A group of us lawmakers sent a letter to the Chairman of the Commission on securities and exchange Commission (SEC) Jay Clayton with a request to explain in detail the cases in which the primary supply of tokens (ICO) can be regarded as a sale of securities.
In a letter to members of the house of representatives Ted Budd, Warren Davidson, Tom Emmer and Darren Soto, as well as 11 other signatories asked Clayton to explain exactly how the SEC approaches the issue of tomenselo. According to officials, “the current confusion in the field of offers and sales of digital tokens hinders innovation in the United States of America and ultimately will force employers to relocate your business.”
“We believe that the SEC could make greater efforts to clarify its position. In addition, we are concerned by the use in these matters of enforcement actions and believe that a formal recommendation may be an appropriate method of addressing legal uncertainties, which complicates the development of innovation in the USA”, — stated in the message.
Based on this, lawmakers asked the SEC to explain in greater detail, in some cases, tokencache should be classified as “investment contracts” as to whether the token is sold as a security that subsequently change their status and what tools are available to the SEC to “create more specific guidance for innovators.”
The letter is not called the desired response times, however, notes that “the creation of such guidance, of course, requires time, care and careful consideration”.
We will remind, on September 26, about 80 representatives of the cryptocurrency and traditional financial companies went to Washington to demand that the lawmakers make regulatory clarity in relation to cryptocurrency and ICO.
At the event dedicated to the review of the legislation concerning cryptocurrencies, financial market participants talked about the difficulties they encounter when launching projects and products in the United States. Mostly they were concerned about the uncertainty about the cases in which cryptocurrencies are treated as securities, and also as the blockchain startups must meet the requirements.
Members of Congress, it seems, listened to their complaints. Already mentioned above, Congressman Warren Davidson, who also took part in the event, said he intends to amend the legislation within the next three weeks.