SEC Statement on Cryptocurrencies and Initial Coin Offerings

On December 11, 2017 SEC Chairman Jay Clayton published a Statement on Cryptocurrencies and Initial Coin Offerings. This statement contains information about how the SEC will analyze whether the offering of cryptocurrencies and Initial Coin Offerings is legal.  Both investors and market participants should review the SEC's statement prior to investing in or offering cryptocurrencies.  The statement is available here: https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11 
 

SEC Statement on Cybersecurity

On Septemeber 20, 2017 SEC Chairman Jay Clayton published an important statement on Cyberysecurity. Broker-dealer, Registered Investment Advisors and publicly traded companies should review the statement and become familiar wih what steps the SEC expects regulated entities to take.  The full statement can be found here: https://www.sec.gov/news/public-statement/statement-clayton-2017-09-20

SEC Investor Bulletin Concerning Initial Coin Offerings

On July 25, 2017 the SEC published an investor bulletin concerning Initial Coin Offerings.  In that bulletin the SEC discussed its report of investigation under Section 21(a) of the Securities Exchange Act of 1934 describing the SEC investigation of The DAO, a virtual organization, and its use of distributed ledger or blockchain technology to facilitate the offer and sale of DAO Tokens to raise capital. The Commission applied existing U.S. federal securities laws to this new paradigm, determining that DAO Tokens were securities.  The Commission stressed that those who offer and sell securities in the U.S. are required to comply with federal securities laws, regardless of whether those securities are purchased with virtual currencies or distributed with blockchain technology.

The complete investor bulletin is available here: https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_coinofferings