SEC Corporate Finance Director Provides Guidance on Digital Assets

As digital assets and cryptocurrencies have become an increasingly important part of the current financial landscape, market participants and their advisors have struggled with to answer the question whether or not the tokens and coins represent “securities” subject to the requirements of the federal securities laws. In a remarkably direct speech on June 14, 2018, SEC Director of Corporate Finance William Hinman provided some helpful guidance on the SEC’s approach to these digital assets. Among other important things in his speech, Hinman shared his view that Bitcoin and Ether are not “securities” under the U.S. securities laws. He also emphasized that all of the circumstances involving a digital asset, including in particular the way in which it was sold, will determine whether or not the asset is a security. The text of Hinman’s speech at the Yahoo Finance All Markets Summit can be found here.   At the outset of his speech, Hinman…

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