On July 25, 2017, the U.S. Securities and Exchange Commission (SEC) issued a Report of Investigation (Report) following its investigation of The DOA and the sale of DOA tokens warning that Initial Coin Offerings/Token Sales (ICOs) and other distributed ledger or blockchain-enabled means of raising capital could be subject to U.S. federal securities laws. Although at this time the SEC has decided not to pursue any enforcement action in relation to its investigation, we expect this first report on ICOs to set the foundations of the regulatory landscape and to have important ramifications on the blockchain community.

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