Crypto Safe Harbor Applauded, But Long Road Lies Ahead

By Philip Rosenstein (February 7, 2020, 11:09 PM EST) -- SEC Commissioner Hester Peirce presented a draft safe harbor proposal for digital token offerings Thursday, and while attorneys have commended the draft, they say there is much work to be done with the commission to fill in gaps in the proposed rule's structure.

Proposed Securities Act Rule 195 would give a company launching digital tokens a three-year exemption from the Securities Act of 1933 to develop a sufficiently decentralized network. The expectation is that after the safe harbor period is complete, a company would have had time to develop its network to a point of maturity where the tokens no longer fit...

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