Congressman Invites Cryptocurrency Market to ICO Summit to Talk about ‘Light-Touch’ Regulation
A U.S. Congressman has invited 32 cryptocurrency market organizations to Capitol Hill to talk about initial coin offering (ICO) regulation.
Axios reports that the summit, sponsored by Rep. Warren Davidson (R-OH), will take place on Sept. 25 and function participation from a variety of organizations and non-income, like Intercontinental Exchange (ICE), Nasdaq, CME Group, Andreessen Horowitz, Union Square Ventures, Circle, Kraken, Ripple, and Coin Center, amongst other individuals.
Chief amongst Davidson&rsquos concerns is whether ICOs ought to be regulated as securities offerings, which fall under the oversight of the Securities and Exchange Commission (SEC). To date, the agency, led by Chairman Jay Clayton, has maintained that it&rsquos conceivable that an ICO could be structured such that it is a &ldquoutility token&rdquo and not subject to SEC oversight. However, Clayton has also stated that he has never ever personally noticed an ICO that is not a safety.
That mentioned, the agency has left open the possibility that a cryptocurrency token could shed the security label by becoming sufficiently decentralized. As CCN reported, a leading SEC official announced earlier this year that ether — the native token of the Ethereum platform — is not a security, in spite of the fact that a big provide of ether tokens was initially distributed via an ICO-style crowdsale in 2014.
Davidson, the publication reports, intends to introduce an ICO regulation bill later this year. The Ohio Republican, who sits on the Residence Economic Services Committee, has said that he favors a &ldquolight touch&rdquo approach to cryptocurrency regulation.
Elsewhere, market organizations are considering how to adopt self-enforcement policies to demonstrate to regulators that the ecosystem is maturing into a respectable marketplace.
Earlier this year, Nasdaq reportedly hosted a closed-door meeting to discuss ways to legitimize cryptocurrency as an asset class. Just right now, a group of U.S. cryptocurrency exchanges led by Gemini announced that they had formed a operating group to talk about producing a self-regulatory organization (SRO) whose mission would be to police American exchanges.
Featured Image from Warren Davidson for Congress/YouTube
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Published at Mon, 20 Aug 2018 19:11:29 +0000