20 new ICOs have been announced despite SEC warnings

Last week, the Securities and Exchange Commission (SEC) gave the final thrust to an issue that has long been a source of controversy in the community. And while some of them do not stop applauding the advantages that the phenomenon of the Initial Coins Offerings (ICO’s) has brought, reflecting statistics such as Tezos impressive record of $ 232 million dollars, others denote a remarkable state of concern Before how prone is this method of financing to carry out scams. That is why uncertainty reigns in some nations, as is the case of China and some corners of the United States – Russia was very recently one of them, but is now working on a regulatory framework for crypto-currencies and offers Of coins – and, precisely, the last big news is that the SEC goes for the ICO’s in the American giant.

The Securities and Exchange Commission, on the grounds that many distributed tokens can be considered as valuable assets, reported that start-ups promoting these projects should make the relevant registration with their offices unless they are credited with some exemption. The idea, of course, is to provide for participation in transactions subject to a scheme that is not secure, and thanks to this the SEC Office of Education and Defense for Investors issued a bulletin with the intention of educating users on the aspects Most outstanding of the ICO’s. Since then the subject has given much to talk about, and personalities like Tim Draper, famous supporter of Bitcoin – in 2014 acquired 30,000 bitcoins in an auction – have declared that, although they agree with the guidelines of the SEC, they would be very grateful That exceptions are made with projects that have sold or will sell tokens before October 30.

However, despite the controversial climate triggered by the issue – in fact, Singapore has just announced that it will follow the path of the SEC, according to data collected by tokendata.io right now there are about 120 offers of coins programmed for what remains of the year, and 20 of them have been announced since the SEC issued its warning … accordingly, they are bypassing the recent legal scrutiny. The daily Tech Guam covered the news:

“Some analysts thought that such a decision would have a chilling effect that would take time to dissipate, but it turns out that 20 new ICO’s have been announced since the SEC’s warning, and that there are now 120 scheduled for the remainder of the year.”

The SEC has once again clarified the situation, stating that not all tokens that are distributed in ICO’s can be considered as valuable assets, since many do not grant capital to a company and have limited disclosure requirements; Therefore, if the companies carry out their offers of coins without prior consultation – they recommend seeking legal advice – they will be penalized. From the Securities and Exchange Commission explained that a valuable asset represents the property of a particular company. An article from Investopedia explains it as follows:

“A value asset is a negotiable financial instrument that represents a proprietary position in a corporation that through publicly traded stock, a creditor relationship with a government agency or property rights determined by certain conditions.”

Eduardo Gómez

Eduardo Gómez

Eduardo Gómez is a Venezuelan freelance writer and Information's Technology Professional. He discovered Bitcoin in 2012 and has been drawn to it ever since. He also works as a Customer Support Agent at the San Francisco-based Bitcoin startup Purse.io