What to Expect When the SEC Calls

Inside an information-gathering phone call with the SEC. Distributed software and blockchain projects often tangentially worry about the SEC. The Enforcement Division of the SEC is charged with enforcing federal securities law and taking regulatory action against those entities breaking the law. So far, there is not much precedent to indicate how the SEC will…

What Nobody Wants to Hear: The Sale of Ether Tokens was Likely A Sale of Securities

As previously discussed, US Federal Courts give regulators considerable latitude in determining what is and what is not a security.¹ In the interest of not repeating previous material, I am going to run the Ethereum crowdsale through the Howey Test to exemplify why it can most likely be classified as the sale of unregistered securities. 1. Was…

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