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MikeP 🎩🎭

@mikep

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US Senators are preparing legislation that could reboot the crypto market The main provisions are: Tokens are not securities If the project discloses key information such as: - Who owns the tokens. - How they are distributed. - What rights investors have. Such a token will be considered a commodity and not a security. This means that secondary trading in such a token is not subject to SEC oversight as it is now, nor does it require registration like stocks. Reg DA is a new way to conduct tokensales The bill introduces a special regime for crypto projects that makes it easier to sell tokens: - You can sell up to $75m worth of tokens per year. - A 4-year grace period during which simplified requirements apply. - No need to file a cumbersome Form S-1 like an IPO, basic reporting is sufficient. Sandbox for Fintech Startups will be able to test blockchain solutions without the risk of instant sanctions. Legal clarity For the first time, the definitions of “digital assets” and “ancillary assets” will appear in the law. Something the crypto industry has been pushing for years. https://www.banking.senate.gov/imo/media/doc/senate_banking_committee_digital_asset_market_structure_legislation_discussion_draft.pdf
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