SEC Declares DAO Tokens Securities and ICOs Subject to Federal Securities Laws

The U.S. Securities and Exchange Commission (SEC) has announced that Initial Coin Offerings (ICOs) and token sales are subject to federal securities laws. The announcement follows a report based on an investigation into The DAO’s token sale in 2016, in which the Commission found DAO tokens to be securities. Also read: ICO Hype Attracts Investors…

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