US Chamber of Commerce Calls for Clarity on ICOs

The U.S. Chamber of Commerce is considering initial coin offerings as a means for organizations to tap funds — but only as long as they are controlled, that’s.

The powerful business lobbying team established its FinTech Innovation Initiative past Wednesday, highlighting growth in cryptocurrencies and nominal earnings among its eight”FinTech principles” aimed at”bridging the gap between technologies and [Washington] D.C.”

The company specifically called for greater advice on token earnings, for example how to ascertain if a market is a safety”so businesses can have more predictability and certainty in the market.”

According to the record, the initiative wishes to”promote new and innovative techniques to get funds, for example initial coin offerings (ICOs), while advocating for tailored supervision and robust customer and investor protections. Entrepreneurs understand all too well how hard it’s to raise the funds required to start or expand their company.”

The Chamber continued:

“We urge the SEC to continue studying ICOs to see how they can be an effective tool for raising capital, while protecting investors and ensuring applicable laws are met. We also urge the CFTC to study how cryptocurrency is functioning in the futures and commodities market. In both cases, we urge the agencies to regulate the products and services enabled by the technology instead of the technology itself.”

In its message, the team urged the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to compose”expedited no-action letters,” meaning letters that request startups to stop unlawful action yet suggest no legal actions against those companies.

The Chamber further wrote that”we urge the SEC to enlarge the definition of accredited investor to add people that have expertise or educational backgrounds which show subject matter expertise to expand smaller-dollar, main road investments”

Doing this, the company wrote,”would facilitate overlapping and contradictory principles, and permit associations to concentrate on what really matters — decreasing consumer danger and preventing fraud”

Time is of the nature too, since there’s”generally a substantial lag period between the rate of technological innovation and regulatory actions.” Therefore, the initiative says it is”crucial” that the SEC and CFTC provide consent,”therefore regulatory barriers don’t become a barrier to entry”

“We look forward to working with both these agencies as the usage of tokens regulatory and grows expectations are explained,” that the Chamber reasoned.

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