New SEC Guidance On Registration Of Blockchain Tokens As Securities

Webinar: ID# 1026423
Recorded CD or On-Demand
About This Course:
This CLE webinar will analyze recent SEC guidance regarding initial coin offerings conducted on blockchain platforms. The panel will discuss the criteria that the SEC considers in determining whether digital tokens are securities for purposes of the Securities Act and the Exchange Act, and the implications for issuers when a token is considered to be a security.

On July 25, 2017, the SEC published an investigative report concluding that the initial coin offering (“ICO”) conducted in 2016 by The Decentralized Autonomous Organization (“The DAO”) was an unregistered securities offering (the “DAO Report”). The SEC also published an investor bulletin on digital token offerings (the “Investor Bulletin”), that offers guidance to investors about cryotocurrency and participating in token offerings.

The DAO Report clarifies the SEC’s view that some tokens are securities for purposes of the federal securities laws. The Report said that ICO’s are not exempt from federal securities laws solely because a sale is conducted on an automated basis using a distributed ledger or “blockchain.” The DAO Report further confirms that participants in the unregistered sale of a token that is determined to be a security may face liabilities and remedies under federal securities laws.

The SEC considers the facts and circumstances articulated in SEC v. W.J. Howey Co. and subsequent cases to determine whether tokens are “investment contracts.” Among other things, the SEC looks at whether purchasers were investing in a common enterprise and reasonably expected to earn profits through that enterprise and whether the issuer expects to profit from the efforts of others. Howey, read together with The DAO Report, offers important guidance on how best to structure token sales going forward.

Listen as our authoritative panel discusses the impact of the DAO Report and Investor Bulletin on ICOs. The panel will analyze the Howey factors as applied to tokens, and provide tips for structuring token sales that remain exempt from U.S. securities registration requirements.
  • Outline

    • Blockchain and the advent of digital currency and tokens
    • The DAO Report
    • The Investor Bulletin
    • The Howey factors applied to digital tokens
    • Investment management and exchange implications
    • Structuring token sales in light of the DAO Report, the Investor Bulletin, and Howey

  • Benefits

    The panel will review these and other key issues:
    • What are blockchain tokens and how are they used?
    • What is the significance of the SEC’s new guidance?
How To Access Course And Materials

Handout materials and the phone number for live presentations are made available to you one day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CDs will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.

Continuing Education Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. To obtain CPE credit, attendees must participate in the live event (recorded versions do not qualify for credit), return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Strafford will mail a certificate of credit within approximately two weeks of receiving your completed Official Record of Attendance, provided all required conditions have been satisfied.

Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
New SEC Guidance On Registration Of Blockchain Tokens As Securities
Available on CD or On-Demand formats
Share This:
About Us Privacy Guarantee Affiliate List Your Courses Contact Us My Account 5755 North Point Parkway, Suite 227 | Alpharetta, GA 30022 | 770-410-1219 |
Copyright 2018 | Web Site Development by OTAU