Ah, the illustrious realm of cryptocurrencies, where fortunes are made and lost faster than a cat can chase a laser pointer! The ever-astute Commissioner Hester Peirce of the US Securities and Exchange Commission has proposed a retroactive token and coin offering relief that might just sprinkle some fairy dust on crypto firms with a certain flair, as revealed by the legal sages at CryptoMoon. 🧙♂️✨
Franco Jafré, a legal eagle and senior adviser at Miller & Chevalier, has proclaimed that those brave souls who ventured into the initial coin offering frenzy of 2017–2018 might just find themselves basking in the warm glow of relief under this new proposal. Who knew that the ICO boom would have a silver lining? 🌈
But wait, there’s more! Projects that flaunt strong utility use cases for their tokens—rather than merely serving as speculative trinkets for the investment-hungry—are likely to be the golden children of this potential relief. Jafré, with a twinkle in his eye, stated:
“If the SEC provides relief, it could introduce clearer criteria distinguishing security tokens from true utility tokens. For example, tokens issued primarily for access to a service or platform or those structured to function more like digital goods rather than equity substitutes.”
These illustrious tokens include decentralized finance projects, layer-2 scaling solutions, and other crypto infrastructure that use tokens for governance and security. Custodians and centralized exchanges are also in the running for this delightful relief, according to our legal oracle, Jafré. 🏦
SEC has the authority to dismiss prior lawsuits, but there’s a catch
In a twist worthy of a Dostoevsky novel, Jafré and Eli Cohen—the sage of the real-world asset tokenization platform Centrifuge—have revealed that the SEC possesses the mighty power to dismiss the lawsuits it has unleashed upon crypto firms for allegedly peddling unregistered securities. But hold your horses! 🐴
Jafré warns that any potential relief from the SEC would be as elusive as a mirage in the desert for firms it suspects of engaging in fraud or misleading investors during their initial coin offerings. The SEC, it seems, is not in the business of dropping all its litigation like a hot potato. 🥔
He further elaborated that if the SEC decides to redefine the criteria for securities offerings or adopts a new approach to interpreting initial coin sales, then perhaps, just perhaps, pending litigation might be tossed into the abyss. But let’s not get our hopes too high, shall we? 🎢
Moreover, the SEC could very well choose to offer no retroactive relief at all, focusing solely on granting prospective relief, leaving many crypto firms in a state of existential dread. What a delightful pickle! 🥒
Read More
- DUSK PREDICTION. DUSK cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- JTO PREDICTION. JTO cryptocurrency
- Looks Like DOOM 64 Is Getting a Native PS5 Port
- Marvel Rivals Season 1 is bringing the Fantastic Four — here’s the Invisible Woman in action
- DGB PREDICTION. DGB cryptocurrency
- Mean Girls Star Has Perfect Idea for a Reunion After Christmas Movie Success
- Blockchain is the best fintech to ensure Sharia ethics — Web3 exec
- EUR INR PREDICTION
- TRB PREDICTION. TRB cryptocurrency
2025-02-06 01:04