The Securities and Exchange Commission’s (SEC) recent guidance that federal securities laws apply to the activities of The DAO—a virtual organization that uses blockchain technology and cryptocurrency to raise and invest capital—was met with little surprise.
But while attorneys and financial experts alike expected the SEC’s position, the commission’s guidance left far more questions than answers. Still left to be clarified, for example, is the extent to which current and future blockchain and cryptocurrency investment activities will be regulated, and how such enforcement would take shape.
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