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ICO Participant Liability - Could you be Liable for Assisting in the Sale of Unregistered Securities?

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…

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SEC Issues Cease and Desist Order and Further Guidance on ICOs

On December 11, 2017, the U.S. Securities and Exchange Commission (SEC) issued a cease-and-desist order to Munchee Inc. (Munchee), a company that was in the process of a $15 million initial coin offering (ICO), for selling unlicensed securities. The SEC found that the ICO targeted investors, with the expectation of…

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SEC Announces Cyber Enforcement Initiative: Distributed Ledger Technology, Initial Coin Offerings Under the Microscope

On September 25, 2017, the Securities and Exchange Commission (SEC) announced the launch of its new Cyber Unit. Drawing on the existing cyber experience of the SEC’s Enforcement Division, and including personnel from around the country, the Cyber Unit will target cyber-related misconduct in the following areas identified by the…

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SEC Issues Release & Investigative Report on Token Sales

The SEC has issued long awaited guidance regarding token sales, also referred to as ICOs.  We will issue a summary of this guidance shortly, but in the interim please find the links to the SEC’s press release, investigative report, and public statement from the SEC’s Divisions of Corporation Finance and Enforcement….

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