Today there was a meeting blockchain Alliance wall Street, during which Valeria Sepanic, a representative of the SEC, explained the new policy of the Commission in respect of ICO. According to her, the ICO work outside the framework that it puts the Commission, so the company is still obliged to provide the documents on in turn, but the official failure to obtain more than they should not. Sepanik is a newly established position — it senior Advisor for digital assets and innovation.
“I think it will ease the situation for all those people whose projects do not fit into our framework”.
This means that anyone who wants to run the ICO now has three options in order to operate lawfully. First, they can register their tokens as securities. Second, they can apply to receive benefits. The third option also implies to provide the Commission with evidence that their tokens are not securities.
In some cases, the SEC may decide that the ICO does not meet the requirements, but is able to work in a manner safe for their investors. In this case, the Commission generally refuses to take any preventive measure to a certain point. As explained by Sepanik:
“If the Commission understands the motives of the project, it may make an exception and not to classify the tokens as securities”.
She also warned that the Commission will do so very rarely. The SEC considers a token for the security, if the project promises a profit to investors, so that all ICO it is early to take care of all necessary legal documentation.
Such a policy of the SEC is really step forward. In recent years, the Commission has literally turned 180 degrees in terms of their policy at the ICO, cryptocurrency and the blockchain. A reversal occurred when the established FinTech Hub for the regulation of cryptocurrencies