This sounds like really good news and seems to be in line with what is already practiced by most ICOs who try to avoid to be identified as security token issuers.
Since I am not familiar with how the legislative process is working in the US, I was wondering if somebody could explain how good the chances are that this bill will get passed and what kind of legal effects this may have.
Topic: US state senators Introduce Bill Exempting tokens from the securities laws (Read 79 times)
February 06, 2018, 04:58:14 AM
February 06, 2018, 03:48:46 AM
Due to the separation of powers, the judiciary should not be making laws, nor should the SEC, as an executive arm of the government, be making any laws. Only parliament, or in US the congress and State congresses, have the legitimate power to make laws.
The judiciary, therefore, might have to give the Wyoming bill prevalence over any of their own interpretation or of that of the SEC, because it would be the only token specific bill passed by an elected legislative body.
The judiciary, therefore, might have to give the Wyoming bill prevalence over any of their own interpretation or of that of the SEC, because it would be the only token specific bill passed by an elected legislative body.
February 06, 2018, 03:43:24 AM
Finally, some elected body with an open mind in the USA opening up their arms to embrace Initial Coin Offerings. Their points are actually common sense which most of the elected bodies denies to understand. May be these kinds of news will bring positive light into the crypto world. According to the bill -
"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.”
They added that In many cases, for example, such blockchain tokens are simply prepaid software licenses. If tradeable gift cards and prepaid cell phone minutes are not regulated as money or securities, why should prepaid software licenses fall into those categories?
This bill, therefore, even if it doesn’t pass, has assisted this space and might put a stop to what some see as SEC’s over-reaching, but if it passes it might change the national debate, in US and more widely.
- Collected News
This is a good start,few politicians are surely involved with cryptocurrencies thats why few of them are starting to react to what's SEC are doing,for now theres nothing we can do about ICOs in the U.S because most of these closed minded people wont understand how it works whene they' arent yet involved in any of these. "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.”
They added that In many cases, for example, such blockchain tokens are simply prepaid software licenses. If tradeable gift cards and prepaid cell phone minutes are not regulated as money or securities, why should prepaid software licenses fall into those categories?
This bill, therefore, even if it doesn’t pass, has assisted this space and might put a stop to what some see as SEC’s over-reaching, but if it passes it might change the national debate, in US and more widely.
- Collected News
February 06, 2018, 03:04:58 AM
Finally, some elected body with an open mind in the USA opening up their arms to embrace Initial Coin Offerings. Their points are actually common sense which most of the elected bodies denies to understand. May be these kinds of news will bring positive light into the crypto world. According to the bill -
"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.”
They added that In many cases, for example, such blockchain tokens are simply prepaid software licenses. If tradeable gift cards and prepaid cell phone minutes are not regulated as money or securities, why should prepaid software licenses fall into those categories?
This bill, therefore, even if it doesn’t pass, has assisted this space and might put a stop to what some see as SEC’s over-reaching, but if it passes it might change the national debate, in US and more widely.
- Collected News
"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.”
They added that In many cases, for example, such blockchain tokens are simply prepaid software licenses. If tradeable gift cards and prepaid cell phone minutes are not regulated as money or securities, why should prepaid software licenses fall into those categories?
This bill, therefore, even if it doesn’t pass, has assisted this space and might put a stop to what some see as SEC’s over-reaching, but if it passes it might change the national debate, in US and more widely.
- Collected News
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