SEC Issues Guidance on Initial Coin Offerings

On July 25, 2017, the U.S. Securities and Exchange Commission (the “SEC”) issued a Section 21(a) Report of Investigation (the “Report”) on the initial coin offerings (“ICO”) in the decentralized autonomous organization (“DAO”) created by Slock.it UG, a German corporation, through the Ethereum blockchain (the “Slock.it DAO”). The Report focused on the fact pattern of […]

SEC Issues Investor Bulletin on Initial Coin Offerings

On July 25, 2017, the United States Securities and Exchange Commission (the “SEC”) issued an Investor Bulletin1 on Initial Coin Offerings (“ICO”). The SEC’s Office of Investor Education and Advocacy stated while and ICO “may provide fair and lawful investment opportunities . . . new technologies and financial products, such as those associated with ICOs, […]

The CSA Issues Notice On Cryptocurrency Offerings

What are Cryptocurrencies and ICOs? A cryptocurrency is a data-based currency that can be used in cryptography-secured transactions. Bitcoin is the first, and most famous decentralized cryptocurrency, meaning it is uncontrolled by a central bank. Many other decentralized cryptocurrencies followed bitcoin such as Ethereum, Litecoin and Z-Cash. Bitcoin uses a decentralized database, called the blockchain, […]

TokenFunder: The First OSC Approved Initial Coin Offering

What Does TokenFunder Do and Why is it Important?  TokenFunder is a Toronto start-up focused on helping companies “launch and manage ICOs.”1 There are plenty of examples of criticism of some recent ICOs, including Tezos, the third largest, which has been sued four times and accused of securities fraud.2 Tezos along with the many other […]