Recently, there has been growing interest in whether, and in what circumstances, crypto-tokens may constitute “investment contracts” under the U.S. Supreme Court’s Howey test, rendering them securities subject to regulation in the United States.  The following resources take a deep dive into that issue, exploring the structural, marketing and other key considerations that may make crypto-tokens more or less likely to be securities under Howey.  As these resources demonstrate, the Howey test is highly fact-dependent, indicating that certain crypto-tokens may be securities under Howey whereas others – if properly designed – may not.


Continue Reading Resources on Crypto-Tokens and Securities Law

On March 29, 2017, Perkins Coie partner Dax Hansen and associate Josh Boehm were invited to the Cyber Initiative at Stanford Law School to deliver a presentation on several cutting-edge legal issues relating to blockchain technology.  Their presentation, which focused on blockchain token sales and treatment of bitcoin under property law, is available here.

In this recently published Perkins Coie white paper, the authors analyze the treatment of bitcoin under applicable U.S. property law.  The authors conclude that property interests should exist in bitcoin under such law, and that multiple sources of persuasive authority provide additional support for that conclusion. The paper is divided into 5 parts:

  • Treatment of

Last week, California legislators introduced an amended AB 1326, which substantially changed California’s proposed bill addressing procedures and regulations of digital currency businesses. After a second reading in the California Senate, this bill has been re-referred to the Committee on Banking and Financial Institutions for additional comment. See California Legislative Status on AB-1326. Industry

This week, at the tail-end of the legislative session, California legislators have introduced a bill (amended from a bill originally introduced in April 2015) that statutorily addresses the increasingly topical question of how to regulate the emerging crypto-currency market.

The amendment, introduced on August 8, 2016, is a vast departure from the earlier iterations of