Topic: Cryptocurrency

SEC Clarifies How to Tell When a Token is a Security – A New Framework

On April 3, 2019, the Securities and Exchange Commission’s (the “SEC”) Division of Corporation Finance ‎‎(“Division”) issued a Statement ‎ with a “Framework for ‘Investment Contract’ Analysis of Digital ‎Assets” (the “Framework”) for the application of U.S. federal securities laws to blockchain and ‎distributed ledger technologies.‎

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SEC Speaks: Digital Asset Securities Issuance and Trading

On November 16, 2018, the SEC’s Division of Corporation Finance, Division of Investment Management, and Division of Trading and Markets (the “Divisions”) issued a statement on “Digital Asset Securities Issuance and Trading.” The statement highlights several recent SEC enforcement actions involving the intersection of the U.S. securities laws and new technologies.

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Locke Lord QuickStudy: SEC Announces Cryptocurrency Ether Is Not a Security – Uncertainty Still Remains

On June 14, 2018, the Securities and Exchanges Commission (“SEC”) marked a paradigm shift in the way that cryptocurrencies, protocol tokens, and other block-chain based digital assets (“Crypto Assets”) are being described or categorized in the securities regulatory environment.

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Locke Lord QuickStudy: Cboe Offers to Take the SEC to the Cryptocurrency ETF Dance

On March 23, 2018, Cboe Global Markets, Inc. (“Cboe”) sent a letter to the Securities and Exchange Commission (the “SEC”), strongly advocating for the registration of exchange-traded funds (“ETFs”) that hold cryptocurrencies and digital currency futures. Cboe already pushed the envelope in late 2017 when it became the first U.S. futures exchange to offer a bitcoin futures product for trading.

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