Since the U.S. Securities and Exchange Commission (SEC) issued its groundbreaking “DAO Report in June 2017, pulled the plug on the Munchee Inc. ICO in December 2017, initiated its “Crypto Industry Sweep in early 2018, and subsequently commenced numerous enforcement actions, market participants have been waiting for clear guidance from the regulator on what types of digital assets are subject to SEC regulation. In April 2019, the SEC staff at last responded with its “Framework for ‘Investment Contract Analysis of Digital Assets, a 13-page memorandum that describes the factors used by SEC staff for assessing whether digital assets are "investment contracts" subject to federal securities laws. Simultaneously, the SEC staff issued its first crypto-related no-action letter. Join us for a discussion of this new guidance, the no-action letter, and their implications for digital assets.