On July 10, 2019, the SEC qualified the first-ever offering of digital tokens under Regulation A+. Blockstack PBC sought to offer up to 180,333,333 “Stacks Tokens” in the following ways: (1) 78,333,333 Stacks Tokens at a discounted price of US $0.12 per token (up to a maximum of US $3,000 per holder)…
Basis, one of the most well-funded crypto-startups, had plans to create an algorithmic central bank that aimed to create a price-stable cryptocurrency within a decentralized monetary system. In its April 2018 fundraising efforts, Basis had secured $133 million in funding from large institutional investors. However, citing regulatory constraints, Basis announced…
The Securities and Exchange Commission (SEC) finally provided some good news, and guidance, regarding permissible token sales. On June 14, 2018, William Hinman, Director of the SEC Division of Corporation Finance, speaking at the Yahoo Finance All Markets Summit: Crypto, shared remarks that filled in some gaps surrounding the security…
As originally published by Brave New Coin, January 19, 2018. As we transition from 2017 into 2018, there has been an increase in SEC and state regulator activity in the area of Initial Coin Offerings (“ICOs”), as the agencies seek to determine (i) whether certain ICOs constitute a sale of…
As published in Bloomberg BNA’s Securities Regulation & Law Report, December 18, 2017 An initial coin offering (“ICO”) does not happen on its own. Rather, there are companies and individuals that assist in successful token sales. These can include ICO consultants, marketing firms, board members, partners at private equity and…