SEC Commissioner Peirce Proposes New Rules for Non Security Token Offerings

SEC Commissioner Peirce has proposed new rules regarding digital assets that may not be securities upon issuance. The proposal was revealed at a speech in Chicago today.

As we understand it, Peirce’s proposal, Rule 195, will “set a course for compliant blockchain projects to innovate and grow here in the United States.”

Crowdfund Insider has received multiple comments regarding the proposal that will in effect allow for the issuance of utility tokens:

Katie Biber, General Counsel of institutional crypto custodian Anchorage, stated:

“We applaud SEC Commissioner Hester Peirce for her tireless devotion to solving complex problems while continuing to protect investors. The safe harbor framework is an important next step to help innovation thrive, and we welcome the clarity it could provide. We urge the Commission to move promptly to adopt it and to consider other innovative ways to increase investor choice in the digital asset space.”

Catherine Coley, CEO of U.S.-based digital asset marketplace Binance, issued the following comment:

“If adopted, the proposed safe harbor could be the most groundbreaking development for the U.S. cryptocurrency market to date. It’s encouraging to hear Commissioner Peirce acknowledge that adequate liquidity for secondary trading is important to the survival of a project. By putting development first and giving projects runway to build robust networks, the proposed safe harbor puts an important stake in the ground towards supporting American access and acceptance of digital asset markets. In the long run, it will help bring more Americans into digital asset trading and foster greater network participation.”

Algorand CEO Steve Kokinos, had this to say:

“As organizations across the United States continue to drive blockchain adoption, regulatory clarity for projects is in high demand. Today, we are one step closer to achieving that clarity with an SEC Commissioner’s formal proposal to create a safe harbor for token projects and Commissioner Hester Peirce’s knowledgeable support of cryptocurrencies and blockchain by proposing a period for companies to develop their networks. The blockchain industry and regulators need to continue a healthy dialogue for the U.S. to truly become the global and responsible leader in blockchain innovation. Algorand is dedicated to supporting the U.S. government’s efforts to leverage these exciting new technologies, and to creating policy and regulations that protect the public while fostering innovation.”


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