Posts from February 2020.

SEC Commissioner Hester Peirce earlier this month proposed a draft SEC Rule 195 as a safe-harbor for developmental token offerings, providing a registration exemption for three years to allow the token’s network to achieve “maturity.”

Proposed Rule 195.

In proposing the Rule, Commissioner Peirce stressed that it is a developmental concept and welcomed direct input.  She also said it might work better as a no-action position.

The Rule would provide a three-year non-exclusive exemption to allow Initial Development Teams (“IDT”) an “incubator” period during which a ...

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