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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!