In SEC's Remediation Model, Hard Choices For ICO Issuers

Law360 (April 24, 2019, 2:31 PM EDT) -- On April 3, 2019, the U.S. Securities and Exchange Commission issued new guidance for assessing whether an initial coin offering is a securities offering. It also issued its first no-action letter, confirming that it would not recommend an enforcement action if Turnkey Jet did not register its proposed TKJ token as a securities offering.

While these actions are meaningful, they do not alter the SEC’s previously-stated position that it is likely to view most, if not all, prior ICOs as unregistered securities offerings. As a result, existing ICO issuers still face difficult decisions on how to proceed.

The SEC has offered...

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