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ARTICLE · 10 SEPTEMBER 2019

SEC Qualifies First Issuance of Digital Token Under Regulation A+

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News of regulatory approvals provides some measure of optimism for the future of compliant digital token offerings and a potential path for other companies to follow.

United StatesTechnology
Mark W. Rasmussen
Mark W. Rasmussen
Shamoil T. Shipchandler
Shamoil T. Shipchandler
Peter E. Devlin
Peter E. Devlin
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In Short

The Situation: As the U.S. Securities and Exchange Commission ("SEC") continues to bring enforcement actions to stop unregistered sales of digital tokens, blockchain companies are exploring ways to sell tokens to the public in compliant ways.

The Result: Blockchain start-up Blockstack obtained from the SEC qualification of its offering statement for the first-ever digital token offering under Regulation A+ ("Reg. A+"), which is a cheaper way to raise capital than a traditional IPO. European authorities likewise have welcomed compliant offerings of digital assets, with several gaining approval in Germany and increased activity in France after the passage of new legislation early this year.

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