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The SEC Can’t Keep Kik-ing the Crypto Can Down the Road

Published 3 months ago by Diego Zuluaga

The SEC Can’t Keep Kik-ing the Crypto Can Down the Road

CoinDesk via coindesk.com

The SEC has failed to provide an avenue for crypto issuers who – as seems to be the case with Kin’s promoters – do not wish to offer a security and want to make that clear from the outset to prospective buyers. Meanwhile, Hinman almost exactly a year ago said in a speech that if a cryptocurrency was decentralized enough, it would not meet the SEC’s definition of a security, which involves a common enterprise and profits generated solely from the efforts of people other than the owner – the so-called Howey test.

Unfortunately, the guidance turned the 70-year-old, four-pronged Howey test into a 40-point-plus list of potential reasons why the SEC might consider a token offering to be an offering of securities. Commissioner Hester Peirce, one of the loudest voices for innovation and clarity currently holding a top office at the SEC, has warned that the guidance risks unduly expanding the Commission’s remit in cryptocurrency regulation and discouraging innovators from doing business in the United States. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full
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