The Rule Proposal Would Significantly Broaden the Scope of Systems Required to Register as an Exchange or an ATS The U.S. Securities and Exchange Commission (SEC) has issued a rule proposal (the Proposal) that would...more
On the Friday before Thanksgiving, the Securities and Exchange Commission ("SEC") and its staff ("Staff") took a coordinated set of actions that should help further clarify its views on the application of the federal...more
Over the last few months, there has been fairly wide-spread recognition that most offerings in the United States of tokens and of Simple Agreements for Future Tokens (SAFTs) are securities offerings.1 As a result, most U.S....more
Initial coin offerings (ICOs), token pre-sales, and similar sales of blockchain-based coins and tokens are quickly becoming an important fundraising option, and an important method of attempting to seed a token-based platform...more