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NFT

Category

On June 11, 2021, Thailand’s Securities and Exchange Commission issued a statement that banned, among other things, all meme tokens. The statement said: The Notification prescribes that digital asset exchanges set their listing rules and prohibits the exchanges from providing services related to utility tokens or cryptocurrencies that have any of the following characteristics: (1) Meme token: having no clear objective or substance or underlying [sic], and whose price running on social media trends; (2) Fan token: tokenized…

One of the byproducts of the initial coin offering craze was class action lawsuits that alleged that the underlying tokens were securities and that the securities law were violated because the offerings for those alleged securities did not comply with the securities laws. The US Securities and Exchange Commission continues to pursue cases for the improper sale of unregistered tokens. Not surprisingly, with the recent advent of the popularity of NFTs (non fungible tokens), a…