On April 3, Bill Hinman, Director of the SEC’s Division of Corporation Finance, and Valarie Szczepanik, the SEC’s Senior Advisor for Digital Assets and Innovation, made a public statement announcing the publication of the framework for analyzing whether a digital asset is offered and sold as an investment contract, and is therefore a security. The framework is intended to be an analytical tool to help market participants assess whether the federal securities laws apply to activities involving selling or distributing, buying or trading, holding or storing and providing professional services in relation to particular digital assets. Contemporaneously with the publication of the framework, and applying the factors set forth in it, the Division of Corporation Finance issued the first no-action letter considering registration of an ICO.