April 12, 2019 - Blockchain, Financings, Fintech

SEC Issues Historic No-Action Letter and Releases Framework for “Investment Contract” Analysis of Digital Assets

On April 3, 2019, the Strategic Hub for Innovation and Financial Technology of the U.S. Securities and Exchange Commission (“SEC”) published two pieces of guidance on when a blockchain-enabled digital asset will, or will not, be considered a security. The first piece of guidance …›

February 14, 2019 - Blockchain, Financings, Fintech

Tokenization + the SEC – Part 1

Dario de Martino discusses the real possibilities and opportunities around security tokens, from a business standpoint, the legal perspective, and from a retail investor point of view. Topics include: - What are the advantages of tokenizing securities? …›

December 14, 2018 - Financings

Agencies Issue Further Guidance Regarding Emerging Approaches to BSA/AML Compliance

On December 3, 2018, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network, National Credit Union Administration, and Office of the Comptroller of the Currency (collectively, the “Agencies”) issued a joint statement regarding “innovative approaches” to …›

First SEC Enforcement Action Against Unregistered Digital Token Exchange

Until yesterday, the enforcement actions of the U.S. Securities and Exchange Commission (SEC) in the digital token space have primarily focused on the primary issuances of tokens. However, on November 8, 2018, the SEC announced in an order (the “Order”) that it had settled …›

August 7, 2018 - Financings, Fintech

Treasury and the OCC Make Significant Fintech Announcements

Two key federal government announcements were made on July 31, 2018 related to fintech issues. First, the U.S. Department of the Treasury issued a press release announcing a report entitled “Nonbank Financials, Fintech, and Innovation.” The Report is the fourth and final in a …›

The Journey from Security to Non-Security: SEC Director Comments on Mutability of Token Treatment

Many in the blockchain and cryptocurrency community were in a celebratory mood on June 14, 2018, following a landmark speech given by William Hinman, Director for the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the “SEC”). Director Hinman’s remarks addressed, …›