Bitcoin Global News (BGN)
June 05, 2018 -- ADVFN Crypto NewsWire -- The SEC has been
extremely active lately doing more than pressing regulation. The
group is working to develop the best regulation by experimenting
with the system itself to understand it better. Their opinions are
clearly changing.
Names Valerie Szczepanik Senior
Advisor for Digital Assets and Innovation
Announced Monday - Ms. Szczepanik
will be the first individual to fills this role, as it was created
specifically in response to the rapidly growing and changing
cryptocurrency space. She will coordinate efforts across all SEC
Divisions and Offices regarding the application of U.S. securities
laws to emerging digital asset technologies and innovations,
including Initial Coin Offerings and
cryptocurrencies.
She was also named Associate
Director in Division of Corporation Finance. “Valerie recognized
early on the securities law implications of developments like
blockchain and distributed ledger technologies, and of
cryptocurrencies, Initial Coin Offerings, tokenized securities, and
other digital instruments.” - according to SEC press release.
ICO Development and Blanket
Classifications
Commissioner Hester Peirce spoke on
ICO development last month with almost radical opinions on
the topic. Blockchain sandboxes have become popular amongst global
regulators, and advocates argue that they are a means of satisfying
regulators without quashing innovation. However, Peirce sees them
differently:
"Open communication" between
regulators and ICOs is possible without a sandbox. Peirce advocated
for a "lifeguard" approach where the regulator "watches over what
is happening, but she is not sitting with sandcastle builders
monitoring their every design decision." Peirce regretted that the
SEC has largely communicated with ICO issuers via its Division of
Enforcement and cautioned that the Commission should not lead "with
its enforcement powers."
HoweyCoin
The SEC launched a mock ICO two
weeks ago called HoweyCoin. Clearly named after the Howey Test which
"touts an all too good to be true investment opportunity." Users
who attempt investing in the token sale will be redirected to the
regulator's education tools. They are aimed at pointing out the
signs of fraudulent token sales.
"HoweyCoins utilize the latest
crypto-technology to allow travelers to purchase all segments
without these limitations, allowing HoweyCoin users to buy, sell,
and trade in a frictionless environment – where they use HoweyCoins
to purchase travel OR as a government-backed, freely tradable
investment – or both!"
The website is even complete with a
complex sounding whitepaper. However, the team members are not
linked with any associated social media profiles to validate their
identity. Either way, it’s a really good fake out, showing how easy
it can be for fraudsters to dupe unknowning investors.
By: BGN Editorial Staff
News:
SEC
Cryptocurrencies
ICO
Cryptocurrency
Regulation
HoweyCoin
Token Sales
Altcoins
Blockchain