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Article
Publication date: 27 November 2019

Kenneth J. Berman, Morgan J. Hayes, Matthew E. Kaplan, Byungkwon Lim, Gary E. Murphy, Yean Do and Jonathan R. Steinberg

To analyze and draw conclusions from the “Framework for ‘Investment Contract’ Analysis of Digital Assets” (the “Framework”), released by the US Securities and Exchange Commission…

Abstract

Purpose

To analyze and draw conclusions from the “Framework for ‘Investment Contract’ Analysis of Digital Assets” (the “Framework”), released by the US Securities and Exchange Commission (the “SEC”) on April 3, 2019, and the SEC’s corresponding no-action letter to TurnKey Jet, Inc. (“TKJ”), which is the SEC’s first no-action letter publicly agreeing with the view that the digital asset described therein is not a security.

Design/Methodology/Approach

Explains how the Framework assists market participants in analyzing whether a digital asset is a security, by applying the Howey factors for identifying an investment contract. Discusses the SEC’s TKJ Letter, highlighting the factors the SEC emphasized in its analysis of the Framework.

Findings

While largely reiterating prior guidance, the Framework provides a helpful overview of the SEC’s views on when a digital asset is a security and how to properly analyze the prongs of Howey with respect to digital assets. The Framework also leaves certain important questions unanswered, including, for example, whether digital assets distributed by means of a so-called “Airdrop” are securities under the Framework, and the extent to which the Framework is meant to interact with digital assets that were issued or otherwise operate on platforms that are primarily overseas.

Originality/Value

Expert guidance from lawyers with broad experience in financial services, securities, investment funds, derivatives, and digital assets regulation and compliance.

Article
Publication date: 27 November 2019

Aegis Frumento and Stephanie Korenman

The purpose of this paper is to review the first two years of the US Securities and Exchange Commission (SEC) efforts to regulate cryptosecurities to assess the trends of that…

Abstract

Purpose

The purpose of this paper is to review the first two years of the US Securities and Exchange Commission (SEC) efforts to regulate cryptosecurities to assess the trends of that regulation.

Design/methodology/approach

The authors review the SEC’s official pronouncements and informal statements about, and its enforcement actions against participants in, various early experiments in cryptosecurities.

Findings

The SEC has been evolving how to apply the US securities laws to cryptosecurities since its report on The DAO two years ago. When “coins” on a blockchain meet the traditional Howey Test, it is easy to categorize them as “securities.” However, the bedrock regulatory principle that some person must account for violations is frustrated by automated blockchain transactions, where no human is in control. This tension risks a “moral crumple zone” arising around cryptosecurities, in which persons might become liable for violations that they cannot fairly be said to have caused.

Originality/value

This paper provides valuable information and insights about the beginnings of US regulation of cryptosecurities and how the evolution of that regulation is trending after two years.

Details

Journal of Investment Compliance, vol. 20 no. 4
Type: Research Article
ISSN: 1528-5812

Keywords

Article
Publication date: 1 April 1993

MOST machine shops developed through a process of evolution, a steady climb up the technology ladder. Rarely by revolution. There are a few exceptions and Shorts of Belfast is…

Abstract

MOST machine shops developed through a process of evolution, a steady climb up the technology ladder. Rarely by revolution. There are a few exceptions and Shorts of Belfast is definitely one of them.

Details

Aircraft Engineering and Aerospace Technology, vol. 65 no. 4
Type: Research Article
ISSN: 0002-2667

Article
Publication date: 1 April 1992

Donald T. Hawkins, Frank J. Smith, Bruce C. Dietlein, Eugene J. Joseph and Robert D. Rindfuss

Results of an in‐depth study of the electronic publishing (EP) industry, with particular emphasis on the consumer marketplace, are presented. EP was defined as the use of…

Abstract

Results of an in‐depth study of the electronic publishing (EP) industry, with particular emphasis on the consumer marketplace, are presented. EP was defined as the use of electronic media to deliver information to users in electronic form or from electronic sources. EP is contrasted to electronic‐aided publishing, which is the use of electronic means to format and produce a conventional information product. An “information chain” model of the information flows between publishers (or producers) and users was helpful in understanding the boundaries of EP and defining its markets. Following a review of the conventional publishing industry, a model of the forces driving the EP industry was derived. Although technology is the strongest driving force, it is by no means the only one; the others are economics, demographics, social trends, government policies, applications growth, and industry trends. Each of these forces is described in detail in a “cause and effect” scenario, from which keys to success in the EP marketplace are derived. Although there is some turmoil in the industry, with new services continuing to appear and disappear, the overall picture is one of optimism. EP should be a significant part of consumers' lives by the end of the decade.

Details

Internet Research, vol. 2 no. 4
Type: Research Article
ISSN: 1066-2243

Article
Publication date: 1 May 1983

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of…

16238

Abstract

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of material poses problems for the researcher in management studies — and, of course, for the librarian: uncovering what has been written in any one area is not an easy task. This volume aims to help the librarian and the researcher overcome some of the immediate problems of identification of material. It is an annotated bibliography of management, drawing on the wide variety of literature produced by MCB University Press. Over the last four years, MCB University Press has produced an extensive range of books and serial publications covering most of the established and many of the developing areas of management. This volume, in conjunction with Volume I, provides a guide to all the material published so far.

Details

Management Decision, vol. 21 no. 5
Type: Research Article
ISSN: 0025-1747

Keywords

Article
Publication date: 1 February 1994

Making Fine Powders ‐ Extremely fine and uniform particles, of 5–50 nanometers, have been produced by a process being developed at Battelle Pacific Northwest Laboratories…

Abstract

Making Fine Powders ‐ Extremely fine and uniform particles, of 5–50 nanometers, have been produced by a process being developed at Battelle Pacific Northwest Laboratories. Researchers have used the technique to synthesize new, highly dispersed catalysts with a high surface area. It offers a way to make other products which have improved properties: ceramic ball bearings and gears which are stronger and more durable than those available today, and pigments for paints and inks.

Details

Pigment & Resin Technology, vol. 23 no. 2
Type: Research Article
ISSN: 0369-9420

Article
Publication date: 1 October 1989

THE ability to produce precisely accurate aircraft engine components within as short a lead time as possible and at an acceptable cost has never been more critical as we move into…

Abstract

THE ability to produce precisely accurate aircraft engine components within as short a lead time as possible and at an acceptable cost has never been more critical as we move into the 1990s.

Details

Aircraft Engineering and Aerospace Technology, vol. 61 no. 10
Type: Research Article
ISSN: 0002-2667

Article
Publication date: 1 May 1996

Rick Mullin

CEO Michael Bonsignore has the company focused on meeting its goals and keeping its promises. Honeywell may be out of the woods.

Abstract

CEO Michael Bonsignore has the company focused on meeting its goals and keeping its promises. Honeywell may be out of the woods.

Details

Journal of Business Strategy, vol. 17 no. 5
Type: Research Article
ISSN: 0275-6668

Article
Publication date: 1 November 1979

Of direct interest to readers of this journal, is a vibrational processing unit for laboratories which lends itself to scaling‐up. Basically, the unit is centred on the Megapact…

Abstract

Of direct interest to readers of this journal, is a vibrational processing unit for laboratories which lends itself to scaling‐up. Basically, the unit is centred on the Megapact vibrational ball mill, which consists of two tubular, stainless steel chambers, oscillated at 2,800 cycles/min. Product to be processed is pumped through the oscillating chambers, to be subjected to hundreds of thousands of impacts, taken into a receiving tank and re‐circulated until such time as required to achieve the end‐product quality.

Details

Pigment & Resin Technology, vol. 8 no. 11
Type: Research Article
ISSN: 0369-9420

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