However, is education their only goal on their
recommendations and future
recommendations for the SEC? I am skeptical. This will also be the beginning of the legal and regulatory infrastructure for proof of stake coins in America.
I predict if the alliance is successful, it might become a big influential lobbyist for cryptospace law and bill proposals. This is very dangerous for the projects not included in the alliance hehehe.
Evan Weiss, founder of the Proof of Stake AllianceThe Proof of Stake Alliance (POSA) is a very niche trade association on Capitol Hill in the blockchain space. The alliance of Coinbase Custody, Cardano Foundation, Polychain and Tezos, and others such as Bison Trails, AVA, Binance.US, and the Web3 Foundation, among others, looks to provide regulatory clarity around how securities laws at the SEC apply to certain blockchains.
The founder of POSA spoke at Consensus Distributed, a week-long virtual conference, about their goals with the SEC as well as a white paper that was published, and also how they hope to provide standards as well.
Originally reported in CoinDesk, the group’s founder, Evan Weiss, who is also Chief of Staff at Bison Trails, stated the idea the group seeks to convey to the Securities and Exchange Commission (SEC), that entities using stake networks should be seen as service or infrastructure providers, rather than financial product providers.
Weiss noted the group shared recommendations with the SEC, including the idea that investment advice should not be provided to market participants or view staking rewards as a ‘profit opportunity’ and no guarantees on staking rewards.Read in full https://www.forbes.com/sites/jasonbrett/2020/05/14/proof-of-stake-alliance-posa-meets-with-sec-on-blockchain-consensus-designs/#35a29ddf4ed8https://www.proofofstakealliance.org/