SEC soon to release a plain English securities guide for cryptocurrencies

Similarly, reported by Bloomberg Clips:  

Crypto Clarity: The SEC plans to release a “plain English instrument” that will help entrepreneurs determine whether their cryptocurrency products are securities.
William Hinman, who leads the Securities and Exchange Commission’s Division of Corporation Finance, said the guidance will draw on a June speech in which he said Ethereum offers and sales aren’t securities transactions.

The guide also will show how to register crypto fundraising tools known as initial coin offerings as securities offerings or how to get a registration exemption for them.  “Do I think I have a security offering?” Hinman said yesterday at a fintech conference in Washington. “Look at that new guidance, and I think you should be able to sort this out. If it’s not clear after going through that guidance, there’s going to be a very easy way to reach us and get more guidance directly from us.” 

Meanwhile, a senior Treasury official said regulators are working toward a harmonized regulatory approach for digital assets in order to inform future legislative efforts.  Congressional efforts to regulate virtual currencies and blockchain technology companies would benefit from the insights of the Federal Stability Oversight Council, Craig Phillips, counselor to Treasury Secretary Steven Mnuchin, said at the fintech conference. The council—which includes the Treasury, Federal Reserve Board, Commodity Futures Trading Commission, and SEC—has been working for more than a year on white paper that will address topics including market structure, retail market trading o f digital assets, consumer protections, and registration requirements, Phillips said.“We aren’t anxious to have more legislation and regulation,” but establishing parameters for a potential regulatory framework is important, Phillips said.

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