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July 2, 2018   |   By: Max Dilendorf, Esq. and Rika Khurdayan, Esq.

What We Talk About When We Talk About Security Tokens

With the rapid development of the virtual-token market over the last few years, it should come as no surprise that the way in which people talk about virtual tokens is in flux. Some common phrases have come to mean different things to different people. But that fact makes talking about virtual tokens accurately …

June 21, 2018   |   By: Max Dilendorf, Esq. and Rika Khurdayan, Esq.

Security Token Basics: What Are Security Tokens?

The history of virtual tokens thus far has involved various attempts to limit the likelihood of being classified as a security under U.S. law. During 2017, many blockchain developers designed their virtual tokens as utility tokens (as distinct from security tokens) in the hope that doing …

June 15, 2018   |   By: Max Dilendorf, Esq. and Rika Khurdayan, Esq.

7 Common Myths About Selling Virtual Tokens in the United States

2017 saw the emergence of virtual tokens as a viable method of raising capital for blockchain businesses. But it also saw the development and spread of many dangerous myths about how U.S. law treats virtual tokens. Many of those myths continue to mislead companies interested in developing new tokens to this …

May 13, 2018   |   By: Max Dilendorf, Esq. and Rika Khurdayan, Esq.

How to Launch a Token Sale Legally in the U.S.

Myths & realities surrounding token sales in the U.S.  How to launch a token sale in the U.S. within 3 weeks without registering with the SEC under Regulation D + S.

March 15, 2018   |   By: Max Dilendorf, Esq. and Rika Khurdayan, Esq.

Why Germans Should Invest in U.S. Real Estate, But Not Through an LLC

Between April 2016 and March 2017, foreign buyers purchased a record $153 billion in residential real estate in the United States. Buyers from Germany were one of the top 10 groups of foreign buyers during that time. These investors were attracted to U.S. real estate for many reasons, but one that merits closer …

February 7, 2018   |   By: Max Dilendorf, Esq. and Rika Khurdayan, Esq.

Regulation of Token Sales (aka ICOs) Throughout the World

“I believe every ICO I’ve seen is a security.”

With those nine words in a hearing before the U.S. Senate Banking Committee in February 2018, the chairman of the U.S. Securities and Exchange Commission (SEC) confirmed the worst fears of many blockchain startups—that their ICOs, also known as …

December 23, 2017   |   By: Max Dilendorf, Esq. and Rika Khurdayan, Esq.

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 …

December 18, 2017   |   By: Max Dilendorf, Esq. and Rika Khurdayan, Esq.

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 …

December 3, 2017   |   By: Max Dilendorf, Esq. and Rika Khurdayan, Esq.

How Foreign Investors Can Use Trusts to Buy U.S. Real Estate

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 …

December 2, 2017   |   By: Max Dilendorf, Esq. and Rika Khurdayan, Esq.

When Virtual Tokens are Securities in the United States

During 2017, more than $3 billion in capital was raised by blockchain developers through initial coin offerings (ICOs, but more formally known as token generation events) of virtual tokens. This amount was significantly more than what was raised by blockchain firms through traditional venture-capital deals. …