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SEC Enforcement Provides Clarity on When a Blockchain Token Is a Security
26 July 2017
View Client Update
On July 25, the SEC Division of Enforcement released a report concluding that blockchain tokens sold by the DAO constituted securities.
As a result, the report determined that registration and other requirements under both the Securities Act and the Exchange Act apply to DAO tokens.
The report appears to confirm that not all blockchain tokens are securities. However, careful analysis is needed to make sure that any token sale complies with relevant rules and regulations.
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