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  • videocam On-Demand
  • card_travel Banking and Finance
  • schedule 90 minutes

Initial Coin Offerings: SEC and Other Regulatory Guidance on Registration of Blockchain Tokens as Securities

$347.00

This course is $0 with these passes:

CLE
ALL
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Description

On July 25, 2017, the SEC published an investigative report concluding that the initial coin offering (ICO) conducted in 2016 by The Decentralized Autonomous Organization (The DAO) was an unregistered securities offering (the DAO Report). Since that time, the SEC Staff has provided additional guidance on the application of U.S. federal securities laws to blockchain tokens, including through investor bulletins, enforcement actions, and speeches.

Taken together, this guidance reflects the SEC’s view that some tokens are securities for purposes of the federal securities laws and that token sales are not exempt from federal securities laws solely because a sale is conducted on an automated basis using a distributed ledger or blockchain. The guidance further confirms that participants in the unregistered sale of a token that is determined to be a security may face liabilities and remedies under federal securities laws.

Listen as our authoritative panel discusses the impact of the DAO Report and Investor Bulletin on ICOs. The panel will analyze the Howeyfactors as applied to tokens, and provide tips for structuring token sales that remain exempt from U.S. securities registration requirements.

Presented By

Daniel Kahan
Attorney
Morrison Foerster
Alfredo B. D. Silva
Partner
Morrison Foerster

Mr. Silva represents public and private companies and investors in a broad range of corporate and securities law matters. His practice includes initial public offerings, primary and secondary offerings, private placements, preferred stock financings and public and private mergers and acquisitions. In his public company practice, he also counsels issuers on corporate governance issues, compliance with the U.S. federal securities laws, and compliance with the listing standards of Nasdaq and the New York Stock Exchange. In his private company practice, he has served as company or investor counsel in venture and late-stage financings, minority strategic investments and impact investments in dozens of private companies.

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Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.


  • Live Online


    On Demand

Date + Time

  • event

    Wednesday, November 7, 2018

  • schedule

    1:00 PM E.T.

  1. Blockchain and the advent of digital currency and tokens
  2. The DAO Report
  3. The Investor Bulletin
  4. The Howey factors applied to digital tokens
  5. Investment management and exchange implications
  6. Structuring token sales in light of the DAO Report, the Investor Bulletin, and Howey

The panel will review these and other noteworthy issues:

  • What are blockchain tokens and how are they used?
  • What is the significance of the SEC’s recent guidance?
  • How should primary and secondary token sales be structured in light of the SEC’s guidance?