News & Analysis as of September 24, 2024

Token Sales

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

Digital Asset SEC Timeline - March 2023

Perkins Coie on 3/15/2023

The Digital Asset SEC Timeline serves as an interactive compilation of select SEC guidance, enforcement actions, and speeches relating to the application of the federal securities laws to digital assets. Beginning with the...more

The SEC Scored Another Crypto Victory in the LBRY Case, but the Sky Is Not Falling

Paul Hastings LLP on 11/14/2022

Last week’s wild ride in the crypto-verse started, of all places, in New Hampshire. On Monday, a federal judge ruled that LBRY Credits (“LBC”) are securities, and thus LBRY violated Section 5 of the Securities Act of 1933 by...more

Federal Court Evaluates When Cryptocurrency May Constitute a Security in a Criminal Case

Winstead PC on 11/12/2018

The regulatory framework for virtual currencies is evolving, as federal and state regulators and courts wrestle with the circumstances in which cryptocurrencies are securities. For instance, the staff of the Securities and...more

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

Latham & Watkins LLP on 9/19/2018

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

US Blockchain Enforcement and Litigation Update: Government enforcement and private litigation drive important developments in...

Dechert LLP on 6/28/2018

With soaring cryptocurrency prices attracting significant new investment in late 2017, U.S. regulators sought to fill the statutory void by exercising jurisdiction over a variety of digital assets. That trend continued in the...more

Bridging the Weeks - March 2018 #3

Katten Muchin Rosenman LLP on 3/26/2018

The Department of Justice and the Securities and Exchange Commission opposed a motion to dismiss filed by a defendant named in a criminal indictment, charging him with offering and selling two types of digital tokens issued...more

SEC’s Phone Call to Protostarr Shuts Down its ICO

Goodwin on 9/6/2017

Protostarr, a block-chain based startup, has shut down its decentralized application and refunded its initial coin offering (ICO) participants following a request for information from the U.S. Securities and Exchange...more

SEC's Investigative Report Raises Difficult Questions for ICO Issuers

Jones Day on 8/3/2017

Against the backdrop of recent growth of initial coin or token offerings ("ICOs"), the U.S. Securities and Exchange Commission ("SEC"), on July 25, 2017, published its first public statements on this fundraising practice. The...more

SEC Issues Guidance on Regulation of Initial Coin Offerings

Skadden, Arps, Slate, Meagher & Flom LLP on 8/3/2017

Over the last 12 months, a growing number of start-ups, primarily those offering blockchain-based services, have raised capital utilizing so-called initial coin offerings or token sales (collectively referred to herein as...more

SEC Report Determines DAO Tokens, A Digital Asset, Were Securities

King & Spalding on 8/3/2017

On July 25, 2017, the U.S. Securities and Exchange Commission (“SEC”) released a Report of Investigation (“Report”) warning market participants that offers and sales of digital assets (“Tokens”) by “virtual” organizations...more

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