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SEC Staff Clarifies That Meme Coins Are Not Securities

The Staff stated that most meme coins are not subject to federal securities laws or SEC fraud enforcement; who will oversee meme coins remains an open question. On February 27, 2025, the Securities and Exchange...more

SEC Reels in Fishy NFT Project

In its third action involving NFTs, the SEC targets a restaurant membership token tied to fundraising and promises of potential price appreciation for buyers....more

NYDFS Proposes Updated Guidance on Crypto Listing

The Proposed Guidance would require enhanced criteria for coin-listing and delisting procedures for New York-licensed virtual currency entities. On September 18, 2023, the New York Department of Financial Services (DFS)...more

DeFi Crypto Platform Not Liable for Scam Tokens

A federal court’s dismissal of claims against a decentralized cryptocurrency platform and its investors for the actions of scam token issuers is a case of first impression with wider significance. On August 29, 2023, the...more

SEC v. Ripple: A Tale of Two Token Transaction Types

A bifurcated decision in a highly anticipated digital assets enforcement action may not provide the clarity that market participants want or need. On July 13, 2023, Judge Analisa Torres of the US District Court for the...more

The Token Safe Harbor Lands on Capitol Hill

The Clarity for Digital Tokens Act of 2021 would give token issuers the guardrails they need to innovate with far less regulatory anxiety. US Securities and Exchange Commission (SEC) Commissioner Hester Peirce has always...more

New SEC Chairman Gives His First Speech on Crypto

Gary Gensler asserts the SEC’s broad powers over digital assets, and puts consumer protection at the forefront. On August 3, 2021, Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), gave a speech on...more

The Return of the Token Safe Harbor

SEC Commissioner Peirce has revived and refreshed her proposed three-year safe harbor for qualifying token projects, but some unresolved ambiguities remain. US Securities and Exchange Commission (SEC) Commissioner Hester...more

2020 Digital Asset Regulatory Lookback (US Edition)

Regulators once again offered piecemeal guidance, while focusing on risks and enforcement. Meanwhile, innovation and institutional adoption took off. Last year, Latham & Watkins sounded a hopeful note that 2020 would provide...more

Taking the Scarlet Out of the Letters I-C-O

SEC Commissioner Peirce has proposed a three-year safe harbor for qualifying token projects, but regulatory clarity remains elusive. SEC Commissioner Hester Peirce has been a perennial advocate of innovation in the...more

INSIGHT: Crypto - The Pursuit of Sufficient Decentralization

Recent SEC guidance on digital assets cleared a path for at least certain stable coins or payment tokens to avoid securities regulation. However, Latham & Watkins attorneys say there are still a number of open questions that...more

The SEC Continues Its Enforcement Streak Against Unregistered Token Offerings

As the agency pursues and prevents offerings of tokens it deems unregistered securities, further issues emerge. The recent wave of US Securities and Exchange Commission (SEC) enforcement actions relating to initial coin...more

The Yellow Brick Road for Consumer Tokens: The Path to SEC and CFTC Compliance - An Update

Developing a framework for consumer tokens - With the rapid growth in the development of blockchain technology, virtual currencies and token sales (sometimes referred to as initial coin offerings, or ICOs), token...more

What SEC’s Lawsuit Against Kik Teaches Us About Token Presale Agreements

Token pre-sale agreements are a popular type of financing instrument among start-ups in the blockchain space. Latham & Watkins attorneys explore the initial impact of SEC v. Kik on the use of token pre-sale agreements and...more

Crypto - The Pursuit of Sufficient Decentralization

Recent SEC guidance on digital assets cleared a path for at least certain stable coins or payment tokens to avoid securities regulation. However, Latham & Watkins attorneys say there are still a number of open questions that...more

Token Presale Agreements and the ConsenSys Automated Convertible Note

Latham & Watkins has collaborated with ConsenSys to launch the Automated Convertible Note to help startups raise capital using a traditional financing instrument with an eye toward a future distribution of tokens. In...more

SEC Ends 2018 Signaling Its Approach to Regulating the Cryptocurrency Markets

Recent actions reinforce the SEC’s commitment to applying traditional securities markets regulation in the cryptocurrency markets. The US Securities and Exchange Commission (SEC, or the Commission) recently issued a public...more

SEC Charges “ICO Superstore” as Unregistered Broker-Dealer

The settled order is the first SEC action charging a seller of digital tokens as an unregistered broker-dealer. On September 11, 2018, the U.S. Securities and Exchange Commission (SEC) announced a settled order instituting...more

The yellow brick road for consumer tokens: The path to SEC and CFTC compliance

Developing a framework for consumer tokens - With the rapid growth in the development of blockchain technology, virtual currencies and token sales (sometimes referred to as initial coin offerings, or ICOs) in 2017 and...more

A Path Forward for Consumer Tokens?

SEC’s Hinman provides helpful guidance for analyzing digital assets under the US securities laws. William Hinman, Director of the US Securities and Exchange Commission (SEC) Division of Corporation Finance, provided...more

BaFin Publishes Statement on ICO and Token Regulation

BaFin, the German Federal Financial Services Supervisory Authority, joins global regulators in releasing guidance for German ICO issuers and advisors. The growing number and commercial significance of cryptographic token...more

SEC Takes Enforcement Action against Utility Token ICO

The SEC’s latest enforcement action and its Chairman’s statement clarify the application of securities laws to ICOs and cryptocurrency markets. Introduction - On December 11, 2017, the US Securities and Exchange...more

SEC: Certain Initial Coin Offerings Are Securities Offerings

SEC’s investigative report sends clear message that virtual transactions using innovative technologies are subject to the application of securities laws. Introduction - On July 25, 2017, the US Securities and Exchange...more

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