Blockchain and Cryptocurrency: People, Culture and Tech
SEC chairman Jay Clayton has been nominated as high-powered position as the U.S. Attorney for the Southern District of New York. Now, nerves are growing as to who will be tapped to take on his regulatory role, where he has been a persistent thorn in the side of Bitcoin and cryptocurrency boosters.
AMF Chairman Robert Ophèle warned Europe faces a “chicken and egg” paradox when attempting to accommodate markets for security tokens. On one hand, it is too early to change “important” regulations because the market is yet to mature. However, doing nothing would risk stifling innovation.
SEC Commissioner Hester Peirce has unveiled her proposal to implement a "safe harbor" for crypto startups, allowing them a three-year grace period after their initial coin offerings to achieve a level of decentralization sufficient to pass the Howey test.
The Securities and Exchange Commission wants to make it easier to become a sophisticated investor. The term is, technically, “accredited investor,” and currently, it translates roughly to “rich.” Since the agency’s crackdown on ICOs, accredited investors have been a primary way to raise money in the cryptocurrency market. Under the Securities Act of 1933’s Regulation D, it is far easier to sell securities to individuals and businesses that meet this standard. The problem with “accredited investors” that the agency feels it needs to solve is summed up nicely in a Dec. 18 statement by the ever-quotable Commissioner Hester Peirce, also known as “Crypto Mom” for her industry advocacy. “Our current definition includes investors that…
