BanklessTimes.com quotes Toronto lawyer, Daniel Fuke, in an article on Kik International SEC challenge.
Sounds like a security in the traditional sense and that is part of the problem, Daniel Fuke believes. Mr. Fuke is a partner in securities and mergers and acquisitions at Canadian law firm Fasken. As digital securities become more commonplace, regulators need to revisit guidelines established in another era.
“It’s important for the industry that regulators’ interpretations of the law are being challenged,” Mr. Fuke said. “The SEC’s test for whether an offering is a ‘security’ is outdated and didn’t contemplate digital assets. This challenge is clearly needed.”
