Bitcoin is off the charts, the Securities and Exchange Commission is making waves over initial coin offerings (ICOs), and there’s a heady debate over the merits and consequences of “token presales.” In this episode of Law.com’s Unprecedented podcast, host Ben Hancock gets an overview of what to make of all this from Joshua Ashley Klayman, chair of the Wall Street Blockchain Alliance Legal Working Group and an attorney at Morrison & Foerster.

Klayman explains the regulatory implications of ICOs, gives her views on the “SAFT” framework, and helps explain why Switzerland had become home to “crypto valley.” She also underscores that the legal issues surrounding the technology are hardly simple. “We focus so much time and energy on thinking about whether the token is a security that sometimes it’s easy to lose sight of the fact that there are many other regulatory frameworks, too.”

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