Skip to main content

How Does the SEC’s “Framework for ‘investment Contract’ Analysis of Digital Assets” Address Pre-Sales?

The SEC Framework scrutinizes pre-sales, noting that the sale of tokens to raise capital for the development of a network that is not yet functional strongly suggests an investment contract. It emphasizes that the less functional the network and the greater the reliance on the promoter's efforts, the more likely the token is a security.

How Does the SEC Distinguish between an Initial Sale and Secondary Sales under Securities Law?
Distinguish between Horizontal and Vertical Commonality
How Does the Term “Speculative” Relate to the Expectation of Profit?
How Do Non-Fungible Tokens (NFTs) Fit into the Utility versus Security Token Debate?