In a Legaltech News and Law.com article, attorneys analyzed how the U.S. Securities and Exchange Commission’s increased attention on fractionalized non-fungible tokens may signal a shift in how the SEC intends to assess whether digital assets are securities.
The authors note that developers, promoters, investors, and investment advisers involved in the digital asset space should consider both the Howey test and the broader, “look-and-feel,” expanded-Reves test with respect to any tokens they intend to sell, promote, or purchase.
The article was authored by litigation & enforcement counsel Mark Cianci, asset management counsel Charlie Humphreville, IP transactions associate Kelley Chandler and asset management associate Ty Owen.
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