On April 3th, 2019 the US Securities and Exchange Commission staff released a "Statement on Framework for "Investment Contract" Analysis of Digital Assets" and the first no-action letter.
Our Head of Blockchain Practice, Olta Andoni, Esq, a member of the Wall Street Blockchain Alliance, contributed to the Legal Working Group's Response to the SEC guidance, published on May 16th, 2019.
The response while acknowledging the importance of the Guidance representing the view of FinHub, the SEC’s innovation division, as a great effort to provide greater clarity to the applicability of U.S. federal securities regulation to digital assets, addresses many new questions the Guidance raises. Clients will need to work with their legal counsels to address many questions while launching digital asset transactions and determining whether the sale of a digital asset constitutes an investment contract, a security.
You can read the full text of the report here.