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Last summer, the Securities and Exchange Commission (SEC) issued its 21(a) report concluding that, according to the U.S. Supreme Court decision in SEC v. W.J. Howey Co., the DAO token qualified as a “security” under the federal securities laws and thus, its offering had to either be registered with the SEC or subject to a valid exemption from registration. While many commentators have focused on the implications of Howey on initial coin offerings (ICOs), few…
In this issue: • CFTC Issues Guidance on Crypto Derivatives“Operation Cryptosweep” Continues Enforcement Actions Against ICOsCountries Exploring National/State-Backed Cryptocurrencies CFTC Issues Guidance on Crypto Derivatives By: Jonathan D. Blattmachr On May 21, 2018, The Commodity Futures Trading Commission (CFTC) issued to exchanges and clearinghouses a staff advisory regarding cryptocurrency derivatives (the Advisory). The CFTC acknowledges that its guidance only “reflects staff’s current thinking based on experience with virtual currency derivatives products to…