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.
David Zaslowsky has a degree in computer science and, before going to Yale Law School, was a computer programmer. He is currently the Chairman of the Litigation Department of the firm’s New York office. His practice focuses on international litigation and arbitration. He has been involved in cases in trial and appellate courts across the United States and before arbitral institutions around the world. Many of David’s cases, including some patent cases, have related to technology. Since 2008, David has been included in Chambers for his expertise in international arbitration.