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Digital Asset Regulation: Howey Evolves  (Volume 53, Number 1– January 15, 2020)

Author:  Stephen P. Wink.; Witold Balaban.; John J. Sikora, Jr..; Miles P. Jennings.

Source: Volume 53, Number 01, January 1 2020 , pp.1-12(12)

Review of Securities & Commodities Regulation


In this article, the authors provide a comprehensive look at the SEC’s evolving guidance that aims to clarify when sales of digital assets are securities transactions. The authors discuss the Commission’s early application of Howey to digital assets, its pronouncements and enforcement actions, and the response of commentators. They then turn to the SEC’s Framework, issued in 2019, and other current SEC actions. They close by addressing steps the SEC should take to provide market participants with greater clarity on the application of the securities laws to digital assets.

Keywords: Cryptocurrency; In re Munchee Inc.,; Peter Van Valkenburgh; Bahamas Test; TurnKey Jet, Inc., SEC No-Action Letter

Affiliations:  1: Latham & Watkins LLP; 2: Latham; 3: Latham; 4: Latham.

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