Are Cryptocurrencies 'Securities'?
Markets are buzzing about cryptocurrency, but as initial coin offerings (ICOs) have exploded onto the scene as a fund-raising device for early-stage companies, regulators have taken notice and directed stern warnings to just about everyone involved.
In this Expert Insight, Jim Walker (Partner and General Counsel, Richards Kibbe & Orbe) reviews an SEC opinion, a recent court decision and a statement by SEC Chairman Jay Clayton, which, taken together, suggest a broad presumption from which lawyers representing issuers of digital currencies would be wise to begin their own analyses (and which should inform any advice offered to those clients).
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