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Myles Milston, CEO of Globacap – Interview Series

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Myles Milston, CEO of Globacap - Interview Series

Myles Milston, is the CEO & Founder of Globacap, an end-to-end solution for Capital Raising, Asset Administration, and Custody of Digital Securities.

 

You were previously CTO of Colossus Bets, which is a successful sports betting business operating out of the UK. Were you initially introduced to bitcoin and crypto in this role?

Colossus doesn’t use bitcoin or crypto in its business, however I did see bitcoin gaining traction in the wider gaming industry, and I started to explore blockchain more after seeing this. Prior to Colossus though – I did almost buy a load bitcoin when it was at $300, unfortunately I didn’t understand enough about blockchain at the time and decided against it at the last minute. I’m sure everyone has their ‘almost bought bitcoin’ story!

 

What made you shift from CTO of a successful sports betting business, to founding Globacap?

Prior to Colossus, my background was capital markets: starting off as a programmer in a bank, then quantitative equity research analyst, derivative structuring and sales, and later algorithmic commodities trading. So when everyone doing an ICO in 2017 was trying to avoid their token being called a financial security, it made me think about structuring a real financial security as a token.

The advantages were apparent: (i) instant transferability of private assets, and (ii) simple administration (e.g. corporate actions, stock splits, buybacks, etc). It was so compelling that I had to start Globacap. The founder of Colossus was one of our first investors.

 

Could you share with us what exactly Globacap does?

We’re an automated capital markets platform. Regulated by the FCA with passporting across Europe.

Our automated platform does:

(1) Securities Issuance – all of the administration throughout a capital raise, including the structuring, approving, and distribution of offering documents while ensuring regulatory compliance across 41 countries (and counting), and issuing the tokenized debt or equity securities to investors.

(2) Securities Administration – simple, one-click cap-table management, including all corporate actions (stock splits, buybacks, etc), restructuring, proxy voting, and paying out distributions (dividends or coupons). The difference between us and other cap table management platforms is blockchain. When a transfer of ownership takes place, it is reflected in the cap table in real-time, slicing off a layer of administration overhead that the non-blockchain platforms can’t escape from.

(3) Digital Custody – we are an authorised custodian for blockchain securities and cash.

We are also the only company to date that has created tokenized equity as a direct shareholding, without using a nominee structure. In other equity tokenizations globally, a nominee was required to act as the legal owner of the underlying shares. However, we created a structure that works around this within the existing bounds of regulation, allowing the token holder to also be the legal holder of the underlying shares.

 

In June 2019, Globacap successfully exited from the FCA’s regulatory Sandbox Cohort 4, becoming the UK’s first fully regulated digital security offering and administration platform. Can you share with us the experience of being in Cohort4?

Great experience. The FCA successfully pioneered the sandbox concept amongst regulators globally, we know of several other regulators that are now trying to copy the FCA’s success. We had a case officer assigned to us on day one, he was available throughout the process at any time and was always extremely helpful, even replying to emails on the weekend (what government organisation does that?). The Sandbox gave us the opportunity to trial our new technology and processes in a controlled regulatory environment, which ultimately led to receiving full authorisation in a quicker time frame than might have been possible without the Sandbox.

 

Two months ago Globacap announced a strategic partnership with Archax which offers secondary market trading. Could you elaborate on the benefits of this partnership?

Globacap is focused on private investments. However, some of those securities issuers may seek full public secondary trading, and if they do then Archax will be ready to list and facilitate trading in those securities. They have great institutional support, and core technology supplied by Aquis, which is a leading European equities exchange and provider of matching engine technology. We are a partner in order to use Archax as a listing and trading venue.

 

Globacap was recently recognized as of the UK’s most disruptive companies in the Disruption50 index, which highlights the UK’s most disruptive tech companies. Did this achievement surprise you? Has it helped to bring in additional clients?

It did surprise me as we hadn’t heard of the Disruption50 index prior to being nominated! We’re thrilled and humbled to be included in this index, amongst other highly disruptive tech companies. We believe that we are disrupting the traditional securities market, and we will increasingly do so in force as we continue to scale our business. The recognition did indeed send additional clients in our direction.

 

Investors can currently invest in tokenized private assets from around the world on your platform. Do you accept USA investors? Are there any restrictions on international investments?

We do accept US accredited investors, depending on the specific offering. Around the world, each country has its own unique set of financial promotion rules. Even within the EU there are small differences between some of the member states. Our platform streamlines this for an issuer – automatically showing or hiding certain investment opportunities to specific investors depending on their location and type, ensuring local regulatory compliance at all times.

 

Globap is raising £3 million. Could you tell us more about this raise and what the funds will be used for?

We’re in the late stage of completing a funding round at present. A large portion of funds from this round will be used for marketing and scaling the platform. To date we haven’t done extensive marketing, instead we have been focused on building out the product and gaining regulatory authorisation. Having done that, and having completed several transactions on the live platform, we are now starting to market the platform and scale.

 

Where do you see Globacap being positioned in 5 years?

We are focused on private assets in the small and mid-cap segment. In other words: too-big-for-crowdfunding through to listed on a small/mid-cap exchange such as the LSE AIM market. We believe the market is over-priced and under-served for that demographic. Our tech gives companies a better experience, an easier process, full regulatory compliance, lower costs, and empowers the larger end of that range to stay private for longer – giving investors access to secondary market liquidity while avoiding the overheads associated with becoming a public entity.

 

Is there anything else that you would like to share with our audience?

This is an exciting phase in the evolution of the securities industry. It’s now possible for private assets to trade more freely, for paper to truly disappear in securities administration, and for billions of dollars worth of private assets to be securitized cost effectively – potentially unlocking a new wave of economic growth.

To learn more visit our Globacap business listing or visit the Globacap website.

 

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Antoine Tardif is the CEO of BlockVentures.com, and has invested in over 50 blockchain projects. He is also the founder of Bitcoinlightning.com a news website focusing on the lightning network, and a founding partner of Securities.io

Interviews

Masha and Xenia Vyazemskaya, Founders of ValueTokenized – Interview Series

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Masha and Xenia Vyazemskaya, Founders of ValueTokenized - Interview Series

Masha and Xenia Vyazemskaya are known as the Crypto Twins. They host the popular podcast ValueTokenized which provides free educational content to help businesses tokenize the world.

How did you first discover blockchain and cryptocurrencies?

By lucky chance! We have always been in communications, and a good friend once asked for our assistance and PR advice for a blockchain project back in 2017. Fast forward several months, blockchain has entirely captured our attention, and we’ve been helping blockchain projects with content marketing and PR ever since, helping the tech guys tell their stories and educate audiences.

 

Which was the first token that you purchased and what motivated you to purchase this token?

I believe it was XRP. Xenia liked the idea and completely ignored the “buy low, sell high” principle, which turned out to be a pretty bad investment. The sum was insignificant, though.

Bitcoin was our second crypto investment. And it quickly became more. It took us over a year to understand the real beauty of bitcoin and the values behind it. We’re big believers in bitcoin vs. fiat currencies, and we’re doing our best to facilitate the adoption.

 

What inspired you to get involved in the space?

It is fascinating to watch the new industry emerge and mature. For us, it started with curiosity and excitement for the brand new space, which then turned into a clear understanding of the demand for unbiased expert content and the value we can bring in this regard. The most inspiring thing for us now is when experts contact us to arrange an interview or a panel discussion, and receive feedback from the audience.

 

You’ve done multiple YouTube videos, including discussing some recent industry trends such as IEOs replacing ICOs. How do you personally feel about IEOs?

Our podcast ValueTokenized is dedicated mostly to asset tokenization and practical applications for blockchain technology in capital markets. When the IEO trend was growing half a year ago, however, we couldn’t help but cover it.

Our opinion on IEOs is pretty much aligned with that of our speakers – including an early investor in Bitcoin, Uber and Airbnb Jeffrey Wernick. IEOs merely seems to be an attempt to prolong the fading life of ICOs – which per se had nothing bad to it as a concept, but the implementation left a lot to be desired.

In any case, we strongly believe that the future for blockchain and cryptocurrencies lies within:

1) asset-backed tokens and;

2) Bitcoin.

 

You’ve also conducted multiple interviews which feature different jurisdictions for launching an STO. These jurisdictions include Singapore, the United States, Israel and Liechtenstein. Based on these interviews and your knowledge of the space, which jurisdiction would you personally favor to launch an STO and why?

The choice of jurisdiction for conducting an STO depends on many things: whether you want to target retail (non-accredited) investors, in what regions do you want to sell your securities, and so on.

Switzerland and Liechtenstein are probably our favorites in Europe due to clear rules and industry specific regulation that doesn’t require any legal workarounds. The United States, however, attract a lot of attention as a jurisdiction because there are many tech-advanced investors who currently might be more open to purchase new financial instruments in the form of tokens. An important thing to remember: if you want to do an STO and sell your tokens in Europe and in the US, you must be compliant with both.

 

You’ve also discussed tokenizing various assets. What are some of these asset classes and which asset class do you personally believe has the most potential to scale?

Real estate offers the biggest use case with clear benefits for tokenization. In October, we have seen multiple cases including Tokyo-based Lead Real Estate funding development of condominiums and hotels ahead of the 2020 Japan Olympics through issuing security tokens; a consortium of Gulf families’ plans to tokenize US$ 1 billion worth of property assets and other exciting projects.

There are several reasons: fractional ownership offered by tokenization is a natural fit for real estate. Moreover, programmability of the tokens allows a structure to represent various economic interests – ownership rights, different income rights. On top of that, real estate is something investors understand, it’s a fixed income asset class and a rather low-risk investment.

From the perspective of the issuer, tokenization can offer a more cost-effective way to fundraise with a significant reduction in cost and friction for further management of securities.

We also believe venture funds to be a promising field for tokenization. Today, it enables easier and more cost-effective management of funds, easy ownership transfer, and so on. Potentially, tokenization can provide for democratization of VC market, opening it to millions of investors with small checks. For the latter, however, the technology is not enough – it requires corresponding amendments in the regulation. Whether we will see it or not soon remains debatable. Nevertheless, the existing benefits are already exciting.

 

What are some of the companies in the space that personally excite you?

Tokeny, Rivver, Securitize

 

Where do you see the industry being in 5 years?

We share the vision that capital markets on blockchain is the question of when, not if. In 5 years, we most likely won’t be talking about blockchain as a separate industry, as it will be the essential part of global financial markets.

Whether tokenization will unlock the liquidity for previously illiquid assets, democratize access to venture capital and fulfill other promises that are widely discussed today, remains to be seen.

In any case, communication and education is what is need for the industry to grow and mature. The more we focus on this today, the more outstanding results we will see in 5 years.

 

Is there anything else that you would like to share with our readers?

Just one thing: feel free to reach to us anytime with podcast and collaboration ideas.

Let’s do something cool together 🙂

masha@value.to

xenia@value.to

To watch some of their podcasts visit ValueTokenized

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Aaron Kaplan, CEO of Prometheum – Interview Series

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Aaron Kaplan, CEO of Prometheum - Interview Series

Prior to Prometheum you were the Founder of EquityArcade, a platform that enabled consumers to buy shares in video game startups. Can you let us know how your experience at EquityArcade transitioned over to Prometheum?

EquityArcade was a Reg CF equity crowdfunding platform that allowed consumers (investors) to invest in the future revenue generated from indie game funded on the platform. Reg CF is part of the JOBS Act, which also contains the Reg A+ crowdfunding rules. Prometheum uses Reg A+ as a means to allow the general public to invest in blockchain securities. All JOBS Act regulations relate to online equity crowdfunding. As a result, we have been able to leverage many of the experiences and lessons from EquityArcade in building Prometheum’s Reg A+ offering platform. 

 

Prometheum enables companies to raise capital by offering their own Smart Security Tokens (SSTs). Can you share with us how SSTs differentiate themselves from other industry standards such as STOs (Security Token Offerings) or DSOs (Digital Security Offerings)?

SSTs, STOs and DSOs are all different protocols that are attempting to solve the same problem. Until there’s complete regulatory clarity around certain critical components – including custody –  of the blockchain securities ecosystem, it’s not possible to conclude which protocol provides the best foundation.

 

What’s the process for a company to launch an SST?

An issuer looking to issue a SST will submit an application for an offering to Prometheum. At that point, the issuer will submit all relevant documents that will allow Prometheum to conduct the requisite due diligence in order to determine whether the company is qualified to issue an SST. Upon passing the due diligence process, the issuer will complete the Reg A+ offering circular and submit that document to the SEC for qualification. Once qualified by the SEC, the offering will be listed on Prometheum’s offering platform and begin their capital formation activities. When the stated amount of capital is raised, there will be a closing and distribution of the SST into the investors’ Prometheum brokerage account. Upon distribution of an SST, Prometheum’s issuance platform coordinates the multi-signature, multi-stage process that is used to place investors’ SSTs in either their Master or Personal Wallet. Once the distribution occurs, Prometheum will list the SST on our retail based (i.e. open to all investors) Alternative Trading System (ATS), and secondary market trading will begin in the issuer’s SST. 

 

What type of fees should companies expect from launching an SST and hosting it on your platform?

Our goal is to allow companies to raise up to $50m in the most efficient way possible:  faster, less expensive, and easier than any other legal capital raising method. In terms of direct fees, we plan on charging issuers a small percentage of the total amount they raise (1-3% dependent on the total raised).  Once a token has been distributed and is trading on the ATS, companies are charged a quarterly membership fee of $2,500 for maintaining their order book.

Indirect fees not charged by Prometheum can vary and are related to legal and prep for the creation of the Reg A documents, accounting, auditing, marketing, and other possible professional services.  

    

SST will be Reg A+ issued. For investors who are not familiar with this legislation and what does it mean? Could you explain the benefits?

Regulation A+ allows issuers to raise up to $50 million from the general public annually, and such securities, when issued, are freely tradeable on a secondary market. Reg A+ is really the perfect regulation for issuing blockchain securities as it meets the spirit that was initially conceived by the crypto community- it allows the general public to invest, and the asset is freely tradeable upon distribution but in a regulated manner (unlike many historical token investments). 

 

Tokens that are created on your platform will then be tradeable on a custom ATS (Alternative Trading System). Could you elaborate on how your ATS will operate?

On the surface, the ATS operates just like a traditional equities electronic market.  Every token has as order book representing supply and demand for that token – bids (what buyers are willing to pay, and the number of tokens they want) and asks (offers to sell, or what sellers are willing to sell for, and the number of tokens they want to sell). This order book is managed by the matching engine which uses an algorithm to arrange the bids and asks into a price, upon the price quote the engine then utilizes time priority, and ultimately “matches” buyers and sellers when they meet at the same price.  There is an online trading platform, similar to Etrade or Schwabb, which allows traders and investors to see the order book, look at charts, enter orders and see their account status and previous transactions. Through the use of omnibus accounts, other broker-dealers will be able to offer their customers access to SSTs. Our ATS intends to operate 2 sessions everyday, both 11 ½ hours long with two 30 minute breaks for settlement. When there is an executed trade, meaning an order between a buyer and seller is matched, the trade is written to the blockchain, as well as recorded to a database to ensure compliance with traditional record keeping.  

 

Are SST tokens launched on your platform tradeable on regular security token trading exchanges such as OpenFinance and tZERO?

SSTs are compatible with Prometheum’s ATS and work as both securities and utility tokens in the Prometheum ecosystem. It may be possible for SST issuers to create a bridge to other exchanges or blockchains by building smart contracts on the Prometheum Utility Blockchain. As the equivalent of a national market system for digital assets develops it will likely be necessary for digital assets to have the ability to trade across security token exchanges and alternative trading systems. 

 

What are Ember (MBR) tokens and what role do they play in this project?

The Ember SST fuels all SST transactions and allows holders to provide services at the protocol and application layers. Prometheum’s Ember token has both profit-making utility (work/access) and proprietary payment currency features. Ember provides the fuel for the Prometheum blockchain Network and demonstrates the versatility and value provided by a modern approach to using securities to transfer value in a decentralized, blockchain based environment. Ember is the first SST issued on the Prometheum Blockchain and sets the legal and technical precedent for further SSTs.

 

It seems like you are building everything from scratch, why not use an existing blockchain?

The Prometheum blockchain is required in order to ensure that regulatory requirements are met while also providing a viable method for the use of blockchain securities as utility tokens. This includes direct interaction with distributed applications as well as processes for moving blockchain securities in and out of brokerage accounts when a user wishes to trade them on the Prometheum ATS.

 

Is there anything else that you would like to tell us about Prometheum?

Prometheum is creating the market infrastructure needed for digital assets to go mainstream. When the SEC essentially declared that tokens were securities in the 2017 DAO report, such infrastructure didn’t exist, which meant that there were no compliant facilities for the issuance, trading, clearing, settlement and custody of token securities. Prometheum sought to fill that void and is creating the infrastructure that will allow the general public to invest and trade in digital assets, while also providing mechanisms for clearance, settlement and custody after trades are made. The Prometheum Network is meant to allow the general public to participate, which is required in order for digital assets to go from a new asset class to a mainstream asset class. 

To learn more visit Prometheum.

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Interviews

Philip Moustakis, Counsel at Seward & Kissel LLP – Interview Series

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Philip Moustakis, Counsel at Seward & Kissel LLP - Interview Series

Philip advises companies and individuals on SEC enforcement matters, including criminal enforcement investigations, internal investigations, and cryptocurrencies and blockchain technology.

Philip has extensive experience with securities enforcement matters. For more than a decade prior to entering private practice, he served as senior counsel in the SEC’s Division of Enforcement, investigating and prosecuting complex matters involving violations of the federal securities law.

Before being employed with Seward & Kissel LLP you were a member of the SEC’s Cyber Unit which focused on cryptocurrencies and ICOs. How were you initially recruited for this Cyber Unit?

I started in the SEC’s Enforcement Division in 2008 and began working on Bitcoin and cryptocurrency-related matters about five years prior to the creation of the SEC Cyber Unit. I brought the SEC’s first Bitcoin-related enforcement action against the operator of Bitcoin Savings & Trust and led other cryptocurrency-related matters as well. I briefed Chair Mary Jo White and the other Commissioners, and frequently conducted training for the FBI, FINRA, and others, on Bitcoin and blockchain technology. I also presented in academic settings on my work.  So, when the Cyber Unit was formed in 2017, with a mandate that included cryptocurrencies and ICOs, I was a natural fit.

 

How did the action against ‘Bitcoin Savings and Trust’ influence future enforcement actions by the SEC?

Bitcoin Savings and Trust, which raised a staggering 700,000 Bitcoins from investors, was charged as a plain vanilla Ponzi scheme, with the exception that all investments were solicited, and purported returns paid, in bitcoins. But it was notable for several reasons. First, it established that the investment of Bitcoins could satisfy the “investment of money” prong of the test for an investment contract, otherwise known as the Howey test. Second, it demonstrated that the SEC could conduct a flow-of-funds analysis on the Bitcoin blockchain. While we could not demonstrate where every Bitcoin came from or went, we could show that more Bitcoins were going out to investors than came into Bitcoin Savings and Trust from any source other than investors, thereby proving the Ponzi. Third, we did not take the position that Bitcoin itself was a security. And finally, the case was significant for the disgorgement theory advanced by the SEC, namely, that the disgorgement ordered by the court should reflect the dramatic increase in the value of Bitcoins from the time the investors handed their Bitcoins over to the defendant, to the date of the judgment. The Bitcoins the defendant raised from investors were worth about $4.5 million at the time, but the final judgment against the defendant was for more than $40 million in disgorgement and penalties.

 

You were a founding member of the SEC’s Distributed Ledger Technology Working Group. What is the purpose of this group, and how does it impact both investors and STOs?

With the wider adoption of blockchain technology, the SEC’s Distributed Ledger Technology Working Group was simply an effort to coordinate both with other regulators and within the SEC. It was important to ensure the various divisions and offices of the SEC were not working at cross-purposes with one another. The SEC has since built on the work of the group with the creation of its Strategic Hub for Innovation and Financial Technology (FinHub), which engages in outreach to both investors and issuers.

 

You were responsible for investigations into multiple initial coin offerings (ICOs) for possible violations of securities laws. What’s the most blatant violation of securities law that you have witnessed?

Without hesitation, it’s the ICO craze of 2017 and 2018. In February 2018, SEC Chairman Jay Clayton, testifying before the Senate Committee on Banking, Housing, and Urban Affairs, famously said, “I believe every ICO I’ve seen is a security.” A few months later, in a televised interview, Commissioner Robert Jackson said, “if you want to know what our markets would look like with no securities regulation, the answer is the ICO market.” On the whole, I agree with those sentiments. Most ICOs, during that period, were traditional capital raises, with the basic difference being that, in an ICO, one could purchase shares in a company’s primary asset rather than shares in the company itself. It’s not to say that most ICOs were frauds or not well-intentioned. However, there wasn’t much ambiguity about the fact that they were unregistered securities offerings.

 

It’s common practice for ICOs to block investments from USA investors. Nonetheless, those same blocked investors can then later purchase these tokens on cryptocurrency exchanges. Does this strategy of initially blocking USA investors keep ICOs safe from SEC enforcement action?

The short answer is no. If an issuer accesses the U.S. capital markets, if it offers or sells securities in the U.S., directly or indirectly, the SEC will have jurisdiction. The SEC has made it clear that it is not sufficient to take cosmetic or half measures to prevent one’s security token offering (STO) from reaching U.S. investors.

 

Do you believe that the SEC will become more proactive in pursuing legal action and shutting down unregulated cryptocurrency exchanges?

Yes. Bringing enforcement actions against exchanges that decline to come into compliance for whatever reasons, despite the SEC’s messaging in the space, makes sense for the Enforcement Division. Not only to give teeth to prior statements by the Chairman, other commissioners, and certain members of senior management, but also because an enforcement action against an exchange, on the whole, should have a greater programmatic impact from a regulatory perspective than an action against a single issuer.

 

Do you have any comments regarding the SEC’s most recent actions against Telegram Group Inc and its unregistered securities offering?

In my view, there are a couple of important takeaways. First, related to your earlier question, the Telegram case demonstrates the SEC will pursue overseas issuers of digital assets or cryptocurrencies who offer or sell those assets into the U.S., or otherwise access the U.S. capital markets. Additionally, I think this could be an interesting test case for the utility token argument. Telegram has taken the position that, while the token purchase agreement for the Gram was a security, the token itself is not. In its complaint against Telegram, the SEC alleged there was no daylight between the Gram offering and the Gram token. Rather, the SEC alleged, the offering was a traditional capital raise because, among other things: the company used funds raised for operations and to build out its ecosystem; there were no goods or services for which one might use the Gram; and Gram purchasers had and – absent the emergency action – would continue to have a reasonable expectation of sharing in the company’s profits should it succeed in building out the functionalities it promised. It will be interesting to see how the facts and arguments develop on this issue as the litigation progresses.

 

Could you share with us details regarding your current role with Seward & Kissel LLP?

I joined Seward & Kissel in February 2019 and work closely with several of the firm’s practice areas in both New York and D.C., including the Government Enforcement and Internal Investigations, Investment Management, and Blockchain and Cryptocurrency Groups. I spent the majority of my career at the SEC in the Enforcement Division’s Asset Management Unit, and Seward & Kissel has one of the largest and well-known Investment Management practices in the U.S., working with managers across all asset classes, including digital assets. As a result, much of my current practice centers on counseling our investment management clients on SEC and other regulatory examinations, investigations, and enforcement matters; internal investigations; and digital asset offerings. I have also been asked to lead the Enforcement Committee for the Virtual Commodity Association in connection with its efforts to establish a self-regulatory organization (SRO) for cryptocurrency marketplaces.

 

What are some recommendations that you have for companies that are considering launching an STO?

In my view, the best course of action is to engage counsel with deep knowledge of both securities law and cryptocurrency. While some lawyers have gotten up to speed on blockchain technology, many may be doing their clients a disservice because they are not as well versed in the fundamentals of the securities laws.

 

At what stage should companies who are considering launching an STO contact you or other legal counsel?

The earlier the better – ideally before any contact with a regulator, and certainly before the offer or sale of any token.

 

Is there anything else that you would like to share with our audience? 

The SEC’s enforcement actions against ICO issuers clearly have had an impact on the market. However, Telegram, Block.one, and Kik were just three of the larger ICOs from the 2017-2018 period. We should see more such cases in the coming months or year. The SEC has brought enforcement actions against celebrity promoters of digital assets, but I would expect a continued focus by the SEC on promoters and sellers. It’s worth noting that one stated goal of SEC enforcement actions is to change the behavior of market participants, so I anticipate the SEC will continue to police digital asset exchanges and trading platforms. It’s the natural next step for the SEC after the issuers and promoters and, as I mentioned, an opportunity to have a wider impact on the market. In a similar vein, while a substantial number of the SEC’s enforcement actions in the space have involved alleged Ponzi schemes or offering frauds, with a continued focus on exchanges and trading platforms, I would not be surprised if, not before long, the SEC unearths more complex frauds involving market manipulation schemes or other market abuses. However, even well-intentioned market participants can be swept up in this and can find themselves the subject of enforcement attention as the SEC continues its efforts to increase industry compliance with securities laws and regulations. Seward & Kissel has been advising clients in financial services, corporate financing, and capital markets for more than 125 years. Our lawyers have extensive experience with STOs and digital asset offerings.

For more information or to consult with legal matters please visit Seward & Kissel LLP, or visit their Twitter or LinkedIn page.

 

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