Hester Pierce (Cryptomam) of the US Securities and Exchange Commission (SEC) announced that it has supplemented the proposal for the “Safe Harbor Rule” on restrictions on the sale of cryptocurrencies. This is just before the new SEC chairman took office. Coinpost reported on the 14th.
Safe harbor rules refer to measures to prepare measures in the area of approval that do not violate existing rules, etc., under certain circumstances or when certain conditions are met. For the first time in February 2020, Pierce proposes this rule, fearing that the United States is lagging behind cryptocurrency and blockchain innovation. It aimed at policies such as giving a three-year regulatory grace period for token sales. At this point, it is not being adopted by the SEC, so it has not reached practical use.
The updated proposal added that network developers are exempt from the federal securities law registration system from facilitating participation in decentralized networks and developing functions for three years.
In addition, in the changed content,’in the protection of token purchasers, the project or developer is required to report semiannual reports in development and to provide block explorers in the network’,’why the network functioned and became decentralized after 3 years. Disclosure of reports prepared by external advisors on the subject’,’Disclosure of newly prepared reports as securities are regarded as non-decentralized’,’If not decentralized, it is necessary to register as securities.’ A new light has been added.
Pierce commented on this revised version, “It is not a line of regulation, but a guideline for analyzing and reporting individual networks.” Since the first edition was announced in 2020, several cryptocurrency/blockchain projects have been cracked down by the SEC due to violations of the Securities Act, but there has been no particular case where the Safe Harbor Rule was introduced and used in the project. Pierce also pointed out the situation in which the SEC has not established a clearer rule so far, and appealed for his own perspective inside the committee and urged the establishment of the rule.
However, Pierce sees the inauguration of the new chairman as a turning point in the direction of the US cryptocurrency. “It is the best time for the committee to revise the rules for a new technology called blockchain in order to prepare a new agenda for the new chairman,” he said.
Gary Gensler, who appears to have a good understanding of cryptocurrency, is scheduled to hold a vote in the Senate later this month.
(※SEC’s Peirce Competitors’ love story: Criptomma’s love story. 。)
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.