Digital Currencies: Please refer to the CoinCenter chart Comparison of State Digital Currency Regulatory Initiatives of significant digital currency-related bills and regulations (including proposed and failed, signed into law, and currently in assembly) to learn more about state political law and legal direction on blockchain technologies. This video also provides an overview of how token sales fit with securities regulations.

In July 2017 the Securities and Exchange Commission (SEC) ruled that ICOs and Token Sales are sales of securities following an investigation into a German corporation behind a group called “The DAO” (for “Decentralized Autonomous Organization”) that raised $150 million in ICO last year.

The U.S. Financial Crimes Enforcement Network (FinCEN) and Commodity Futures Trading Commission (CFTC) have not yet made a statement on the legality of ICO mechanisms. On July 27, 2017, FinCEN assessed civil monetary penalties against a foreign located cryptocurrency exchange (BTC-e) for violating US anti-money-laundering laws.

In 2013, FinCEN submitted guidance on “Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies”, referred hereafter as “the Guidance”.

Sources

• Coin Center: How do Token Sales Fit with Securities Regulations?
• Comparison of State Digital Currency Regulatory Initiatives (Regulation Tracker) : Legislation or Guidance