Sectors
Foley & Lardner LLP partner Patrick Daugherty authored the Columbia Law School’s Blue Sky Blog article, “How to Advise Token Developers in Light of Proposed SEC Regulation Crypto Assets.”
Daugherty, chair of Foley’s Blockchain and Digital Assets practice, examines the SEC’s proposed Regulation Crypto Assets framework, outlining new exemptions for token offerings, disclosure obligations, and a potential safe harbor for determining when an investment contract has ended. He also offers guidance for token issuers and their advisors as they prepare for a changing U.S. regulatory landscape.
“The direction of travel is clear enough to plan around. Teams that seek to raise capital in the U.S. or from U.S. persons should be structuring, sequencing, and documenting on the assumption that some version of these rules takes effect and that the disclosure record that they build in the meantime will be scrutinized by potential adversaries,” he writes.
