The fed creates the Department to work with the ICO
The Commission on securities and exchange Commission (SEC) announced the creation of a new division that will focus on collaboration with FINTECH startups considering an ICO. Specialists of the Department will help the project to deal with the legal restrictions.
SEC is taking a step towards the ICO projects
A new division of the American regulator will be called the Strategic center for innovative financial technology (FinHub). The Department aims to work with entrepreneurs and FINTECH developers-projects, including those that use the technology of the blockchain, digital assets and artificial intelligence.
FinHub will help innovators to clarify the legal standards governing their development and plans for attracting funding, and will cooperate with other regulatory bodies, both American and international. In 2019 FinHub will hold a forum FinTech, focused on projects working with the technology of distributed registry and digital assets.
The leadership of the new division was entrusted Valerie Sepanik, which has become a senior Advisor to the SEC on issues of digital assets in June of this year.
“Starting FinHub, we hope to pave a clear path for entrepreneurs, developers and their consultants to interact with the staff of the SEC, to test ideas and start projects,” she said.
The ICO will have to enter in the legal field
Launch special divisions of the SEC for the cryptocurrency and blockchain projects indicates that U.S. financial authorities do not intend to let the situation in the new market to chance. 25 July 2017 SEC actually equate the initial placement of tokens (ICO) for a primary offering of securities (IPO), and the tokens are to securities. Above clarifications, the Commission on securities and exchange, the U.S. issued as a result of check of legality of cryptocurrency transactions carried out by The DAO (The Decentralized Autonomous Organization).
The head of the SEC Jay Clayton has repeatedly warned ICO about the projects that the sale of tokens may be classified as a distribution of securities.
“If you have ICO or action, and you want to sell them in private, follow the rules for private campaigns, he added. — If you want to spend your token for the IPO, refer to us.”