US Chamber of Commerce: SEC Should Hold ICOs by Throat

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Mon, 07/23/2018 - 19:12
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    Chamber of Commerce: SEC should encourage other innovative fundraising methods

The representatives of the Chamber of Commerce are certain that novel ways of raising funds should be safe for consumers and investors. They prepared a report and sent the copies to the US financial regulators.

Chamber of Commerce shows initiative

Since the Chamber of Commerce is one of the largest business organizations in the world, it has a lot of impacts. Its suggestions were made not only to the SEC but also to the Commodity Futures Trading Commission (CFTC) and Consumer Financial Protection Bureau (CFPB).

One of the aims of this report is to bridge the gap between new technologies and traditional banking system with its institutional investors.

Harder ICO regulations suggested

The Chamber of Commerce urges SEC to provide more detailed directions on the use of ICOs and identify if the coins offered are securities or not so that companies can have more certain prospects regarding the marketplace.

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Besides, the Chamber urges the regulatory entities to issue no-action letters. I.e. any company that reckons that a certain product or service would violate a federal law on securities can request such a letter.

The same suggestion was addressed to the CFTC and CFPB. Chamber of Commerce requested that these two organizations give these letters some thorough consideration.

According to the report, SEC has not yet taken any significant steps towards creating measures of controlling ICO and that is causing frustration for numerous investors. Besides, analysts believe that absence of solid regulation prevents institutional investors from entering the market of new technologies. They reckon than clear regulatory measures would attract big investors to the field of electronic currencies.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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