Bridging the Week by Gary DeWaal: September 10 - 14 and September 17, 2018 (ICOs; Registration; Audit Trail; Reporting; Blue Sheets; Supervision)

Published Date: September 16, 2018

A federal court in Brooklyn, New York, issued a much-anticipated decision, holding that digital assets issued as part of initial coin offerings could be securities under applicable law. Although this decision was issued solely in response to a defendant’s motion to dismiss an indictment, the outcome validates views frequently espoused publicly by the Securities and Exchange Commission's chairman and staff that such digital assets may be investment contracts, and thus securities. Separately, on Friday evening in a hurricane of activity, the Commodity Futures Trading Commission announced the filing and settlement of 12 separate actions naming multiple companies and persons based on allegations of acting without proper registration, as well as audit trail recordkeeping and swaps reporting violations. As a result, the following matters are covered in this week’s edition of Bridging the Week:

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Gary DeWaal

Gary DeWaal is currently Special Counsel with Katten Muchin Rosenman LLP in its New York office focusing on financial services regulatory matters. He provides advisory services and assists with investigations and litigation.

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Gary DeWaal
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