US lawmakers urged the SEC to clarify the situation with ICO regulation
A group of American lawmakers asked the chairman Securities and Exchange Commission (SEC) Jay Clayton to clarify the situation regarding Initial Coin Offering (ICO) campaigns and their status in the context of securities laws.
In the letter, Rep. Ted Budd, Warren Davidson, Tom Emmer and Darren Soto, and 11 co-signers, ask Clayton to explain his approach to token sales. “The current uncertainty surrounding the perception of digital token offerings and sales is holding back innovation and will ultimately lead to business churn,” they write. “We believe the SEC can do more to clarify its position. In addition, we are concerned about the situation where policy clarification is carried out directly in the process of law enforcement, and we believe that it is appropriate to provide official guidance to get rid of the legal uncertainty that makes the environment for the development of innovative technologies in the United States unnecessarily stressful. “.
The authors of the letter also ask the SEC to explain when token sales should be considered “investment contracts” and whether a token sold as a security could lose the characteristics of a security over time..
At the same time, the letter does not provide specific dates by which lawmakers expect to receive a response from the regulator. “Such leadership definitely takes time, attention and depth of thought,” they write, adding that they expect a long-term solution to the problem..
Earlier, Warren Davidson held a forum in Washington, during which he asked representatives of the cryptocurrency industry to express their doubts about the regulation in the United States. Several representatives of blockchain startups, cryptocurrency exchanges and venture funds emphasized that they would like to have more clarity regarding token sales..
Georgia Quinn, Chief Legal Advisor at CoinList, noted that the SEC’s enforcement of fraudulent ICOs does not provide a full picture of what can be done with cryptocurrencies and tokens in the United States. Joyce Leigh of Ethereum startup ConsenSys says the lack of clarity is forcing entrepreneurs in the industry to move to other jurisdictions..
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