Are ICOs compatible with US securities laws? This question has been at the center of many debates since the SEC started to have ICOs under its radar at the beginning of year 2017. These discussions resulted in multiple legal constructions aiming at the same objective: keep ICOs outside of the scope of US securities regulations (think of the development of SAFT or the concept of utility tokens vs. security tokens).
Recent statements and actions by the SEC show that the position of the regulator is now very clear, bringing an end to the 2017 most active discussion: tokens are securities and US securities regulations shall apply to ICOs.
The main topic to be discussed in 2018 will therefore be which steps shall be taken to have ICOs compliant. Which of Regulations D 506(c), Regulation Crowdfunding or Regulations A+, or a combination of them, are the best path for ICO projects to raise funds in the United States. No doubt future will also bring an answer.
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