On July 25, the Securities and Exchange Commission issued a Report of Investigation cautioning that certain offers and sales of digital assets of virtual organizations (e.g., “coin offerings” or “token sales”) could be deemed securities offerings and therefore subject to the federal securities laws. More details relating to the Report of Investigation are available in Gary DeWaal’s posting in the July 26 edition of Bridging the Week. Katten will also publish a separate client advisory on the subject in the near future.
For further information concerning the regulation of digital assets, please join Katten for a panel discussion with LedgerX (the first federally approved exchange and clearing house for digital currency derivatives) entitled, “Regulation of Digital Tokens in the US: Bitcoin, Blockchain and LedgerX.” The discussion will take place on August 9 in Katten’s New York office. Registration information is available here.
See also “CFTC Grants DCO Registration to LedgerX” in the CFTC section.