Recently, representatives of the US Securities and Exchange Commission (SEC) have met with several executives of influential Silicon Valley corporations. The aim was to convince the authority of a less restrictive approach to ICOs.
Representatives of the United States Securities and Exchange Commission (SEC) met with staff from Californian venture capital firms Andreessen Horowitz and Union Square Ventures on March 28th to discuss the rules for issuing ICOs. Both venture capital firms have been intensively involved in financing crypto start-ups such as CoinBase, OpenBazaar, Polychain Capital and several Initial Coin Offerings (ICOs). In addition, both companies participated in the CryptoKitties collection.
Jay Clayton, the chairman of the SEC, on 6 April defended the now-rigorous handling of cryptocurrencies and ICOs to strengthen the digital economy, it was said. If you do not do anything against the scammers on new crowdfunding activities via the ICO, the pendulum beats back relentlessly, says Clayton. Otherwise it would come to such strict regulations that they had a negative impact on the money collections. Clayton also criticized the fact that many collections were based on plans and vague declarations of intent.
The representatives of Andreessen Horowitz and Union Square Ventures demanded at the meeting that more ICOs should be assigned a concrete benefit by the SEC. This would make their process much easier. According to the Wall Street Journal, SEC officials have clearly opposed granting special exceptions when it comes to approving and classifying ICOs. The ban could be lifted in individual cases. But only if the purchasers of the tokens are forbidden to sell their shares in case of a price increase. The SEC intends to prevent deposits from being used primarily for speculative purposes.
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