Law360 (August 22, 2019, 4:01 PM EDT) — It has been more than two years since the U.S. Securities and Exchange Commission issued its DAO report,[1] which warned that tokens and coins sold in initial coin offerings may be securities subject to federal securities laws. But one of the key problems exposed by the DAO report remains: how to offer a token so that it is not a security. 

Industry participants have grappled with this issue without much guidance from the SEC to provide confidence that their token offerings will not run afoul of federal securities laws. A recent no-action letter issued by the SEC’s Division of Corporation Finance…

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