News & Analysis as of

Securities Act of 1933 › Securities and Exchange Commission (SEC) › Initial Coin Offering (ICOs)

The Securities Act of 1933 is a United States federal statute enacted in response to the stock market crash of 1929 and the ensuing Great Depression. The Act has two primary purposes: 1) to give investors better... more +
The Securities Act of 1933 is a United States federal statute enacted in response to the stock market crash of 1929 and the ensuing Great Depression. The Act has two primary purposes: 1) to give investors better access to material information prior to investing 2) ensure that transactions are not based on fraud. In order to effectuate its dual goals, the Act requires that any offer or sale of securities is registered with the SEC. less -
Holland & Knight LLP

Tout, Tout, Let It All Out: SEC Continues Crackdown on Celebs, Athletes Touting Digital Assets

Holland & Knight LLP on

Former NBA player and Hall of Famer Paul Pierce is the latest celebrity cryptocurrency promoter to get caught in the net of the anti-touting provisions of federal securities laws. In a recent settled order issued by the SEC,...more

Mintz

An SEC Win - US District Court Judge Rules LBRY’s LBC Token a Security

Mintz on

In a significant victory for the SEC, US District Court Judge Paul J. Barbadoro granted summary judgment to the SEC in what is the first enforcement action targeting a cryptocurrency not issued via an initial coin officer...more

WilmerHale

SEC and CFTC Signal Push for Broader Authority Over Digital Asset Markets

WilmerHale on

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) recently announced enforcement actions that reflected sweeping, and previously unarticulated, views of their respective...more

Bilzin Sumberg

Kim Kardashian Sanctioned by SEC for Unlawful Touting of Cryptocurrency

Bilzin Sumberg on

Ms. Kardashian found herself on the wrong side of the law Monday, when the SEC entered a cease-and-desist order against her (the “Kardashian Order”), finding her in violation of Section 17(b) of the Securities Act of 1933....more

Oberheiden P.C.

The SEC Investigation Process: An Overview

Oberheiden P.C. on

The U.S. Securities and Exchange Commission (SEC) investigates companies, brokerage firms, and individuals for a broad range of statutory and regulatory violations. These investigations can lead to civil or administrative...more

Proskauer - Corporate Defense and Disputes

SEC’s Coinschedule Settlement Offers Mere “Clue-By-Enforcement” Into Whether Cryptocurrencies are Securities

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On July 14, 2021 the SEC issued a consented-to Cease and Desist Order against U.K.-based cryptocurrency review website owner Blotics Ltd. (formerly doing business as Coinschedule Ltd.) for violating Section 17(a) of the...more

Nelson Mullins Riley & Scarborough LLP

Statute of Limitations Halt Crypto Currency Business Class Actions

Nelson Mullins Riley & Scarborough LLP on

Five plaintiffs recently voluntarily dismissed their putative securities class action lawsuits one year after sending shock waves through the crypto world when they filed eleven alleged class action lawsuits against...more

SECIL Law

Deconstructing the SEC's Cryptocurrency-Suppression Program: Part One

SECIL Law on

This is the first article in a nine-part series that addresses the SEC’s unlawful suppression of new cryptocurrencies. Introduction - In 2017, the U.S. Securities and Exchange Commission (“SEC”) established an agency-wide...more

Proskauer - The Capital Commitment

Three Critical Questions That Will (Hopefully) be Answered by the SEC’s Lawsuit against Ripple

Proskauer - The Capital Commitment on

Late last year, the SEC filed a litigated action in the U.S. District Court for the Southern District of New York against Ripple Labs Inc. and two of its executive officers (collectively, “Ripple”), alleging that Ripple...more

Proskauer - Blockchain and the Law

SEC Brings Charges against Individuals Behind Allegedly Fraudulent Unregistered Digital Asset Securities Offering

Proskauer - Blockchain and the Law on

On February 1, 2021, the U.S. Securities and Exchange Commission (SEC) announced that it had brought charges against several individuals involved in an alleged scheme to induce investors to transfer more than $11 million to...more

Goodwin

SEC Sues Ripple and Executives in Connection With Ongoing Sales of XRP

Goodwin on

The SEC, in one of the Commission’s final acts under the leadership of Chair Jay Clayton, approved enforcement action aimed at Ripple Labs, Inc. (“Ripple”) and two of its executives, Brad Garlinghouse and Chris Larsen. The...more

Lowenstein Sandler LLP

A Tezos Settlement and a Telegram Injunction: Securities Laws Protections Extend to Digital Asset Investors

Lowenstein Sandler LLP on

Digital assets sit on the cutting edge of investable products, but two recent events can give investors comfort that the US securities laws will still protect them even in these sometimes uncharted waters. First, a securities...more

BakerHostetler

Token Litigation Cases Reach Milestones, Stablecoins and CBDCs Gain Attention, CFTC Approves Guidelines for ‘Actual Delivery’ of...

BakerHostetler on

Telegram, Kik and Tezos Cases Reach Milestones in Blockchain Token Litigation - On May 24, the U.S. District Court for the Southern District of New York granted the Securities and Exchange Commission’s (SEC) motion for a...more

Winstead PC

Steven Seagal is not “Above the Law” in Crypto Scalping Case

Winstead PC on

Hollywood martial arts sensei Steven Seagal was recently karate-chopped by the SEC for his alleged undisclosed payments for Twitter-touting a security that was being offered and sold in an initial coin offering. In a settled...more

Eversheds Sutherland (US) LLP

SEC warns investors about initial exchange offerings

Eversheds Sutherland (US) LLP on

Recently, the U.S. Securities and Exchange Commission (SEC) issued an Investor Alert (the Alert) warning investors to use caution before investing in initial exchange offerings (IEOs) through online trading platforms. The...more

Seyfarth Shaw LLP

SEC Commissioner Peirce Proposes Three Year “Safe Harbor” For Tokens

Seyfarth Shaw LLP on

Seyfarth Synopsis: On Thursday, February 6, 2020, SEC Commissioner Hester Peirce proposed rules which, if certain conditions are met, would, for three years, exempt (1) the offer and sale of tokens from most provisions of the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Blockchain Trends and Enforcement Surrounding the New Technology

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In 2019, regulators continued to consider whether and how to regulate blockchain technology. After the two previous years that included a high number of initial coin offerings (ICOs), many of which involved allegedly...more

Latham & Watkins LLP

2019 Digital Asset Regulatory Look Back (US Edition)

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It was a year filled with tantalizing tidbits and many loose ends. 2019 marked the 10th year since blockchain technology was released into the wild by its still unknown inventor, Satoshi Nakamoto, who mined the first bitcoin...more

Orrick - On the Chain

SEC Settles with BCOT on Alleged Violations of the Securities Act

Orrick - On the Chain on

On December 18, 2019, the Securities and Exchange Commission announced settled charges against blockchain technology company Blockchain of Things Inc. (BCOT) for conducting an unregistered initial coin offering (ICO) of...more

Latham & Watkins LLP

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

Latham & Watkins LLP on

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

Eversheds Sutherland (US) LLP

The SEC marches on - Cryptocurrency startup Block.one pays civil penalty of $24 million over unregistered initial coin offering

Eversheds Sutherland (US) LLP on

In a somewhat surprising move, the Securities and Exchange Commission (SEC) entered into a $24 million settlement with Block.one on September 30, 2019, over its unregistered initial coin offering (ICO) that raised upwards of...more

Wilson Sonsini Goodrich & Rosati

Conducting a Token Offering Under Regulation A

Wilson Sonsini Goodrich & Rosati on

This white paper discusses considerations related to conducting a token offering under Regulation A under the Securities Act of 1933 (the “Securities Act”). The benefit of this strategy is that it can allow broad...more

Kilpatrick

When You're Paid to Promote, the SEC Requires Transparency

Kilpatrick on

On August 20, 2019, the SEC announced an enforcement action against ICO Rating for violating the anti-touting provisions of Section 17(b) of the Securities Act of 1933. While these anti-touting rules apply to all securities,...more

Proskauer - Blockchain and the Law

SEC Sues Kik for ICO

Proskauer - Blockchain and the Law on

On June 4, 2019, the U.S. Securities and Exchange Commission (the “SEC”) filed a complaint in the Southern District of New York against Kik Interactive Inc. (“Kik”) alleging violations of Section 5 of the Securities Act of...more

A&O Shearman

SEC Files Contested Complaint Over Unregistered $100 Million Initial Coin Offering, In Case That Could Clarify Application Of...

A&O Shearman on

On June 4, 2019, the U.S. Securities and Exchange Commission (“SEC”) sued Kik Interactive Inc. (“Kik”) for conducting an unregistered offering of $100 million of digital tokens. See U.S. Securities and Exchange Commission v....more

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