Topic: FinTech

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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Locke Lord QuickStudy: Staking its Claim: SEC Provides Comprehensive Guide for Blockchain, Digital Asset Securities

Yesterday at the Consensus: Invest Conference in New York City, Jay Clayton, Chairman of the U.S. Securities and Exchange Commission (the “Commission”), strongly reaffirmed the guidance put forth by his agency in the last several weeks on cryptocurrencies, blockchain, and “digital asset securities”.

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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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