Token projects have raised millions through SAFT (A Simple Agreement for Future Tokens) in recent years. The investment contract, offered by cryptocurrency developers to accredited investors, is also considered a security and, therefore, must comply with securities regulations.
In 2017, the Securities and Exchange Commission made efforts to provide industry guidelines on how tokens can be decentralized, but these enforcement actions along with some class action lawsuits have put these token projects in jeopardy.
Lawyers Robert A. Cohen, partner at Davis Polk & Wardwell LLP, Karen Ubell, Cooley LLP special counsel, and Joshua Ashley Klayman, U.S. head of fintech and head of blockchain and digital assets at Linklaters, discusses the current state of tokens and enforcement in the U.S.
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source https://www.youtube.com/watch?v=kK2FWwYmTJ0
