Joshua Ashley Klayman
Financial Institutions + Financial Services
In The News
Canada joined the U.S. and Singapore by issuing guidance that federal securities laws may apply to ICOs. According to Joshua Ashley Klayman, head of Morrison & Foerster’s Blockchain & Smart Contracts Group, the trend could potentially continue with other countries rolling out similar regulations.
“I think that will have an effect, because it will cause people to take greater caution when they are developing these types of structures for their token sales,” she said in the Legaltech News article “An International Regulatory Shift Could Tame the Cryptocurrency Market.” “It certainly should give lawyers pause when they're advising on these to say, ‘Listen, you really need to take a hard look at this and think about whether you just want to assume it’s a security.’”
She continued, “many people would advise to take a conservative view anyway” in these investments. “The more and more guidance comes out, the less and less easy it is for people with a straight face around the world to say, ‘My jurisdiction says it's not a security; who cares about what other jurisdictions think.’”
©1996-2017 Morrison & Foerster LLP. All rights reserved.