As the number and dollar volume of Initial Coin Offerings (“ICOs”) continue to increase, the SEC has taken a greater interest in this activity. As we previously reported, the SEC issued its initial ICO guidance on July 25,...more
The SEC has opined that, depending on the facts and circumstances of each individual ICO, the virtual coins or tokens that are offered or sold may be securities. If they are securities, the offer and sale of these virtual...more
The pro-bitcoin legislation trend continues. This month New Hampshire passed legislation that exempts persons using virtual currency from registering as money transmitters. Specifically, the law amends existing RSA 399-G,...more
A Federal Court in Washington state dismissed a Plaintiff’s class action claims that social casino games using purchasable virtual casino chips constitute gambling under Washington state law. The Court found that the virtual...more
A Maryland court recently dismissed a case in which Plaintiff alleged that a virtual currency casino within a social game constituted illegal gambling, despite the existence of a secondary market for the player accounts. For...more