Global Update: Regulators Focus on Initial Coin Offerings

October 04, 2017

Since January 2017, more than $2 billion has been raised through the rapidly growing market for so-called “token sales” or “initial coin offerings” (ICOs). The U.S. Securities and Exchange Commission (SEC) announced on July 25, 2017 that some tokens issued through ICOs may be securities under the federal securities laws, and regulators in a number of jurisdictions, including the UK, Singapore and Hong Kong, have released public statements taking similar positions. China, on the other hand, has banned ICOs outright. Dechert is continuing to monitor the rapid developments by regulators globally as the market for ICOs continues to grow and take shape.

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