The 1st Judicial Finding That Digital Tokens Are Securities

By Deborah Meshulam, Benjamin Klein and Richard Kelley ( July 11, 2018, 2:03 PM EDT) -- On June 25, 2018, a magistrate judge in Florida issued a report in a class action Rensel v. Centra Tech Inc. finding that tokens issued and sold by technology startup Centra Tech were investment contracts. While the report and its recommendations are not final until approved by a district court judge, it appears to be the first judicial finding that a company's issuance and sale of tokens through an initial coin offering, or ICO, must comply with federal securities laws. . . .

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