Listen to The Sidley Podcast for an informative discussion of how blockchain, digital assets and virtual currencies are changing the way we transact
Blockchain technology has the ability to transform how business and everyday commercial transactions are conducted across industries. This emerging technology represents more than just an incremental improvement in business practices — it could actually disrupt how we do business. What is blockchain, how will it affect the way we communicate and transact with each other and why are cryptocurrencies being used in conjunction with this technology?
We get answers to these questions and many others in the latest episode of The Sidley Podcast. Podcast host and Sidley partner Sam Gandhi speaks with Lilya Tessler, a partner in the firm’s New York office, who focuses her practice on the corporate and regulatory aspects of blockchain technology.
On February 6, 2020, U.S. Securities and Exchange Commission (SEC or Commission) Commissioner Hester M. Peirce (Commissioner Peirce) gave a speech describing the need for more clarity on application of the securities laws to the offer and sale of blockchain tokens or digital assets. As part of the speech, she proposed a safe harbor (Proposal or Safe Harbor) exempting certain tokens from the registration requirements of the Securities Act of 1933 (Securities Act) and Securities Exchange Act of 1934 (Exchange Act), including an exemption for persons engaging in certain transactions with respect to such tokens from the definitions of “exchange,” “broker” and “dealer” under the Exchange Act. The Proposal is of significance to any existing or future blockchain development team considering the distribution of tokens, as well as any digital asset exchange or over-the-counter desk that facilitates transactions in digital assets, blockchain tokens or virtual currencies.