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ARTICLE · 13 SEPTEMBER 2018

Blockchain Legal Resource: A Day Of Firsts

Hunton Andrews Kurth LLP
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On September 11, 2018, capital markets regulators announced a series of cases that are the first of their kind in the digital assets space.

United StatesTechnology
Scott H. Kimpel
Scott H. Kimpel
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On September 11, 2018, capital markets regulators announced a series of cases that are the first of their kind in the digital assets space.

The SEC announced its first case charging unregistered broker-dealers for selling digital tokens. According to the SEC's order, the defendants operated a self-described "ICO Superstore" that solicited investors, took thousands of customer orders for digital tokens, processed investor funds, and handled more than 200 different digital tokens in connection with both ICOs and the defendants' own secondary market activities. The defendants also promoted the sale of approximately 40 digital tokens in exchange for marketing fees paid by digital token issuers. Because the digital tokens issued in the ICOs and traded by defendants included securities under the SEC's DAO Report, the SEC concluded that the defendants' market activities required broker-dealer registration with the SEC.

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