10/03/2017 01:00 p.m. - 02:30 p.m. EDT
Financial Services, Financial Technology, Financial Transactions, Financial Institutions + Financial Services, and Investment Management
Alfredo B. D. Silva and Daniel R. Kahan
On July 25, 2017, the SEC published an investigative report concluding that the initial coin offering conducted in 2016 by The Decentralized Autonomous Organization (“The DAO”) was an unregistered securities offering (the “DAO Report”). The SEC also published an investor bulletin on token offerings (the “Investor Bulletin”), that offers guidance to investors about tokens and participating in token offerings.
The SEC considers the facts and circumstances articulated in SEC v. W.J. Howey Co. and subsequent cases to determine whether tokens are “investment contracts.” Howey, read together with The DAO Report, offers important guidance on how best to structure token sales going forward.
Listen as our authoritative panel discusses the impact of the DAO Report and Investor Bulletin on ICOs. The panel will analyze the Howey factors as applied to tokens, and provide tips for structuring token sales that remain exempt from U.S. securities registration requirements.
©1996-2019 Morrison & Foerster LLP. All rights reserved.