The SEC’s Position on Digital Assets

Posted by Susan I. Gault-Brown, F. Dario de Martino, and Daniel R. Kahan, Morrison & Foerster LLP, on Saturday, April 27, 2019 Editor's Note: Susan I. Gault-Brown and F. Dario de Martino are partners and Daniel R. Kahan is an associate at Morrison & Foerster LLP. This post is based on a Morrison & Foerster memorandum by Ms. Gault-Brown, Mr. de Martino, Mr. Kahan, Alfredo B. D. Silva, Mara Elyse Goodman, and Dylan Kelsey Naughton. On April 3, 2019, the Strategic Hub for Innovation and Financial Technology (“FinHub”) of the U.S. Securities and Exchange Commission (“SEC”) published two pieces of guidance on when a blockchain-enabled digital asset will, or will not, be considered a security. The first piece of guidance (the “TKJ No-Action Letter”) was a no-action letter issued by the SEC’s Division of Corporation Finance in response to a request from TurnKey Jet, Inc. (“TKJ”), a Florida-based air carrier and…

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