Digital Assets, the SEC, and The Pecora Report

The SEC has been around for a long time, faithfully executing its mission to protect investors from fraudulent securities offerings. But the means they've traditionally employed just don't make sense for digital assets. Learn why in this post.

Black-Grey-Green: OpenRelay's Token Vetting Paradigm

We’ve already implemented an updated Terms of Use mechanism that requires Makers to sign before their account is permitted to create orders. Our next step is to begin an exhaustive process of *Howey*-testing to classify tokens according to a three-class color-coded paradigm. Read on to learn how it will work.

New Terms of Use

OpenRelay has a new Terms of Use which must be signed to submit orders.

OpenRelay and Securities

Recent SEC announcements have cast legal shadows on decentralized trading technologies. Here's what OpenRelay is doing to stay on the right side of the law.

Think Instrument: Tokens Aren't Just Securities

If you think of a token as an instrument, then it isn't a forgone conclusion that the natural home of token commerce is on an exchange.