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The initial coin offering avenue continues to attract a lot of attention. Especially regulators and legislators eye this business model with weary eyes. It now seems France is preparing to introduce a Pact on the Initial Coin Offerings. A very interesting development which seems to regulate ICOs moving forward, yet without banning the concept altogether.
SEC regulation still has a long way to go before it is viable for ICOs and these changes are helping to pave the way. There is no suspicion that at least some ICOs would clinch these regulations going forward.
Although the ICOs regulatory framework is not precisely defined by the SEC’s guideline, it’s on the verge of an improved version of defining as to which tokens are accessible for the start-ups.
Exchanges that are kept open for such tokens are still to be registered with the SEC and proactively and vibrantly report transactions carried out on these distinctive coins. Brett Redfearn, director of the division of trading and markets for the SEC, is not pleased with what he’s seen in this particular department and stated that “We’re underwhelmed by the enthusiasm for coming within the regulatory structure right now. There are a number of exchanges that are trading ICOs that I would think that we would see more registrations,” he said to CNBC.
SEC chairperson Mr. Jay Clayton clarifies in a CNBC interview by saying cryptocurrency that is utilized to raise capital and traded as well are always securities and thus regulated.
Clayton draws a hard line for any cryptocurrency that is traded on an “exchange.” He has precisely affirmed that the existence of utility tokens could be ensured only if they are defined and protected. Cryptocurrencies, such as Bitcoin, Ripple, and Ethereum are considered as a commodity that does not come under the protection of the SEC.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -129 levels (bearish), while hourly USD spot index was at -21 (mildly bearish) while articulating at 12:33 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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