Reportedly, major investors of kryptonyte – venture capital company Andreessen Horowitz and Union Square Ventures held an informal meeting with officials of the Commission on securities and exchange Commission (SEC) to discuss the issue of the exclusion tokens on the basis of the blockchain from the scope of the monitoring Agency.
The company apparently argued that regulation could stifle innovation in the blockchain and cryptographic tokens do not constitute an investment (and therefore securities). Instead, they said that the tokens are a means of access to the services and networks on the basis of the blockchain, or in other words, this so-called «instrumental» tokens spoken in the publication.
However, the company does not expect the SEC in fraud cases. According to a source quoted in the article, the SEC officials doubt that the Agency would go to such measures. They suggest that the SEC will be willing to reduce control if the company agrees to limit the participation of individual investors in IPOs tokens (ICO) and will prohibit the resale of tokens at a higher price to third parties.
The meeting was attended by lawyers from Cooley, Perkins Coie, and McDermott Will & Emery, and an unnamed lobbyist from the National venture capital Association.
It is noteworthy that the Chairman of the SEC, Jay Clayton (Jay Clayton) expressed doubts about the instrumental token at the beginning of this month during a speech at Princeton University, repeating his previous statement
that almost all of the initial placement of tokens offered securities.
«If I have a token for washing clothes, it is not a valuable paper,» he said. «But if I have a set of 10 of these tokens and Laundry machines only planned to develop and these tokens I can use in the future and I buy them, because I can can sell them at next year’s more expensive, it is a security».