OpenFinance announced earlier this week that it had launched the first US-based regulated security token trading platform. As has been discussed previously in this blog, although the U.S. SEC has not taken the position that every token sale and ICO qualifies as a security and must therefore be registered or fall under a recognized exemption, the SEC has taken actions and made statements that lead many to conclude that there is certainly risk in doing otherwise. That, combined with an ever-increasing number of fraudulent ICOs, will undoubtedly lead to an increasing number of STOs (securitized token offerings). With the OpenFinance launch, accredited investors can now purchase or trade specified security tokens on its platform.
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David Zaslowsky
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David Zaslowsky is partner in the Litigation Department of Baker McKenzie's New York office. He helps companies solve complex commercial disputes in arbitration and litigation, especially those involving cross-border issues and Section 1782 discovery. David has a degree in computer science and, as a result, has worked on numerous technical-related disputes, including, most recently, those involving blockchain and artificial intelligence. In April 2025, Attorney Intel named David one of the top 25 blockchain lawyers in the country. He is the editor of the Firm's blockchain blog and co-editor of the firm's International Litigation & Arbitration Newsletter. David has been included for a number of years in the Chambers USA Guide and Chambers Global Guide for his expertise in international arbitration. He also sits as an arbitrator and is on the roster of arbitrators for a number of arbitral institutions. David sits on the Board and chairs the governance committee of the New York International Arbitration Center, and is a founding member of the International Arbitration Club of New York. For over 35 years, he has written and spoken often on the subjects of arbitration and international litigation.