Day

November 21, 2018

21 November 2018

The Security Token Story: SEC Reveals Act III — Registered Digital Assets — and Reminds Market Actors of Acts I (Investment Vehicles) & II (Secondary Trading)

On November 16, the U.S. Securities and Exchange Commission (SEC) announced its first enforcement actions against issuers of initial coin offerings solely for failing to register the offerings in violation of the federal securities laws since Munchee (i.e., without allegations of fraud). Unlike the Munchee order, these settlements impose penalties against the issuers and require certain undertakings, such as registering the digital assets as securities under the Exchange Act. The same day, the SEC’s Divisions of Corporation Finance, Investment Management and Trading and Markets released a joint statement reiterating the SEC’s lessons from recent enforcement actions related to digital assets. (more…)

EmailShare
XSLT Plugin by BMI Calculator