SEC Issues ‘No-Action’ Letters Allowing Sales of Utility Tokens

By Barbara A. Jones & Rebecca G. DiStefano on August 1, 2019

Posted in Blockchain, Blockchain Technology Task Force, convertible virtual currency, cryptocurrency, Financial Crimes Enforcement Network, Financial Regulation, FINRA, Fintech, Investment Regulation, Regulatory Compliance, SEC, Securities, Securities and Exchange Commission, Tax, Technology

In a significant step forward for the cryptocurrency industry, the U.S. Securities and Exchange Commission issued its first “no-action” letter (NAL) to a U.S.-based company using utility tokens created for consumptive use rather than investment. The regulator sent the letter to TurnKey Jet, Inc. (TKJ) on April 3, 2019, agreeing with the Florida-based air charter…

Colorado Digital Token Act Exempts Certain Cryptocurrency Transactions From Colorado Securities Laws

By Jason K. Zachary & Michele A. Kulerman on March 1, 2019

Posted in Blockchain, Blockchain Technology Task Force, Brokers, Client Alert, Compliance, Financial Regulation, GT Alert, Regulatory Compliance, SEC

Colorado recently passed legislation that will facilitate the sale and transfer of digital tokens in Colorado. Under the Digital Token Act, Colorado businesses will be permitted to effect transactions involving the sale and transfer between certain persons of digital tokens secured through a decentralized ledger or database, with a focus on the production, distribution, and…