The KUIK Morning Market Report for Wednesday, July 26:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
111
points
21,725
7:07 AM
S&P500
Up
0.1%
percent
2,480
3.13
Nasdaq Composite
Up
0.3%
percent
6,430
18.02
30 Year Treasury
Up
1
Basis Points
2.92
Annual Yield
The Securities and Exchange Commission issued a report yesterday that said that tokens offered and sold by a "virtual" organization known as "The DAO" which mean Decentralized Autonomous Organizatin were securities and subject to the federal securities laws. It saidthat offers and sales of "initial coin offerings" or "token sales" by "virtual" organizations using distributed ledger or blockchain technology are subject to the securities laws. Issuers must register offers and sales of such securities unless a valid exemption applies. Participating in unregistered offerings may subject participants to civil or crimina lproceedings. Securities exchanges trading in these securities must also register unless they are exempt. "The DAO" has been described as a "crowdfunding contract" but it would not have met the requirements of the Regulation Crowdfunding exemption because, among other things, it was not a broker-dealer or a funding portal registered with the SEC and the FINRA. The SEC did not bring charges, or make findings of violations in this case, but is using the results of the investigation to put the industry on notice.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
