New Hampshire Revised Statutes 421-B:5-511 – Liability of Issuers, Sellers, and Others Who Facilitate Exchange of Open Blockchain Tokens
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Hampshire Revised Statutes 421-B:5-511
- including: shall be construed as introducing a non-exhaustive list. See New Hampshire Revised Statutes 421-B:1-102
- Issuer: means a person that issues or proposes to issue a security, subject to the following:
(A) The issuer of a voting trust certificate, collateral trust certificate, certificate of deposit for a security, or share in an investment company without a board of directors or individuals performing similar functions is the person performing the acts and assuming the duties of depositor or manager pursuant to the trust or other agreement or instrument under which the security is issued. See New Hampshire Revised Statutes 421-B:1-102 - Open blockchain token: means a digital unit which is:
(A) Created:
(i) In response to the verification or collection of a specified number of transactions relating to a digital ledger or database;
(ii) By deploying computer code to a blockchain network that allows for the creation of digital tokens or other units; or
(iii) Using any combination of the methods specified in subparagraphs (i) and (ii) of this paragraph;
(B) Recorded in a digital ledger or database which is chronological, consensus-based, decentralized and mathematically verified in nature, especially relating to the supply of units and their distribution; and
(C) Capable of being traded or transferred between persons without an intermediary or custodian of value. See New Hampshire Revised Statutes 421-B:1-102 - Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity. See New Hampshire Revised Statutes 421-B:1-102
- Secretary of state: means the New Hampshire secretary of state or his or her designee. See New Hampshire Revised Statutes 421-B:1-102
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See New Hampshire Revised Statutes 421-B:1-102
Notwithstanding any other provision of law, an issuer, seller, or a person who facilitates the exchange of an open blockchain token is subject to the provisions of N.H. Rev. Stat. § 421-B:5-501 through N.H. Rev. Stat. § 421-B:5-503 and N.H. Rev. Stat. § 421-B:5-505 through N.H. Rev. Stat. § 421-B:5-510 only to the extent necessary to carry out those sections. The secretary of state shall have the authority provided under N.H. Rev. Stat. § 421-B:6-601 through N.H. Rev. Stat. § 421-B:6-613 to determine compliance with the provisions of this section, including whether a person qualifies for the exemptions set forth in this section. The evidentiary burdens specified in N.H. Rev. Stat. § 421-B:5-503 shall apply in any proceeding initiated by the secretary of state pursuant to this subsection.