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ARTICLE · 14 AUGUST 2017

SEC Ruling On The DAO Signals Increased Acceptance Of Blockchain-Based Securities

Norton Rose Fulbright Canada LLP
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SEC Ruling On The DAO Signals Increased Acceptance Of Blockchain-Based Securities

CanadaCorporate/Commercial Law
Andrew McCoomb
Andrew McCoomb
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On July 25, 2017, the Securities and Exchange Commission (SEC) issued a statement on the regulatory significance of offers and sales of digital assets carried out using distributed ledger or blockchain technology.  That statement followed the SEC's Report of Investigation into The DAO, an unincorporated organization designed to issue tokens administered on a distributed ledger that would allow the holder to share in the anticipated earnings of the organization. The DAO and its structure drew a great deal of attention after a hacker stole approximately 1/3 of its assets.

The SEC's investigation, as summarized in the Report of Investigation, was concerned at least in part with the character of the tokens issued by The DAO and whether they were securities that should be subject to SEC regulation.

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