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Interesting read on CCN:
Why the SEC’s ‘ICO Guide’ Paints a Dark Picture for Cryptocurrency in 2019
Some items referenced:
According to the SEC, it doesn’t matter whether it’s a centralized, proprietary exchange, or a decentralized, autonomous piece of code – what matters is that unregistered buying and selling happens there:
“The activity that actually occurs between the buyers and sellers—and not the kind of technology or the terminology used by the entity operating or promoting the system—determines whether the system operates as a marketplace and meets the criteria of an exchange under Rule 3b-16(a).”
That explains the charges brought down on the EtherDelta exchange, and its creator, Zachary Coburn, last year. At the time, the SEC described Coburn’s crime as:
“[Providing] a marketplace for bringing together buyers and sellers for digital asset securities through the combined use of an order book, a website that displayed orders, and a smart contract run on the Ethereum blockchain.”
But according to the non-profit digital civil-rights group, Electronic Frontier Foundation (EFF), prosecuting people who upload open-source bundles of code to Github would be clear violation of First Amendment rights.
An entity is getting ready to challenge the SEC:
Why is Kik Challenging The SEC In Anticipated Crypto ICO Court Case?
Chat App Kik Says It Will Fight SEC Over Possible ICO Action
Interesting article in Forbes that talks about the efforts of Congressman Warren Davidson and also the differences between the US and Switzerland as it relates to crypto startups:
In December, Warren Davidson introduced a new digital token bill, aiming to kill the uncertainty and keep innovation inside U.S. borders. Full article:
In the news:
U.S. Rep. Warren Davidson of Ohio announced a plan to regulate cryptocurrency and initial coin offerings through the federal government.
The bill would create an “asset class” for tokens, which would prevent them from “being classified as securities, but would also allow the federal government to regulate initial coin offerings more effectively,” Cleveland.com reported.
Pro-Crypto Wheels Already In Motion
Meanwhile, there are a lot of wheels in motion in Washington, D.C. geared toward promoting the mainstream adoption of cryptocurrencies.
In September 2018, Republican Congressman Tom Emmer introduced three bills that will support the development of crypto and blockchain, the technology underpinning bitcoin.
The three bills are:
- Resolution Supporting Digital Currencies and Blockchain Technology.
- Blockchain Regulatory Certainty Act.
- Safe Harbor for Taxpayers with Forked Assets Act.
Emmer — who is co-chairman of the Congressional Blockchain Caucus — said the United States should prioritize the development of blockchain and create an environment that will enable the private sector to lead on innovation.
“This is an exciting time for blockchain technology and cryptocurrencies,” said Emmer. “Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.”
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