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The U.S. Securities and Exchange Commission has brought several enforcement actions against companies and individuals who offer or sell digital assets through Initial Coin Offerings or who otherwise integrate distributed ledger technology into their business. At the same time, the SEC has offered to educate and work with market participants regarding their individual facts and circumstances as to when digital assets will be regarded as securities. Recently, the SEC took two significant actions that continue the SEC’s trend of trying to engage with market participants in an effort to encourage innovation so long as investor protections are present.
In this One-Hour Briefing, Shamoil T. Shipchandler and Mark W. Rasmussen of Jones Day will discuss the SEC’s efforts to engage with the market through education and guidance through various actions, including:
- The release of a Framework for Investment Contract Analysis of Digital Assets;
- The issuance of a no-action letter to Turnkey Jets in connection with its utility token;
- The creation of FinHub, the SEC’s strategic hub for innovation and financial technology;
- Various speeches by senior officials about blockchain technology and digital assets;
- Opportunities for public input into SEC’s decision-making; and
- A similar path by the State of New York.
Program Level: Update
Intended Audience: In-house counsel, outside attorneys, financial and allied professionals interested in digital assets, initial coin offerings, bitcoin and blockchain technology
Prerequisites: Novice-level familiarity with the concepts of digital assets like bitcoin, initial coin offerings (ICOs), and distributed ledge technology including blockchain; interest in federal and state-level regulation related to digital assets
Advanced Preparation: None