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Trusted Advisors for the International Blockchain Community


Dilendorf & Khurdayan offers innovative, comprehensive and practical legal solutions for our clients in connection with launching ICOs in the U.S.

We are New York City blockchain lawyers who leverage our deep understanding of state and federal securities, tax and consumer-protection laws to help our clients successfully launch and grow their tokens, whether security tokens, utility tokens, or otherwise.

We represent local and international individuals, blockchain startups, established blockchain developers, FinTech firms and others in the process of developing, marketing and launching a token.

Our services include everything from token analysis that determines the legal classification of a token and corresponding regulations; to designing sophisticated legal solutions like Simple Agreements for Future Tokens (SAFTs), review of whitepapers and drafting of all legal documentation necessary for a successful ICO; to ensuring compliance with state and federal laws; to tax planning for token generation events.

We have years of experience in assisting clients engaged in traditional capitalization strategies, and we bring that experience to bear on behalf of our virtual-token clientele.


Rika Khurdayan

Rika Khurdayan’s practice involves international private client work and more recently blockchain, virtual currencies and ICOs.

Rika focuses on legal and regulatory aspects of blockchain and distributed ledger technology, particularly, securities and futures regulations applicable to token generating ...


Max Dilendorf

Max Dilendorf’s practice involves real estate transactions, blockchain, virtual currencies and ICOs.

Max focuses on legal and SEC regulatory aspects of blockchain and distributed ledger technology, particularly, securities and futures regulations applicable to token generating events and cryptocurrency. ...

  • Outstanding Service. Our firm places a strong emphasis on providing our clients with unparalleled customer service and delivering high-quality work product.
  • Experience. We have helped numerous domestic and foreign developers in understanding how U.S. law affects their virtual-token plans.
  • Expertise. We have a thorough understanding of the state and federal laws implicated by the development of new virtual tokens.
  • Timely Work. We understand that time is of the essence in virtual-token transactions, so we work quickly to bring our clients’ transactions to a successful, timely conclusion.
  • Fixed Retainers. We work with clients on fixed-fee arrangements. We are upfront in everything we do.
  • Trustworthy. We work diligently for all our clients so that they will know they can trust us with all their future blockchain needs.


ICO for B2B / B2C Blockchain Freelance Platform

Represented B2B / B2C blockchain freelance platform in the process of raising capital through SAFT and Regulation D offering and eventual sale of utility tokens on the open market once the platform is fully developed and decentralized, including review and analysis of the white paper and the project, preparation of the private placement memorandum (PPM), SAFT and subscription agreements, and Blue Sky Laws filings

ICO for Blockchain Based Gaming Platform

Represented a blockchain based gaming platform and consulted regarding difference between utility and security tokens, the process of launching an ICO in the U.S. through Regulation A+ and Regulation D offerings, and the possibility of sale of on the open market after the platform is built, decentralized and compliant with SEC’s interpretation of “utility”.

Real Estate Development Blockchain Startup

Advised real estate development blockchain startup from UAE regarding a pre-ICO sale in the U.S. and compliance with SEC rules and regulations

ICO for Cross-Blockchain Crypto Trading Platform

Advised cross-blockchain crypto trading platform regarding the process of raising capital in the U.S. through SEC Regulation A and D offerings, including preparation of all necessary subscription materials, including PPM, SAFT and Blue Sky filings

ICO Team and Process Due Diligence

Advised prospective investors regarding ICO participation, including team due diligence, whitepaper review and review of the escrow provisions

Exemptions from registration with SEC during ICO

Advised ICO team regarding SEC registration requirements and available exemptions, including the limitations on the amount of investment, advertising and solicitation, investors’ requirements, necessary provisions for the whitepaper and necessary federal and state filing requirements

Advantages and Limitations of SAFT framework

Advised a client during preparation for a token pre-sale on the advantages and limitations of the SAFT framework, including possible removal of restrictions on future re-sale or tokens


An Overview of the Laws Governing Virtual Tokens

In July 2017, the Securities and Exchange Commission (SEC) released an investigative report on DAO Tokens, a virtual token, finding that they were securities under a 1933 federal law. But the …

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When Your Utility Token is a Security: Why Munchee Failed

In July 2017, the Securities and Exchange Commission (SEC) sent shockwaves through the blockchain community with the release of the DAO report, in which it found that virtual tokens could be securities under federal law, subject to SEC …

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The last decade has seen a surge in foreign buyers purchasing real property in the United States. During the 12 months ended March 2017, foreign buyers purchased a record $153 …

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