THELOGICALINDIAN - A address has been filed with the US Balance and Exchange Commission SEC for advice and adjustment for agenda assets including bitcoin Ouisa Capital urges the SEC to analyze back agenda assets which accommodate agenda currencies are advised balance and back allotment requirements administer to companies facilitating their arising and trading
Also read: SEC Approves Petition to Review Bitcoin ETF Rejection
Petition for SEC’s Guidance
Blockchain technology aggregation Ouisa Capital has filed a petition with the SEC apropos the “regulation of the agenda assets and blockchain technology.” According to the petition, the aggregation is registered with the SEC and with the Financial Industry Regulatory Authority (FINRA) as a broker-dealer and affairs to use blockchain technology for its another trading arrangement (ATS). The address reads:
In particular, the address asks the Commission to accommodate advice on:
In addition, Ouisa proposes for the Commission to accept a authoritative head for agenda assets, which some countries accept already accepted including the United Kingdom and Singapore.
Already Treated Like Securities
Citing the similarities amid agenda assets and acceptable assets, Ouisa believes that assorted applications of agenda assets raise “the charge for their adjustment as securities.” This would administer to the arising of agenda tokens, the close described, abacus that:
While the SEC has not provided advice or adopted any rules apropos agenda assets, it has evaluated them in the aforementioned was it does acceptable assets, the address notes. Moreover, the Commission has already “initiated a cardinal of administration accomplishments that accommodate a bound amount of authoritative guidance,” Ouisa wrote.
In these actions, agenda assets were advised advance contracts, which are absolutely securities, the close described. This agency they “are accountable to accompaniment and federal balance laws and charge be registered or absolved from registration.” Furthermore, the firms that facilitate their arising or trading “must annals as a broker-dealer, an exchange, or an ATS,” Ouisa added detailed.
Enforcement Actions Where Bitcoin is a Security
Two cases area agenda assets including bitcoin were advised balance by the SEC were acclaimed in the petition. In the cases of “Trendon T. Shavers and Bitcoin Savings and Trust” and “In the Matter of Erik T. Voorhees,” the Commission stated that:
While the SEC declared that “it is bright that bitcoin can be acclimated as money,” it did not abode whether “bitcoins as units of agenda bill aggregate securities,” Ouisa added.
Voorhees is a acclaimed aboriginal Bitcoin adopter and architect of both Satoshidice and Shapeshift. The bureau begin him to “have break aloft bitcoins by agency of an unregistered auction of shares in entities that he owned,” and assured that:
These statements fabricated by the Commission announce that bitcoin and added agenda assets are advised balance and platforms facilitating their arising or trading charge accede with acceptable allotment requirements. “It is additionally acceptable that peer-to-peer lending platforms that use agenda assets may be appropriate to annals as broker-dealers or an ATS,” the address notes.
Do you anticipate the SEC will affair a advice for bitcoin and agenda assets soon? Let us apperceive in the comments area below.
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