California Assembly Considers Exempting Some Digital Assets From State Securities Law

A key lawmaker in the California Assembly has proposed exempting a narrow set of digital assets from the state’s definition of corporate securities.  The proposal, introduced Tuesday as an amendment to legislation first submitted by Majority Leader Ian Calderon (D-57), would free “digital assets” that are “presumptively not an investment contract” from the definition of […]

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SEC Telegram Rejection: Simply Down To The Howey Test?

Following the SEC clampdown on Telegram’s Gram-token issuing to early investors, many have accused it of inconsistency. But some commentators have suggested that actually the SEC is being very consistent, and simply applying the Howey test as always. SEC Heavy Handed Or Fair Enough? Simply put, the Howey test says that a security fulfils four criteria. A cryptocurrency is […]

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