Capital raising involves significant legal risks and complex securities law issues. All sorts of ownership interests sold in exchange for investments and payment rights constitute “securities” and their sale is subject to...more
Just as there are different types of operas, there are different types of securities subject to Securities and Exchange Commission (SEC) regulation. And like opera, securities aren’t always what one might expect. It's not...more
Popular crowdfunding platforms, like Kickstarter and IndieGoGo operate backer-based platforms similar to noisenights. In backer-based crowdfunding, backers who contribute a minimum amount usually receive the product or...more
Wow, it finally happened. The SEC granted long awaited guidance on when tokens are not securities in the form of a no-action letter. ...more
For the past few months, issuers of token sales or “initial coin offerings” (ICOs) have known that they were, to some extent, sailing in unchartered waters. Those waters have just gotten a bit murkier with an announcement by...more
The Howey test lives on—now in a lesson in what not to do when it comes to token offerings. Token offerings, also known as “initial token offerings,” “token launches,” “token sales,” “initial coin offerings,” or “ICOs,”...more