Article: US State Senators Introduce Bill Exempting Tokens From Securities Laws

cryptocue

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Quote from: Sparky71 on February 02, 2018, 08:17:58 PM

https://www.trustnodes.com/2018/01/30/us-state-senators-introduce-bill-exempting-tokens-securities-laws

Is this the start of establishing a legal class of Utility Tokens that will be protected from intensive regulation? How do you think this will impact the Ethereum Blockchain and future ICO, if the law is passed? Will you participate in ICO/TGE where speculation and future price or value is not allowed to be discussed in official channels, or will this seem to much of a red flag for you as a token owner/buyer?

Well this is a good news in the cryptoworld some of the senators are willing to help our community to be more known to most of the countries,cryptocurrencies are intended to be a decentralized but if this happens,ICO scams would be lessen and more people will invest to the cryptocurrencies.

aeternus

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Quote from: rehydrogenated on February 03, 2018, 10:18:50 PM

This is a great idea, but it will be blocked. Banks have too much powers. Tokens could fall under the same laws as gift cards, but because they are not centrally controlled they are dangerous. It just opens up too many cans of worms.

Even if that is the case, it is important to present the other side as well, that way the media cannot just keep spreading their lies about bitcoin, this law at least will open a public debate about the topic, or at least I hope so, so the authorities do not focus as much in trying to make harsh regulation against tokens and its users, lets see what happens, I'm not hopeful either but it is a nice first step in the right direction.

rehydrogenated

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This is a great idea, but it will be blocked. Banks have too much powers. Tokens could fall under the same laws as gift cards, but because they are not centrally controlled they are dangerous. It just opens up too many cans of worms.

Sparky71

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Quote from: kevoh on February 02, 2018, 09:06:44 PM

Quote

The eight page accessible and very readable bill says: “A developer or seller of an open blockchain token shall not be deemed the issuer of a security… if the token has not been marketed by the developer or seller as an investment; the token is exchangeable for goods or services; and the developer or seller of the token has not entered into a repurchase agreement of any kind or entered into an agreement to locate a buyer for the token.”

Interesting. Except the tokens goes directly into use without any ICO, I sincerely doubt how any company doing an ICO will circumnavigate the quoted clause above. This is because ICOs are all about raising money which the contributors of such money will definitely see as some form of investment.

Hmm. I think that last part is indicating that the seller doesn’t intend to locate a secondary buyer for the original buyer to sell to. This may mean that utility tokens will not be able to seek out “official exchange listings”, but rather will need to leave it to the token holders to make any exchange decisions on their own.

kevoh

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Quote

The eight page accessible and very readable bill says: “A developer or seller of an open blockchain token shall not be deemed the issuer of a security… if the token has not been marketed by the developer or seller as an investment; the token is exchangeable for goods or services; and the developer or seller of the token has not entered into a repurchase agreement of any kind or entered into an agreement to locate a buyer for the token.”

Interesting. Except the tokens goes directly into use without any ICO, I sincerely doubt how any company doing an ICO will circumnavigate the quoted clause above. This is because ICOs are all about raising money which the contributors of such money will definitely see as some form of investment.

Sparky71

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Quote from: ?? on ??

Quote from: Sparky71 on February 02, 2018, 08:17:58 PM

https[Suspicious link removed]mpting-tokens-securities-laws

Is this the start of establishing a legal class of Utility Tokens that will be protected from intensive regulation? How do you think this will impact the Ethereum Blockchain and future ICO, if the law is passed? Will you participate in ICO/TGE where speculation and future price or value is not allowed to be discussed in official channels, or will this seem to much of a red flag for you as a token owner/buyer?

This sounds like the beginning of a beneficial regulation, and though purists would say any regulation is detrimental for crypto, I believe otherwise... regulation means legitimizing this space in the minds of large investors.

The large number of scams and Ponzi schemes have caused many to lose money at times. If crypto always remained pure to the initial intentions I suppose regulation and laws would not be necessary. But where anything of monetary value trades hands it seems that someone may try to find ways to gain illicit advantage over another. For mass adoption to occur, it seems some form of government intervention will also occur. This article seems to indicate the government is ready to recognize that legitimate utility tokens are not the same thing as a currency and therefore should not be treated as currency. I think that’s a good step in the right direction. But currencies are another matter and there is much yet to be decided as the first laws are enacted to define legislative intent.

anggriani

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this is a very good plan and I am very supportive if the law is passed. because the law is very protective of its citizens from scam projects and in the future developers will be more serious to work on his project to be the best.

Sparky71

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Activity: 104

Merit: 10

https://www.trustnodes.com/2018/01/30/us-state-senators-introduce-bill-exempting-tokens-securities-laws

Is this the start of establishing a legal class of Utility Tokens that will be protected from intensive regulation? How do you think this will impact the Ethereum Blockchain and future ICO, if the law is passed? Will you participate in ICO/TGE where speculation and future price or value is not allowed to be discussed in official channels, or will this seem to much of a red flag for you as a token owner/buyer?

Topic: Article: US State Senators Introduce Bill Exempting Tokens From Securities Laws (Read 153 times)