Munchee Case Clarifies SEC's Stance On Digital Tokens

Law360, New York (January 3, 2018, 12:37 PM EST) -- Remember in July of last year when the U.S. Securities and Exchange Commission said in its report on the DAO (for decentralized autonomous organization) that "U.S. federal securities laws may apply to various activities, including distributed ledger technology, depending on the particular facts and circumstances, without regard to the form of the organization or technology used to effectuate a particular offer or sale"? No? Well, apparently no one else did either.

On Dec. 11, 2017, the SEC instituted cease-and-desist proceedings against Munchee Inc. in connection with its sale of digital tokens to investors to raise capital for its blockchain-based food review...

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