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 doesn’t understand cryptocurrencies, is unfair, and is out of touch with what its own commissioners are saying in public.
The U.S. Securities and Exchange Commission claimed a high profile scalp on September 23, when messaging service Kik announced it would shut down, laying off more than 100 employees.
Kik Interactive responded angrily yesterday to a lawsuit by the U.S. Securities and Exchange Commission alleging its $100 million initial coin offering of the Kin cryptocurrency was illegal. The case is the SEC’s highest-profile action to date claiming that an ICO violated the law by selling an unregistered security to the public.