Informative video complied and narrated by Laurie Rosini.
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.
- Peter Van Valkenburgh, A Securities Law Framework for Blockchain Tokens, COINCENTER (Jan 25, 2016) Discusses certain blockchain token “rights” that likely to decrease the risk of blockchain tokens being categorized as securities under the Howey test.
- Reuben Bramanathan, Introducing the Blockchain Token Securities Law Framework, THE COINBASE BLOG (Dec. 12, 2016) Discusses the result of a joint initiative of Coinbase, Coin Center, Union Square Ventures and Consensys.
We are pleased to release two in-depth white papers discussing cutting-edge legal and technology issues applicable to smart contracts and self-sovereign identity systems.
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
Dax Hansen as a panelist on the “Code is Law” panel to discuss smart contracts impact on future of the legal profession, regulation and more at world’s first Smart Contracts Symposium, held in New York on 12/5/2016.
Through our longstanding relationship with COALA, we are proud to announce that Dax Hansen and Joe Cutler will be participating and presenting at the African Blockchain Workshop in Nairobi, Kenya December 15-16, 2016. The Blockchain Workshops investigate the upcoming challenges and opportunities provided by blockchain technologies, and their impact on the current social, economic and…
On November 14, 2016, the SEC convened four panels of individuals at the forefront of the FinTech industry to address the rapid growth of recent innovations in FinTech. Panelists addressed how these innovations impact four main areas: investment advisory services; trading, settlement, and clearance activities; capital formation; and investor protection. The over-arching theme of the…
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.
South Carolina Legislature Proposes Bill to Enact Anti-Money Laundering Act
South Carolina Representative Alan Clemmons introduced a bill proposing state regulation of money transmission services business. Titled the “South Carolina Anti-Money Laundering Act,” the proposed act is based on the Uniform Money Services Act. Under the proposed bill, virtual currencies are included in the definition of money transmission, requiring state licensure. Presently, South Carolina does not regulate money transmission services businesses.…
Continue Reading Blockchain Week in Review – January 15, 2016
Perkins Coie is pleased to announce that our CoinLaw app is now available on Android. The app was launched on IOS last fall and is now available on the Android platform to reach a broader audience. In an easy-to-read, portable, dynamic format, the new CoinLaw app provides users…