The SEC issued a cease and desist order against Munchee’s $15 million ICO, opining that the tokens were securities for which no there was registration statement filed or in effect with the Commission nor a qualifying exemption from registration.
Continue Reading SEC Takes $15 Million Bite Out of an ICO
Initial Coin Offerings
SEC Issues Warning on Certain ICOs
By James Gatto on
Posted in Virtual Currency
As the number and dollar volume of Initial Coin Offerings (“ICOs”) continue to increase, the SEC has taken a greater interest in this activity. As we previously reported, the SEC issued its initial ICO guidance on July 25, 2017. In this guidance it declared that depending on the facts and circumstances, an ICO offering may involve the offer and sale of securities. If that is the case, the offer and sale of virtual coins or tokens must itself be registered with the SEC, or be performed pursuant to an exemption from registration.
Continue Reading SEC Issues Warning on Certain ICOs
SEC Declares That Initial Coin Offerings (ICOs) May Be Securities; Finds DAO a Security
By James Gatto on
Posted in Virtual Currency
The SEC has opined that, depending on the facts and circumstances of each individual ICO, the virtual coins or tokens that are offered or sold may be securities. If they are securities, the offer and sale of these virtual coins or tokens in an ICO are subject to the federal securities laws.
Continue Reading SEC Declares That Initial Coin Offerings (ICOs) May Be Securities; Finds DAO a Security