The largest investment companies in the cryptocurrency sector Andreessen Horowitz and Union Square Ventures held a closed meeting with representatives of the Commission on US Securities and Exchange Commission, during which they discussed the possibility of excluding cryptocurrency tokens from the supervisory area of the regulator.
Venture companies discussed with the SEC the possibility of excluding cryptocurrency tokens from the supervision of the regulator
The companies allegedly said that regulation could have a negative impact on innovation in the blockchain sector, and cryptocurrency tokens are not investments and, accordingly, securities. Instead, according to them, tokens should be seen as a tool for gaining access to networks and services on the blockchain or, in other words, considered “utility tokens”.
Meeting attendees, however, do not mind if the SEC intervenes in the event of fraud..
According to the sources of the publication, representatives of the SEC doubted that their department could provide an exception of this magnitude..
They admitted that the SEC may be is more supportive of issuing individual exceptions if companies agree to set a limit on the participation of individual investors in the ICO and prohibit the resale of tokens to third parties at a higher price.
SEC Chairman Jay Clayton has already brought up the topic of utility tokens this month, stating that almost all tokens are securities.
“If I have a token from the laundry for washing things, this is not a security. But if I have a set of 10 such tokens, and laundry machines are just being developed, despite the fact that I can use the tokens in the future and I buy them because I hope to sell them for next year and benefit, it is a security, “he explained.
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