Offices McDermott Will & Emery, represented by INX Limited, conducted the first Security Token Offeringfully compliant with the Securities Act. The offering was recently closed, and its success can be seen as an important step towards the spread of assets based on blockchain.
First public STO, fully regulatory compliant
Their unit price was $ 0,90. In August this year, the offer was approved by the Securities and Exchange Commission (SEC).
In mid-September, when purchase commitments exceeded the estimated minimum, the offer was pre-closed, becoming the first-ever public offering based on blockchain technology under the Securities Act.
Digital assets are getting closer to full legalization
The offer carried out by McDermott Will & Emery is of great importance for the entire blockchain industry. The approval issued by the SEC can be seen as an important step towards the fully legalized spread of digital assets in various areas of financial activity.
As one of the McDermott representatives stated, until recently, SEC-registered tokens were only a loose idea, while now they have become a real precedent for blockchain-based public resource offers. At the same time, the STO conducted contributed to raising many new legal issues related to token registration.
McDermott Will & Emery's knowledge and experience turned out to be of great help in the talks with the SEC. INX, based on the experience gained, plans to launch its own platform for trading cryptocurrencies and security tokens.
About McDermott Will & Emery
McDermott Will & Emery currently works with companies from all over the world, and the main mission of the law firm is to overcome seemingly impossible to cross barriers and shape markets. The team, which includes over 1200 lawyers, undertakes tasks from various industries and fields, providing effective and non-standard solutions.