Analysis

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Wow, it finally happened. The SEC granted long awaited guidance on when tokens are not securities in the form of a no-action letter.  The no-action letter finds the specific tokens at issue were not securities because: TKJ will not use any funds from Token sales to develop the TKJ Platform,... Read More

Topics: Blockchain Technology, Public Companies and Securities

SEC Seeks Crypto Specialist

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The SEC’s Division of Trading and Markets is seeking a Crypto Specialist to coordinate activities regarding crypto and digital asset securities. Job responsibilities include: Coordinating with TM staff to establish a comprehensive plan to address crypto and digital asset securities and engaging with other Divisions and Offices on such matters... Read More

Topics: Blockchain Technology

Crypto Mom Warns SEC of Over Expansive Definition of Howey in Token Offerings

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SEC Commissioner Hester M. Peirce was awarded the nick name “Crypto Mom” by digital asset aficionados in a previous speech encouraging forward thinking by the SEC in the regulation of tokens and initial coin offerings. Crypto Mom has now given her view on the application of the Howey test to... Read More

Topics: Blockchain Technology, Crowdfunding, Public Companies and Securities

SEC Wants to Monitor Blockchain

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The SEC is conducting market research to determine the availability and technical capability of large and small businesses to provide blockchain data to support the SEC’s efforts to monitor risk, improve compliance, and inform Commission policy with respect to digital assets. The SEC is seeking information for potential sources to... Read More

Topics: Blockchain Technology

SEC Chair Clayton Warns Lawyers on Initial Coin Offerings

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SEC Chair Clayton delivered the following remarks at a conference of securities professionals: “My first message is simple and a bit stern. Market professionals, especially gatekeepers, need to act responsibly and hold themselves to high standards. To be blunt, from what I have seen recently, particularly in the initial coin... Read More

Topics: Blockchain Technology, Public Companies and Securities

SEC Nixes 40 Act Registration of Cryptocurrency Related Funds for Now

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In a letter to representatives of the Investment Company Institute and the Securities Industry and Financial Markets Association, the SEC staff indicated it would not be receptive to 1940 Act registration of cryptocurrency related funds until significant outstanding questions concerning how funds holding substantial amounts of cryptocurrencies and related products... Read More

Topics: Blockchain Technology, Public Companies and Securities

SEC Chief Accountant Speaks to Financial Statement Requirements for Initial Coin Offerings

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SEC Chief Accountant Wesley R. Bricker recently gave remarks at the AICPA National Conference on Banks & Savings Institutions. Mr. Bricker spoke to the adoption of FASB’s new credit loss standard and related implementation matters. He also addressed new PCAOB standards and stated that the SEC was reviewing comments on... Read More

Topics: Blockchain Technology, Public Companies and Securities

SEC Finds Initial Coin Offerings Can be Securities

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The SEC issued an investigative report cautioning market participants that offers and sales of digital assets by “virtual” organizations are subject to the requirements of the federal securities laws. Such offers and sales, conducted by organizations using distributed ledger or blockchain technology, have been referred to, among other things, as... Read More

Topics: Blockchain Technology, Crowdfunding, Public Companies and Securities