Entries by Jeffrey A. Bekiares Esq.

Regulation Enforcement of CryptoCurrency Sept-2018

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This post was originally published on this siteThe Financial Industry Regulatory Authority (“FINRA”) announced on Tuesday, September 11, 2018, its first disciplinary action for securities violations against a cryptocurrency. The disciplinary action involves Rocky Mountain Ayre, Inc. (RMTN) in connection with its issuing and selling of HempCoin, which was marketed as “the first minable coin […]

Do ICO’s Seek an Expectation of Profit Solely from the Efforts of Others?

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This post was originally published on this siteIn our most recent blog post, we discussed the second prong of the Howey test – a “common enterprise” – and the US Circuit Courts’ fragmentation on the issue and lack of uniform definition. In this third and final part of our series pulling apart the Howey Test, […]

What is a Common Enterprise and is Bitcoin or Ethereum one?

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This post was originally published on this siteIn our most recent blog post, we discussed the first prong of the Howey test – an “investment of money” – through the lens of so-called ‘airdrops’. Moving on to the second prong – a “common enterprise” – requires us to take a step back and consider multiple […]

Do Crypto Currency Airdrops pass the Howey Test?

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This post was originally published on this siteContinuing on our journey of securities law and cryptocurrency, it’s time to start pulling apart the Howey test. In an academic paper following the Howey Test’s 64th anniversary, the test was equated to that house that the home owners have continued building new additions that are clearly additions, […]

House Hits Refresh on JOBS and Investor Confidence Act of 2018

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This post was originally published on this siteOn July 17, 2018, the U.S. House of Representatives passed a near-unanimous bill (406-4) to update the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The JOBS Act, passed with much fanfare in 2012, was designed to help small businesses, entrepreneurs, and investors by updating and […]

What is the Howey Test? How To Tell if a Coin Passes The Test

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This post was originally published on this siteIn our last blog post, we discussed the SEC’s position that Ethereum was ‘not a security’. With the commentary from the SEC, it’s worth re-visiting the four-prongs of the Howey test and the meaning of a security. Section 2(a)(1) of the Securities Act of 1933 contains a statutory […]

Is Ethereum a Security according to the SEC?

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This post was originally published on this siteOne day after the SEC town hall in Atlanta, Georgia, William Hinman, Director for the Division of Corporation Finance of the SEC, gave a landmark speech declaring that Ethereum was ‘not a security’. These important statements follow on previous statements from SEC Chairman Jay Clayton, whose comments at […]

SEC Commissioners Town Hall Visit at Georgia State University

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This post was originally published on this siteOn June 13, 2018, the five SEC commissioners and selected staff visited the campus of Georgia State University (College of Law) Atlanta for an interactive event with the public outside of the Beltway. The SEC event, one of several held and planned in 2018 is in keeping with […]