By Deborah Meshulam, Benjamin Klein and Richard Kelley ( October 25, 2018, 12:22 PM EDT) -- In August 2018, the U.S. District Court for the Northern District of California issued an order with broad implications for the crypto industry: Companies headquartered abroad may nonetheless be subject to U.S. securities laws if their activity — including server locations and blockchain validation node clusters — indicate that sales were conducted in the United States. This decision appears to be the first time that a U.S. court has taken blockchain infrastructure into account when assessing the applicability of U.S. securities laws to overseas actors, and we expect it to serve as an important precedent for courts presented with similar jurisdictional challenges....