Last week the SEC finally confirmed the rumors about investigations against companies and start-UPS related to ICO. In response to employers totally abandon the idea of selling to investors the so-called Utility tokens, national currency, which gives access to the services of the product.
While the American companies who decide to release tokens as securities, it is not easy to reach buyers. In the US, there was the exchange with the ability to trade safe tokens. And because the issuers are moving to release those tokens in accordance with an exemption from regulations D, most of them are still under the 12-month lock-up required by the regulations.
This weekend at the MIT Bitcoin Expo Nick Ayton, managing Director of the platform Chainstarter, suggested that us regulators will examine each token from a security point of view.
In listing the many cryptocurrency exchanges are the coins which are in fact securities, and in our opinion most of these exchanges will be closed,” said Nick in his speech.
Former CFTC chair and Professor at the Massachusetts Institute of technology Gary Gensler said:
“I think many exchanges will have to look for exceptions in the alternative trading system [rules], because on many exchanges, not all have tokens, the trade of which is the operation with securities”
For some time the company believed that even if the token utility (utility tokens) cannot be sold to the General public, they still can be distributed via airdrop. However, it is probably also considered a violation of the rules of the SEC.
Earn.com which facilitates access token to the pool of trusted users is in doubt about their legality in the US, and Dave Bean from the sales Department, the company acknowledged that “geofiltration has become a very popular feature.”
However, many market participants never believed that unregistered tokens will be able to work in accordance with the laws of the SEC, and considered such options in their models, offering a platform created specifically to meet different regulatory regimes.
As noted by Lempres members of Congress:
“If the United States does not provide a clear and sound regulatory environment, investments can quickly move to other countries”.