A Critical Review of U.S. Securities Laws and the Status of Initial Coin Offerings PDF Download
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Author: Muhammed Kus
Publisher:
ISBN:
Category : Cryptocurrencies
Languages : en
Pages : 79
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Book Description
Author: Muhammed Kus
Publisher:
ISBN:
Category : Cryptocurrencies
Languages : en
Pages : 79
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Book Description
Author: Dominika Nestarcova
Publisher: BRILL
ISBN: 9004416587
Category : Law
Languages : en
Pages : 177
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Book Description
A Critical Appraisal of Initial Coin Offerings: Lifting the “Digital Token’s Veil” examines the merits of regulating initial coin offerings under traditional securities regulations and provides and in-depth analysis of digital tokens as a new asset class.
Author: Oscar Bruderer
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Initial Coin Offerings (ICOs) have been gaining popularity as an alternate way of funding through the issuance of tokens on a blockchain network. While this new technology has the potential to fundamentally alter the way in which the capital market operates, there is a lot of confusion as to what a token actually is and how it should be regulated. Since the tokens used in ICOs come in a variety of shapes and sizes, their status under securities laws is often unclear. For this reason, this paper will investigate whether different types of tokens used in ICOs fall under the definition of a security under Swiss, EU, and U.S. securities laws in order to ultimately determine how they should be regulated in the U.S. Based on legal analysis, we find that while the three nations define a security differently, they all struggle to set the boundaries in the case of utility tokens. Whereas Switzerland has the clearest regulation in this regard, U.S. securities laws are by far the most ambiguous when it comes to defining the legal status of a utility token. Finally, for tokens that meet the definition of a security, this paper argues that current securities regulations in the U.S. are not apt for facilitating the growth of ICOs. Therefore, the Securities and Exchange Commission should: (1) provide more clarity as to how they will regulate token sales, (2) create a safe harbor for token exchanges, and (3) create an exemption for token sales. Not doing so would prompt issuers from leaving to another jurisdiction which would make ICOs harder to regulate, chill innovation, and cause the U.S. to lose their spot as a global hub for this new form of raising capital.
Author: Philipp Maume
Publisher:
ISBN:
Category :
Languages : en
Pages : 44
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Book Description
Initial Coin Offerings (ICOs) are currently the hottest topic in the financial markets. They typically use blockchain technology to offer so-called 'tokens' that can confer various rights. Experts estimate that the amount of money raised via ICOs will reach US$ 20 billion by the end of 2018. Commentators have described the ICO bonanza as a new gold rush. Nevertheless, the legal framework for ICOs remains unclear because traditional securities regulation is designed for classical securities that are traded on a stock exchange. In late 2017, the US Securities and Exchange Commission released two statements that highlighted that tokens may be subject to US securities regulation if they meet the requirements for 'investment contract' as laid out in the Howey test. However, regulators in Asia and Europe remain quite vague on the issue. In this article we analyze the legal framework for ICOs in the European Union. It is our view that investment tokens (including hybrid tokens with some investment functions) are 'transferable securities' under Directive 2014/65/EU on Markets in Financial Instruments. Despite resting on a highly dissimilar definition, the financial markets law of the European Union, if applied correctly, applies to token classifications - this is comparable with the US Securities and Exchange Commission's approach. The result would be a similar framework in two of the most vibrant regions for ICOs. It would be a first step towards a harmonized application of securities laws to ICOs, avoiding regulatory patchwork and a possible 'race to the bottom'
Author: United States. Securities and Exchange Commission
Publisher:
ISBN:
Category : Securities
Languages : en
Pages : 358
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Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 18
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Book Description
Author: Asian Development Bank
Publisher: Asian Development Bank
ISBN: 9292616471
Category : Business & Economics
Languages : en
Pages : 90
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Book Description
This report offers an analytical framework that allows for more systemic assessments of distributed ledger technology (DLT) and its applications. It examines the evolution and typology of the emergent technology, its existing and projected applications, and regulatory and policy issues that they entail. This report highlights the trends, concerns, and potential opportunities of DLTs, especially for Asian markets. It also identifies the benefits and risks to using DLT and offers a functional and proportional approach to these issues.
Author: Mr.Dong He
Publisher: International Monetary Fund
ISBN: 1498321305
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.
Author: Pedro Franco
Publisher: John Wiley & Sons
ISBN: 1119019141
Category : Business & Economics
Languages : en
Pages : 292
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Book Description
Discover Bitcoin, the cryptocurrency that has the finance world buzzing Bitcoin is arguably one of the biggest developments in finance since the advent of fiat currency. With Understanding Bitcoin, expert author Pedro Franco provides finance professionals with a complete technical guide and resource to the cryptography, engineering and economic development of Bitcoin and other cryptocurrencies. This comprehensive, yet accessible work fully explores the supporting economic realities and technological advances of Bitcoin, and presents positive and negative arguments from various economic schools regarding its continued viability. This authoritative text provides a step-by-step description of how Bitcoin works, starting with public key cryptography and moving on to explain transaction processing, the blockchain and mining technologies. This vital resource reviews Bitcoin from the broader perspective of digital currencies and explores historical attempts at cryptographic currencies. Bitcoin is, after all, not just a digital currency; it's a modern approach to the secure transfer of value using cryptography. This book is a detailed guide to what it is, how it works, and how it just may jumpstart a change in the way digital value changes hands. Understand how Bitcoin works, and the technology behind it Delve into the economics of Bitcoin, and its impact on the financial industry Discover alt-coins and other available cryptocurrencies Explore the ideas behind Bitcoin 2.0 technologies Learn transaction protocols, micropayment channels, atomic cross-chain trading, and more Bitcoin challenges the basic assumption under which the current financial system rests: that currencies are issued by central governments, and their supply is managed by central banks. To fully understand this revolutionary technology, Understanding Bitcoin is a uniquely complete, reader-friendly guide.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1616358750
Category :
Languages : en
Pages : 31
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Book Description
This note explores the interactions between new technologies with key areas of commercial law and potential legal changes to respond to new developments in technology and businesses. Inspired by the Bali Fintech Agenda, this note argues that country authorities need to closely examine the adequacy of their legal frameworks to accommodate the use of new technologies and implement necessary legal reform so as to reap the benefits of fintech while mitigating risks. Given the cross-border nature of new technologies, international cooperation among all relevant stakeholders is critical. The note is structured as follows: Section II describes the relations between technology, business, and law, Section III discusses the nature and functions of commercial law; Section IV provides a brief overview of developments in fintech; Section V examines the interaction between technology and commercial law; and Section VI concludes with a preliminary agenda for legal reform to accommodate the use of new technologies.
