The SEC’s 2021 token safe harbor proposal introduced control-based decentralization.
Today, we proposed steps to bolster it—enabling progressive decentralization while preventing get-rich-quick schemes.
Key Premise: Expand market access as risks of info asymmetries decline.
Our full response to Questions #7 through #14 of the SEC's Crypto Request For Information (public offerings and the safe harbor) can be found here:
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thanks miles! i love this laser sharp focus on information asymmetries, which is so much more important to nailing crypto regulation that benefits ordinary consumers and ensures a fair marketplace than ossified distinctions between securities and commodities. the truth is that commodity characterization is a helpful heuristic but it’s not sufficient to address the new types of info asymmetries created by crypto.