The SEC has formally announced that Ether is not a security. The U.S. Securities and Exchange Commission Director of Corporate Finance William Hinman said that the commission would not be
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SEC
SEC Takes $15 Million Bite Out of an ICO
By James Gatto on
Posted in Virtual Currency
The SEC issued a cease and desist order against Munchee’s $15 million ICO, opining that the tokens were securities for which no there was registration statement filed or in effect with the Commission nor a qualifying exemption from registration.
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SEC Issues Warning on Certain ICOs
By James Gatto on
Posted in Virtual Currency
As the number and dollar volume of Initial Coin Offerings (“ICOs”) continue to increase, the SEC has taken a greater interest in this activity. As we previously reported, the SEC issued its initial ICO guidance on July 25, 2017. In this guidance it declared that depending on the facts and circumstances, an ICO offering may involve the offer and sale of securities. If that is the case, the offer and sale of virtual coins or tokens must itself be registered with the SEC, or be performed pursuant to an exemption from registration. …
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SEC Declares That Initial Coin Offerings (ICOs) May Be Securities; Finds DAO a Security
By James Gatto on
Posted in Virtual Currency
The SEC has opined that, depending on the facts and circumstances of each individual ICO, the virtual coins or tokens that are offered or sold may be securities. If they are securities, the offer and sale of these virtual coins or tokens in an ICO are subject to the federal securities laws.…
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Fantasy Stock Picking Contest Deemed by SEC to be Illegal Security-based Swaps
By James Gatto on
Posted in Fantasy Sports, Gaming
The SEC shut down a “fantasy” stock picking game for allegedly violating securities laws. Forcerank LLC ran contests via mobile phone games where players paid a fee and predicted the order in which 10 securities would perform relative to each other. In each week-long game, players won points based on the accuracy of their prediction, and players with the most aggregate points received cash prizes at the end of the competition.
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