Issuers of ICO tokens in the United States may receive from the Securities and Exchange Commission (SEC) a so-called non-action letter, which in some cases will allow to bypass the requirements of securities legislation. This was reported by SEC consultant on digital assets and innovations Valerie Schepanik, writes CoinDesk .
Valerie Schepanik said that within the legal framework, ICO projects must either register tokens as securities or apply for exemption from the current rules. The third option is to make sure that the offered tokens are not securities.
However, in exceptional cases, the SEC may issue a non-binding letter of no action, if the issuer's proposal contradicts the provisions of the law, but at the same time corresponds to their meaning and does not harm investors. The document will indicate that SEC employees do not recommend taking legal action against a specific issuer. She added that the SEC would rarely issue such letters.
“I think this option is suitable for those who want to realize something that does not fit into the format of our current rules,” Valerie Schepanik explained the purpose of the letters.
Earlier, SEC head Jay Clayton said that ICO can be an effective way to attract investment. Prior to that, he stated that Bitcoin is not a security, unlike many tokens.
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