![Chi-Ru Jou (Yale Department of Music 98), Blockchain and Securities Law Partner at Taylor English Duma](http://ec2-3-20-180-125.us-east-2.compute.amazonaws.com/wp-content/uploads/2019/08/Chi-Ru-Jou.jpg)
Chi-Ru Jou (Yale Department of Music 98), Blockchain and Securities Law Partner at Taylor English Duma
“The SEC implemented a case-by-case application process for evaluating token offerings, where they might say, “Go ahead. Integrate your utility token. We won’t prosecute.” These are so-called “no-action” letters.”