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27 Jun Insight

Client Alert: When Does A “Digital Asset” Qualify As A Security? A Deeper Dive Into Recent SEC Guidance

Which of the following qualify as a “security” under U.S. Securities laws: coins, tokens, stamps, tickets, vouchers and chips? Trick question, they all do! Well, they all could potentially qualify as securities. The answer lies in evaluating the details of how the respective asset is created, marketed and sold to purchasers. Recently the SEC has released some substantive guidance on how to actually analyze those details which deserves a deeper analysis.
Freeborn Peters White paper (PDF)

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