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SEC Commissioner's first remarks on the Token Taxonomy Act - the bill that would remove SEC oversight from most tokens, soon to be introduced in Congress...
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In a speech given Friday at the University of Missouri School of Law, SEC commissioner Hester M. Peirce mentioned the bill for the first time - and to my surprise, she doesn't seem against it - even going as far as to cite several examples against classifying them as securities.
If you listened to her speech you may not have immediately made the connection, that 'recently introduced bill' is the Token Taxonomy Act, this was made clear when the speech was published on the official SEC website with citations and mentioned by name in the footnotes.
Evaluating the nature of her statements it seems she actually shares in the same frustrations as everyone else - if you're in America and dealing in cryptocurrency as a business, trader, or regulator - you're sick of the uncertainty and confusion the current legal framework provides.
An initial concern of mine was that opposition to the bill would come from the SEC with the intent of influencing the votes of Congress and that the SEC was viewing the Token Taxonomy Act as an attack on the work they've done so far.
But instead, she acknowledged 'the ambiguities' that come with applying the Howey test, the standard method used to answer the question of 'is this a security?'.
(Select excerpts)
In a speech given Friday at the University of Missouri School of Law, SEC commissioner Hester M. Peirce mentioned the bill for the first time - and to my surprise, she doesn't seem against it - even going as far as to cite several examples against classifying them as securities.
If you listened to her speech you may not have immediately made the connection, that 'recently introduced bill' is the Token Taxonomy Act, this was made clear when the speech was published on the official SEC website with citations and mentioned by name in the footnotes.
Evaluating the nature of her statements it seems she actually shares in the same frustrations as everyone else - if you're in America and dealing in cryptocurrency as a business, trader, or regulator - you're sick of the uncertainty and confusion the current legal framework provides.
An initial concern of mine was that opposition to the bill would come from the SEC with the intent of influencing the votes of Congress and that the SEC was viewing the Token Taxonomy Act as an attack on the work they've done so far.
But instead, she acknowledged 'the ambiguities' that come with applying the Howey test, the standard method used to answer the question of 'is this a security?'.
Full Article: http://www.globalcryptopress.com/2019/02/sec-commissioners-first-remarks-on.html