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BTC Keychain / Flickr CC

After an investigation, the Securities and Exchange Commission has concluded that organizations offering or selling digital assets using blockchains or distributed ledgers may be subject to securities laws, depending on the circumstances. This includes "initial coin offerings" (ICOs), a recently popularized crowdfunding method by which an organization issues virtual currencies or tokens.

Why it matters: ICOs are becoming increasingly popular among some circles of technologists. So far, hundreds of millions of dollars have been raised through ICOs, including the most recent record-breaker, Tezos, which brought in $232 million earlier this month.

Top concern: The SEC says that its main concern is ensuring that investors partake in these offerings and sales with full knowledge of the risks. By making these sales subject to securities laws, organizations will have to comply with disclosure requirements.

"Investors need the essential facts behind any investment opportunity so they can make fully informed decisions, and today's report confirms that sponsors of offerings conducted through the use of distributed ledger or blockchain technology must comply with the securities laws," said William Hinman, director of the division of corporation finance, in a statement.

Origin: The SEC's investigation stems from an inquiry into The DAO, a decentralized organization that intended to operate as an investment fund managed by shareholders and raised its funds through an ICO. However, in June 2016, it was hacked and some of its funds were syphoned. The SEC has concluded that it doesn't qualify as a broker-dealer or crowdfunding portal, though the commission won't pursue charges in this case — instead choosing to simply issue guidance to the industry.

More investor info: The SEC also issued an investors' guide in handling ICOs and similar digital asset sales.

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: Trump received COVID vaccine at White House in January — CDC director warns "now is not the time" to lift COVID restrictions.
  2. Education: More schools are reopening in the U.S.
  3. Vaccine: J&J CEO "absolutely" confident in vaccine distribution goals Most states aren't prioritizing prisons for COVID vaccines — Vaccine hesitancy is shrinking.
  4. Economy: Apple says all U.S. stores open for the first time since start of pandemic — What's really going on with the labor market.
  5. Sports: Poll weighs impact of athlete vaccination.
  6. World: Latin America turns to China and Russia for COVID-19 vaccines.
Dave Lawler, author of World
1 hour ago - World

Latin America turns to China and Russia for COVID-19 vaccines

Several countries in the Americas have received their first vaccine shipments over the past few weeks — not from the regional superpower or from Western pharmaceutical giants, but from China, Russia, and in some cases India.

Why it matters: North and South America have been battered by the pandemic and recorded several of the world’s highest death tolls. Few countries other than the U.S. have the capacity to manufacture vaccines at scale, and most lack the resources to buy their way to the front of the line for imports. That’s led to a scramble for whatever supply is available.

More schools are reopening in the U.S.

Students settle into a classroom in New York City. Photo: Michael Loccisano/Getty Images

More than 72% of K-12 students are now attending schools that offer in-person or hybrid models of learning.

The big picture: The U.S. is seeing an almost-universal return of schools that were in-person as of November, as well as a gradual return in parts of the country that had been virtual for almost a year.