Finally, some elected body with an open mind in the USA opening up their arms to embrace Initial Coin Offerings. Their points are actually common sense which most of the elected bodies denies to understand. May be these kinds of news will bring positive light into the crypto world. According to the bill -
"A developer or seller of an open blockchain token shall not be deemed the issuer of a security, if the token has not been marketed by the developer or seller as an investment; the token is exchangeable for goods or services; and the developer or seller of the token has not entered into a repurchase agreement of any kind or entered into an agreement to locate a buyer for the token.”
They added that In many cases, for example, such blockchain tokens are simply prepaid software licenses. If tradeable gift cards and prepaid cell phone minutes are not regulated as money or securities, why should prepaid software licenses fall into those categories?
This bill, therefore, even if it doesn’t pass, has assisted this space and might put a stop to what some see as SEC’s over-reaching, but if it passes it might change the national debate, in US and more widely.
- Collected News
This is a good start,few politicians are surely involved with cryptocurrencies thats why few of them are starting to react to what's SEC are doing,for now theres nothing we can do about ICOs in the U.S because most of these closed minded people wont understand how it works whene they' arent yet involved in any of these.
