As details continue to circulate regarding the newly proposed digital asset safe harbor for non-security tokens, industry insiders are welcoming the news. Revealed by SEC Commissioner Hester Peirce today, the proposal could “create a path for digital token innovators.”
Amy Davine Kim, Chief Policy Officer at the Chamber of Digital Commerce – a long time proponent of tokenization, has released the following statement:
“Today, SEC Commissioner Hester Peirce announced a proposed safe harbor for certain tokens under the federal securities laws. The Chamber of Digital Commerce encourages efforts to create a path for innovators to create and circulate digital tokens as they develop their networks toward a decentralized or functional technology platform. The proposal exempts transactions involving digital tokens from the Securities Act of 1933 if the token is intended to be decentralized or functional within 3 years, and also contains additional disclosure requirements for the digital token developers. The safe harbor would allow token developers to begin their projects with clear parameters and disclosure requirements as they ideate, define, and begin to develop their solutions.”
Kim says the Chamber looks forward to working with Commissioner Peirce to further develop this proposed Rule, “which has the potential to provide a clear path forward for those creating new innovations and solutions leveraging digital tokens.”
More to follow.