HCBA Lawyer Magazine Vol. 28, No. 3 | Page 63

Construction Law Section Luncheon/CLE on november 9, the Construction Law section received a presentation on “aia 2017 forms: new insurance requirements & other important Changes” by Debbie sines Crockett Continued from page 60 the coin or token involves the expectation of profit solely or substantially from the efforts of others. Further, the SEC clarifies in its report that a coin or token determined to be a security is subject to the full suite of securities regulations in the resale of the coin or token, including registration by exchanges with requisite restrictions, licensing, and disclosure requirements. As would be expected, the dramatic success of ICOs in 2017 attracted the attention of regulators, as scammers and fraudsters emerged looking for quick profits. As the SEC has become more active in its review of ICOs, other countries have followed suit, with China and South Korea recently banning ICOs. The SEC’s recent actions signal that ICOs have the attention of regulators and that those looking to conduct ICOs need to be counseled thoughtfully on proceeding with legally sound investment structures. with Cheffy Passidomo, P.a. and scott Pence with Carlton fields. they discussed certificates of insurance, coverage types, and the new forms, among other issues. SEC Issues Investigative Report Concluding DAO Tokens, a Digital Asset, Were Securities, SEC, July 25, 2017, available at https:// www.sec.gov/news/press-release/ 2017-131. 2 Securities and Exchange Commission v. W. J. Howey Co., 328 U.S. 293 (1946). 1 Author: Gregory M. Karch – de la Peña & Holiday, LLP JAN - FEB 2018 | HCBA LAWYER the section would like to thank first Citrus bank for sponsoring their luncheon. 61