Tuesday, November 27, 2018

SEC Staff Issues Statement on Digital Asset Securities Issuance and Trading

Securities and Exchange Commission

The staff in the US Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance, Division of Investment Management, and Division of Trading and Markets, have issued their Statement on Digital Asset Securities Issuance and Trading (Statement). This Statement highlights several recent SEC enforcement actions involving the intersection of long-standing applications of federal securities laws and new technologies.

The Statement notes that the SEC staff encourages ‘technological innovations that benefit investors and our capital markets, and we have been consulting with market participants regarding issues presented by new technologies. We wish to emphasize, however, that market participants must still adhere to our well-established and well-functioning federal securities law framework when dealing with technological innovations, regardless of whether the securities are issued in certificated form or using new technologies, such as blockchain’.

Topics covered in the Statement are based on recent SEC enforcement actions, which have addressed these and other issues associated with digital assets. These topics include:

  • Offers and Sales of Digital Asset Securities
  • Investment Vehicles Investing in Digital Asset Securities
  • Trading of Digital Asset Securities.

The Statement is available on this link

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