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The SEC Concludes That Digital Tokens May Be Securities

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Margaret A. Dale and Mark D. HarrisMargaret A. Dale and Mark D. Harris ()

The flurry of recent Initial Coin Offerings (ICOs) have raised questions as to whether, and in what circumstances, virtual currencies and digital tokens may be considered securities whose offer and sale are subject to federal registration requirements. A recent report by the U.S. Securities and Exchange Commission cautioning investors that digital assets may be securities is a turning point for the token marketplace and other blockchain-based mechanisms of alternative fundraising. SEC Release No. 81207, “Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO,” July 25, 2017.

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