Topic
Digital token
30 published works
Capital Markets
SEC Issues No-Action Letter to Pocketful of Quarters, Inc. for its Digital Token Quarters
On July 25, 2019, the U.S. Securities and Exchange Commission (“SEC”) issued a “no-action” letter to Pocketful of Quarters, Inc. (“PoQ”) for its Ethereum ERC-20 token “Quarters.”[1] The no-action letter—the…
Timely disclosure
Alive and Kik-ing: Kik Interactive Faces SEC Action but Vows to Fight Back
By Daniel Fuke, Julie He
On June 4, 2019, the US Securities and Exchange Commission (SEC) sued Kik Interactive Inc. (Kik), a privately-held Canadian corporation based in Waterloo, Ontario, for conducting an unregistered securities offering…
Blockchain Report
Improving upon the SEC’s Blockchain “Framework”: Toward a Reasonable Regulation of Digital Tokens
By Christopher O'Brien, Stephen T. Salsbury
Introduction Are digital tokens issued by blockchain companies securities under U.S. law? Much of the industry, including several prominent law firms, has taken the position that they are not. The…
Capital Markets
Locke Lord QuickStudy: Token Taxonomy Act – Exempting Digital Tokens from U.S. Securities Laws
On April 10, 2019, U.S. Representatives Warren Davidson (R-OH) and Darren Soto (D-FL) reintroduced the Token Taxonomy Act1 (“TTA”) in the effort to amend the Securities Act of 1933 and…
The CLS Blue Sky Blog
Davis Polk Discusses Investing in Blockchain Technology
Blockchain technology continues to be a lively topic of conversation in legal, business and technology circles. This includes heated debates about whether and when the technology will deliver on its…
FinTech Update
Ringgold II: Court Reverses Course on Preliminary Injunction of Digital Token
By C. Neil Gray, Maxwell J. Eichenberger
As detailed in a prior post on this blog, the United States District Court for the Southern District of California previously denied the U.S. Securities and Exchange Commission’s (SEC) request…
Financial Services Observer
Colorado Digital Token Act Exempts Certain Cryptocurrency Transactions From Colorado Securities Laws
By Michele A. Kulerman, Jason K. Zachary, Aimee Wildstone
Colorado recently passed legislation that will facilitate the sale and transfer of digital tokens in Colorado. Under the Digital Token Act, Colorado businesses will be permitted to effect transactions involving…
Blockchain and the Law
A Taxonomy of the Proposed Token Taxonomy Act
On December 20, 2018, a bipartisan pair of Congressmen, Warren Davidson (R-OH) and Darren Soto (D-FL), introduced bill H.R. 7356 to enact the Token Taxonomy Act (the “Act”). The Act…
Global Regulation Tomorrow
SEC takes aim at digital tokens and smart contracts
On the heels of the first-ever judicial holding this past summer that a cryptocurrency could qualify as a “security” under federal securities laws, the Securities and Exchange Commission (SEC) has…
The Compliance Gap
Token Taxonomy Act Seeks to Provide Regulatory Clarity to Crypto Industry
Two United States congressmen introduced legislation in late December that would exclude certain digital currencies from being defined as securities – a bill that, if enacted, may finally provide the…