Fogel on Securities Law: What Is a Security? Understanding LLC Interests, Capital Raises, & Crypto Assets

The definition of a “security” remains one of the most heavily litigated and evolving concepts in business law – particularly as companies explore alternative investment structures, LLC ownership interests, and digital assets. Businesses, executives, and advisors may unknowingly implicate securities laws in capital raises, ownership arrangements, or emerging crypto-related activities.

Join corporate and securities partner and chair of the Corporate & Securities Service Group Eric Fogel for a practical CLE presentation examining when securities laws may apply to business transactions, LLC membership interests, investment opportunities, and digital assets. This session will provide a foundational overview of key securities law concepts while addressing recent SEC guidance and common areas of confusion impacting businesses and investors.

Topics will include:

• What qualifies as a security
• When securities laws apply
• LLC interests as securities
• SEC guidance on crypto assets
• Capital raise risk considerations
• Practical compliance considerations