The US Securities and Exchange Commission (SEC) is infamous in the crypto world and is seen as an evil entity, hellbent on preventing the mass adoption of crypto. In a bid to help companies that operate in the crypto and blockchain world adhere to regulations, it has decided to go on a road trip of America. Companies can attend sessions with top personnel from the SEC and ask any questions they may have in order to help them become fully regulated.
Regulations Are Still Not Clear
Each and every state appears to be rolling out its own regulations when it comes to crypto and blockchain, but companies must still adhere to SEC rules and regulations – no matter what local laws are in place. Rhode Island has just launched a bill that exempts certain crypto tokens from several securities laws, while New Hampshire is allowing companies to pay their taxes in crypto. This crisscross of regional regulations has companies confused and the SEC is looking to clear the air and make life easier for everyone.
Starting in San Francisco
The SEC is kicking of its American road trip on March 26th in San Francisco. It will throw open its doors at noon and will cast people out of the building by 4pm. During this time, companies can ask detailed questions, such as how to determine if an instrument is a security and how to handle securities registration and trading registration. From there the SEC party bus will move across the country, stopping off in strategic locations around America.
Ruthless as Usual
The SEC has been rather brutal in cracking down on companies and individuals not following the law, and it’s showing no signs of letting up. The SEC has taken on a number of ICO projects in the past and fined them so heavily the backing company has had to shut down, However, recently the SEC has hit a bit of a roadblock, with the latest ICO it battled winning the case. It appears to have learned its lesson and has now put together a rather controversial ICO guide for investors, the guide explains in great detail what to look out for in a scam and how to report a project if anything looks dodgy.
The regulation road trip is a brilliant idea, as it allows companies to talk face to face with the SEC and get instant answers about their projects. This in turn will help firms avoid huge fines and bad PR – after all, no project wants to get caught breaking the law by the SEC.
Head over to the SEC’s website to check out its trip schedule so you can go and meet them!
