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Are Cryptocurrencies 'Securities'?

Markets are buzzing about cryptocurrency, but as initial coin offerings (ICOs) have exploded onto the scene as a fund-raising device for early-stage companies, regulators have taken notice and directed stern warnings to just about everyone involved.

In this Expert Insight, Jim Walker (Partner and General Counsel, Richards Kibbe & Orbe) reviews an SEC opinion, a recent court decision and a statement by SEC Chairman Jay Clayton, which, taken together, suggest a broad presumption from which lawyers representing issuers of digital currencies would be wise to begin their own analyses (and which should inform any advice offered to those clients).

DISCLAIMER: Because of the generality of this material, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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