Top Crypto Investors Urge SEC to Exempt Regulations Against Future ICOs

Top Crypto Investors Urge SEC to Exempt Regulations Against Future ICOs

Andreessen Horowitz and Union Square Ventures, some of the top crypto investors, requested that SEC (Securities And Exchange Commission) consider an exemption for cryptocurrency in a private meeting reports Wall Street Journal on April 19.

The venture capital firms met with SEC’s top officials who regulate ICOs, to combat against cryptocurrency regulations that would impair the development of the young and growing industry.

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The group of top investors stated that all ICO tokens should not be considered investments but rather products that can be used to access services of the startup companies. The investors assured the SEC that any accounts of fraud would be held accountable.

The SEC has expressed skepticism in the past over such broad exemptions and is more than likely to offer limited exemptions where investors could set investment limits. Once established, the purchased tokens from the ICO’s would not be allowed to resell to third parties for profit.

Back in February, the SEC introduced a cryptocurrency probe which suggested that ICO’s may be violating securities laws. Due to this probe a regulatory body has increased pressure on ICO projects.

Many crypto enthusiasts have expressed their concerns over excessive regulatory scrutiny within the industry. However, others like Ryan Zagone of Ripple encouraged regulatory measures. Zagone compared the framework of the existing cryptocurrency space to the early days of the Internet.

The president of the Chamber Of Digital Commerce, Perianne Boring, believes that sensible regulation will take time. He states “You can’t start writing laws and regulations today and expect to get it right, it’s building on wet cement.”

Mike Lempres, the Chief Legal And Risk Officer at Coinbase stated that the US regulatory system is stifling healthy innovation due to a complete lack of understanding on what should and should not be allowed. They do not have a fundamental understanding of how digital assets should be considered, whether that be as commodities, property, securities, or currency.

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