Bitcoin, Crypto currency, Blockchain

Pressure on the SEC to grow by 15 U.S. congressmen asking for clarification of crypto-currencies and ICOs

Pressure on the SEC to grow by 15 U.S. congressmen asking for clarification of crypto-currencies and ICOs

Home News pressure on the SEC to grow by 15 U.S. congressmen asking for clarification of crypto-currencies and ICOs

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Marcus Misiak –
29.09.2018

15 members of the house of representatives have signed on Friday a letter to the Chairman of the Securities and Exchange Commission (SEC), Jay Clayton, and, by calling on the authority to publish clear guidance for investors and companies, such as crypto-currency and ICOs legally be treated. In particular, the question should be settled finally, when crypto-currencies represent a value of paper.

The crypto currency market is regulated in the United States. So, while it is relatively undisputed that Bitcoin is not a security within the meaning of American Law. However, the ghosts in the case of Ethereum, the second largest cryptocurrency by market capitalization.

Although William Hinman, Director of the division of Corporation Finance with the SEC in June 2018, said that Ethereum is also no value of paper is. However, doubts came up a few weeks ago, whether the SEC could not overturn the testimony of Hinman to Ethereum, as the Chairman of the SEC published a Statement, according to the statements of its employees are binding. Ripple and the other Top Coins were not discussed by the SEC yet open to the public.

While Clayton explained that the SEC is currencies all of the new Crypto-securities’m going to treat. Chairman Clayton had made it clear that he does not intend to new cryptographic standards. There are, however, strongly different opinions.

In yesterday’s letter sent to Jay Clayton, the democratic and Republican members of Congress call on the SEC to clarify the criteria used when offers and sales of digital Token to be classified as “investment contracts” and thus securities, and to clarify what makes an offer “not sure”. In the letter, Warren Davidson, Ted Budd, Tom Emmer, Darren Soto, and 11 other Clayton on call to clarify, as the sec, ICO Token sales will approach (freely translated):

It is important that all political decision-makers are working on it, clearer guidelines between these digital tokens, which are securities and those which are not, through a better articulation of the SEC policy and, ultimately, developing formal guidelines or laws.

The Letter States that the SEC should clarify your Position better and that the government is concerned about how these measures are enforced and how a legal procedure should look like.

The current uncertainty in relation to the treatment of Offers and sales of digital Tokens hampered Innovation in the United States, and will ultimately encourage business in other countries. We believe that the SEC could do more to clarify your Position.

In the letter, no period is specified, until when the SEC needs to find an answer, calls on the Agency, however, “to be speed-aware, the industry developed”.

The letter comes a few days after the Meeting in Washington with representatives of Wall Street and the crypto industry for more regulatory guidelines called. Among the approximately 50 participants, including Ripple, Fidelity, Nasdaq, Andreessen Horowitz and the US chamber of Commerce.

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