Nina Marino’s key takeaways from Blockchain Technology & Digital Currency National Institute Conference last week in New York

  • The SEC is examining whether ‚Äútokens" are a security. The Howie test is utilized to make the determination. If tokens are in fact being offered as a security the offer or must take steps to comply with the SEC.
  • Smart contracts act as a third-party trustee and are being utilized with greater frequency in many different business forums. Smart contracts are desirable because they offer the parties the ability to see trusted information at the same time
  • The OCC is proposing a national bank charter to financial technology firms in the hope of clarifying the national regulatory framework
  • Delaware is leading the way for corporate incorporation and maintenance of books and records on a digital ledger
  • Methods of government investigation include traditional subpoena duces tecum, and are being served on fintech businesses by the USPIS, FBI, SS, and the IRS. These agencies are also pooling resources and forming task forces, sometimes with local law enforcement, to conduct investigations. SARS filings can spur an investigation yet must be filed when warranted.
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