The US authorities have submitted their draft regulation of ICO cryptographic currencies. So far, it is “only a sketch” – but it could lead to discussions.
The US Securities and Exchange Commission (SEC) has presented a first draft for the use of cryptographic currencies for start-up financing, the Initial Coin Offering (ICO). According to this draft, trading platforms should already be able to use ICO tokens subject to conditions within the existing regulatory framework.
However, after three years a proposal must be made on how a network for free and transparent trade can be established. This is initially “only a sketch”, which is now being publicly discussed, SEC Commissioner Hester Peirce told the news agency Reuters on Thursday.
The SEC’s statement had been eagerly awaited. In the case of an ICO, it is mainly start-ups that bring a specially created crypto-currency onto the market in order to finance their company. In contrast to the classic IPO, the process is unregulated.
Instead of shares, companies simply sold digital tokens that users could trade. However, since regulatory authorities in the USA, but also in Europe, have taken stronger action against the long unregulated ICOs, the market has practically come to a standstill.