News & Analysis as of August 7, 2025

Token Sales

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

The Justice Insiders Podcast: Meet the Securities and Exchange (and Human Resources) Commission

Entertainment or Investment? The SEC’s Stance on Meme Coins as Securities

Fenwick & West LLP on 3/5/2025

On February 27, 2025, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance (Corp Fin) published a new staff statement intended to clarify the application of federal securities laws to meme coins....more

Ripple Effect: SEC Lawsuit against Cryptocurrency Company May Provide Guidance For Crypto Industry

Amundsen Davis LLC on 3/12/2021

On December 21, 2020, the Securities and Exchange Commission (SEC) filed a high-profile enforcement action against a major cryptocurrency company. The SEC complaint alleges violations of federal securities laws by defendant...more

SEC Division of Corporate Finance Issues Second No-Action Letter for a Blockchain Token Issuance

McDermott Will & Schulte on 8/12/2019

The SEC Division of Corporate Finance recently issued a no-action letter to Pocketful of Quarters, confirming that the Division will not recommend any enforcement action if the company sells its blockchain-based tokens...more

Goodwin Alert: SEC Issues Long-Awaited Guidance

Goodwin on 7/28/2017

The Securities and Exchange Commission (SEC) announced on Tuesday, July 25, 2017, that Initial Coin Offerings (ICOs) and other market participants offering digital assets by “virtual” organizations may be subject to the...more

SEC: Certain Initial Coin Offerings Are Securities Offerings

Latham & Watkins LLP on 7/28/2017

SEC’s investigative report sends clear message that virtual transactions using innovative technologies are subject to the application of securities laws. Introduction - On July 25, 2017, the US Securities and Exchange...more

SEC Determines That Certain Virtual Tokens Are Securities

Wilson Sonsini Goodrich & Rosati on 7/27/2017

On July 26, 2017, the Securities and Exchange Commission (SEC) issued an investigative report concluding that certain tokens (or coins) offered and sold by The DAO, a virtual organization, were securities under the Securities...more

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