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ARTICLE · 22 MAY 2020

SEC's Guidance For Token Offerings: Good, Bad Or Just Difficult?

Ikigai Law
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In November 2018, the SEC promised to come out with a ‘plain English' guidance for developers who wished to undertake their own token offerings (‘token' is used to indicate a cryptocurrency, crypto-asset or a digital asset; ...

IndiaTechnology
Ikigai Law
Ikigai Law
Anirudh Rastogi
Anirudh Rastogi
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What was promised?

In November 2018, The US Securities and Exchanges Commission ("SEC") promised to come out with a 'plain English' guidance for developers who wished to undertake their own token offerings1 ('token' is used to indicate a cryptocurrency, crypto-asset or a digital asset; these terms are used interchangeably here, strictly for the purposes of this document). This guidance was expected to address concerns of initial coin offerors around whether their tokens would qualify as securities under US securities' laws or not. This determination is important because if their tokens do indeed qualify as securities, the token offerors will have to fulfil compliances under the US securities' laws, unless they qualify for an exemption.

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