An audacious proposal from the American Securities and Exchanges Commission (SEC)’s so-called “crypto mom” Hester Peirce to end the nation’s initial coin offering (ICO) impasse could come to naught, warns a crypto lawyer.
Peirce reportedly told attendees at a blockchain event earlier this week about plans to set up a “safe harbor” for token issuers – a three-year grace period in which ICO operators could prove to the commission that their tokens do not classify as securities.
All securities in the USA are subject to regulation under much-maligned legislation that dates back to the early 1930s.
But Fortune quotes Valerie Dayiha, a lawyer at Perkins Coie, as stating that all four of Piece’s fellow commissioners are unlikely to back the new proposal.
The lawyer stated that the SEC “has no formal process underway to revise its regulations,” and noted,
“This is really one commissioner giving her personal thoughts in a speech.”
Many in the crypto industry met Pierce’s comments with enthusiasm, including the American Blockchain Association, who wrote,
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Author: Tim Alper