SEC Evolving On Bitcoin

It appears that the Securities and Exchange Commission’s view of crypto-currencies is “evolving.”

It is now apparently distinguishing between what it deems to be securities offerings (i.e., initial coin offerings) and tokens that are supposedly “assets.”

In a recent speech, the Director of Corporation Finance noted that he considers both Bitcoin and Ether assets, and that the offer and sale of Ether is not a securities transaction (even though Ether’s birth was through an #ICO but is now created exclusively through mining).

This is an interesting development as instruments that have historically begun as “securities”  and then trade, trade on securities exchanges that are SEC regulated.

The evolution will continue, for sure.

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at:
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