Background On 27 March 2019, in Lorenzo v. SEC, the US Supreme Court handed the Securities and Exchange Commission (the “SEC”) a victory. In this case, the Supreme Court held that Francis Lorenzo, an investment banker, could be liable under Rule 10b-5 for disseminating material misleading statements even though he…

In recent years, following the launch of the Bitcoin network, offers of digital assets have been made to investors in the United States. Historically, the U.S. Securities and Exchange Commission (the “SEC”) has suspiciously viewed and investigated these transactions on the assumption that the offer of digital assets (also known…