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Why the Proposed Blockchain Token Safe Harbor Makes Sense

By Lee A. Schneider April 24, 2020 by renholding

The application of the U.S. securities laws to blockchain tokens has been a controversial subject, with the Securities and Exchange Commission (SEC) taking an aggressive posture. On February 6, 2020, SEC Commissioner Hester Peirce proposed a non-exclusive safe harbor from …

SEC Commissioner Peirce Offers Proposal to Fill Gap Between Regulation and Decentralization

By Hester M. Peirce February 11, 2020 by renholding

I appreciate the opportunity to be with all of you today. Before beginning, I have to remind you that the views I express are my own and do not necessarily represent those of the Securities and Exchange Commission or my

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SEC Commissioner Peirce Talks Digital Assets: How We “Howey”

By Hester M. Peirce May 17, 2019 by renholding

One year ago, I gave a speech—appropriately in Southern California—called “Beaches and Bitcoin.”[1] At that time—not so long ago in analog time but eons ago in digital time—the burning question was how to decide when issuing tokens constituted an

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SEC Offers Framework for “Investment Contract” Analysis of Digital Assets

By Securities and Exchange Commission April 8, 2019 by renholding

If you are considering[1] an Initial Coin Offering, sometimes referred to as an “ICO,” or otherwise engaging in the offer, sale, or distribution of a digital asset,[2] you need to consider whether the U.S. federal securities laws apply.

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SEC Commissioner Offers Inside View of the Regulation Machine

By Hester M. Peirce February 13, 2019 by renholding

I had high expectations when I picked up Thom [Lambert’s] book on regulation shortly after it first came out several years ago.[1] Those expectations were exceeded by the clear and compelling way in which the book wrestles with the

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The CLS Blue Sky Blog

Columbia Law School's Blog on Corporations and the Capital Markets

Howey test

Why the Proposed Blockchain Token Safe Harbor Makes Sense

SEC Commissioner Peirce Offers Proposal to Fill Gap Between Regulation and Decentralization

SEC Commissioner Peirce Talks Digital Assets: How We “Howey”

SEC Offers Framework for “Investment Contract” Analysis of Digital Assets

SEC Commissioner Offers Inside View of the Regulation Machine