The US Securities and Exchange Commission (SEC) has decided to clarify in what cases cryptocurrencies should be considered securities.
Speaking at a conference on the development of the fintech sector, SEC Director of the Division of Corporate Finance William Hinman said that the Commission intends to publish guidelines for developers to rely on when planning to conduct token offerings. These guidelines will help developers independently determine whether their ICO is a securities offering.
We want to adopt a simple and clear document that can be used to determine whether a token offering is a security offering.
If after reading the guidelines While developers may still be unsure whether their tokens are securities, they will be able to contact the SEC's special office by telephone to obtain additional information about securities and securities offerings.
Issues considered by the SEC include the accounting, custody and valuation of tokens. The guidance will also address secondary market transactions to provide clarity to developers and entrepreneurs about how the SEC will view post-IPO tokens.
Back in July 2017, the SEC released its report on DAO, a now-defunct token that the commission recognized as a security and which operated on the Ethereum blockchain. The commission stated that securities laws should apply to the sale of such tokens. At the same time, in June, Hinman himself stated that, in his opinion, ether - the cryptocurrency of the Ethereum network - is not a security.
According to coindesk.com
You May Also Like
Blockchain in the USA does not cancel accounting for ICOs and crypto assets
The US Securities and Exchange Commission (SEC) does not intend to recognize the uniqueness of innovative blockchain technologies and intends to squeeze all cryptocurrency processes into accounting standards.
Estonia has no plans to legalize Bitcoin
Estonian Prime Minister Kaja Kallas, who has only held this post since January of this year, categorically rejected the legal future of Bitcoin in the country.
