Petition Calls for SEC to Allow for ICO Remediation

Source : Petition Calls for SEC to Allow for ICO Remediation
The Securities and Exchange Commission () should give past initial coin offering (ICO) organizers the chance to seek remediation in light of possible violations, according to a petition filed with the agency last month. The petition was penned by Liquid M Capital, a broker-dealer and fintech firm acquired by Templum earlier this month. Dated January 23 and received by the agency three days later, it was signed by Liquid M CEO Vincent Molinari and Templum CEO Christopher Pallotta. At its heart, the petition recommends that the commission “provide an opportunity for issuers of tokens through initial coin offerings that took place prior to the promulgation of related guidance by the the opportunity to remediate their illegal offerings.” Put more simply, it’s calling for the to provide some leeway as the agency itself ramps up its enforcement around the blockchain use case. The letter argues: “Chairman Clayton recently stated that he has ‘yet to see an ICO that doesn’t have a sufficient number of hallmarks of a security.’ This has left many token issuers in a situation where they have already issued tokens, which more than likely violate the federal securities laws, but given the lack of regulatory guidance, were […]
The post Petition Calls for to Allow for ICO Remediation appeared first on Bitcoin Wiki.

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