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Aaron Wright @awrigh01
, 3 tweets, 2 min read Read on Twitter
Five new actions brought by MA against “ICOs” — all settled via consent orders under MA state securities law (similar to federal law). These orders focused on “bonuses" provided to “investors” and, naturally, focused on marketing materials and the targeted audience of the sale.
The orders also focused in on “pre-sale” agreements (no surprise). This is in line with what we have heard from the SEC to date.

sec.state.ma.us/sct/current/sc…

sec.state.ma.us/sct/current/sc…

sec.state.ma.us/sct/current/sc…

sec.state.ma.us/sct/current/sc…

sec.state.ma.us/sct/current/sc…
In short, more evidence that regulators will view the sale of tokens to “investors” as implicating US securities law. This isn’t rocket science folks. Don’t sell tokens to investors for fundraising purposes.
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SEC just entered into settlements with two projects (Airfox and Paragon) for failing to register tokens as securities. Lots of additional detail on how the SEC is viewing the sale of tokens to “investors.” Thread below:

sec.gov/news/press-rel…
Paragon was an online entity that was purportedly established to implement blockchain technology in the cannabis industry.
They engaged in what can be viewed as a standard token sale for 2017 — selling ERC 20 tokens to investors (at a discount) to fund the development of the service.
Read 22 tweets
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1/ Blockchains will support not only cryptoeconomic and financial primitives, but also legal primitives. Legal primitives streamline existing commercial transactions and will power new emergent forms of commercial activity and arrangements over the upcoming decades.
2/ At a high level, primitives are well established, generic building blocks designed to do one very specific task in a highly reliable fashion.
3/ For example, cryptoecomomic primatives are blockchain-based incentives systems uniquely enabled by tokens. Systems like token curated registries (TCRs) and curved bonding are early crypto-economic primatives, which help create scarcity or align incentives.
Read 20 tweets
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Late last week Bill Hinman from the SEC gave a speech that outlined a handful factors that lawyers and projects should use “in assessing whether a digital asset is offered as an investment contract and is thus a security.”

sec.gov/news/speech/sp… (towards the end)
These factors indicate that many of the tokens sold via an “ICO” run the risk of being deemed a security.
They also shed some light on previous statements from the SEC and highlight risks that I and others at @TheBKP_Official previously flagged. A more detailed analysis follows below.
Read 48 tweets

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