Initial Coin Offerings: SEC and Other Regulatory Guidance on Registration of Blockchain Tokens as Securities
Recording of a 90-minute premium CLE webinar with Q&A
This CLE course will analyze recent SEC guidance regarding primary and secondary sales of tokens. The panel will discuss the criteria that the SEC considers in determining whether digital tokens are securities for purposes of the Securities Act and the Exchange Act, and the implications for issuers and token holders when a token is considered to be a security.
Outline
- Blockchain and the advent of digital currency and tokens
- The DAO Report
- The Investor Bulletin
- The Howey factors applied to digital tokens
- Investment management and exchange implications
- Structuring token sales in light of the DAO Report, the Investor Bulletin, and Howey
Benefits
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?
Faculty
Daniel R. Kahan
Attorney
Morrison & Foerster
Mr. Kahan's corporate transactional practice focuses on venture capital and private equity investments,... | Read More
Mr. Kahan's corporate transactional practice focuses on venture capital and private equity investments, mergers and acquisitions, divestitures and spin-offs, public securities offerings, and corporate governance matters. He also regularly advises clients in strategic technology transactions, including professional service agreements, software-as-a-service agreements, sourcing agreements, transition service agreements, distribution agreements, reseller agreements, and intellectual property licensing matters.
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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... | Read More
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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