The 1st Judicial Finding That Digital Tokens Are Securities

By Deborah Meshulam, Benjamin Klein and Richard Kelley (July 11, 2018, 2:03 PM EDT) -- On June 25, 2018, a magistrate judge in Florida issued a report in a class action — Rensel v. Centra Tech Inc. — finding that tokens issued and sold by technology startup Centra Tech were investment contracts. While the report and its recommendations are not final until approved by a district court judge, it appears to be the first judicial finding that a company's issuance and sale of tokens through an initial coin offering, or ICO, must comply with federal securities laws....

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