In remarks at the 2018 RegTech Data Summit, Mr. Piwowar underscored the precedential value of securities statutes, rules and court decisions in guiding the regulation of offerings related to new and emerging technologies. He argued that varying the traditional structure of an offering (such as by employing Distributed Ledger Technology) does not change its substance or the applicability of securities laws. Mr. Piwowar pointed to the SEC ” DAO Report,” which concluded that interests in virtual organizations are subject to securities laws. This report and other SEC decisions on virtual currency-related companies were largely informed by the “Howey Test” (see SEC v. W.J. Howey Co.) for determining whether a particular interest constitutes a security.
‘Enforcement 40’ for 2020
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