Summary: Catenary must get content copartner Li Fei to altogether superintendency bureau of banking of exclusive dialog los angeles (FINRA) chief counsel Scott Andersen. Around ICO, IEO, ETF and STO4 heat concept, the active law that the first perspective knows American number money to answer relatively and superintendency standard.
Catenary gets so that note: At the beginning of April, the false information accident that a Na Sida overcomes bit money ETF to obtain SEC to approve aids those who pushed prices of this round of whole world to go up raise. Review whole April, after afterwards money installs Launchpad, each substantially ground of strive to be the first of exchange of secret number money rolls out the line on IEO project to trade, made a lot of new money circle topic and congenial heat.
Close compasses change hasten of general trends place, in have the American market that closes port of compasses wind direction, after all why does ETF fail to win approval tardy? Is the IEO on blast tuyere in the United States to answer does applicable where have code partly? Is the money that blame negotiable securities spends planted connect card to issue with use what be faced with to superintend change? What kind of actual technological process should the STO with more than agitation carry out in the United States? [it is catenary below exclusive dialogue is real recording frequency]
To this, catenary must get content copartner Li Fei to altogether superintendency bureau of banking of los angeles of exclusive special interview (FINRA) chief counsel Scott Andersen. Around ICO, IEO, ETF and STO4 heat concept, the active law that the first perspective knows American number money to answer relatively and superintendency standard.
About ICO: SEC can continue to increase the assessment of digital money 20191, Li Fei altogethers: Inside superintendency system of the United States, the ICO project that has negotiable securities property can undertake issuance as negotiable securities, but need passes SEC the exempt regulation Regulation D about put on sale of illicit collect negotiable securities, or according to the United States " negotiable securities law " have the strict and trival procedures that register. Can be you denied does at present American ICO close below the introduction compasses the progress rate that change?
Scott Andersen: Regulation D is an immunity, it is the biggest also be the widest one of immunity that are acknowledge. Before basically applying for to issue as a result of Regulation D, the superintendency policy that negotiable securities issues does not need SEC advanced examine and approve. Still have other immunity at present for example Regulation A, regulation Crowd Funding.
With respect to the United States so current digital negotiable security is mixed relevant activity, basically center in Regulation D. Can say to close in the United States at present compasses convert emission digital money negotiable securities, undertake emission below the immunity of Regulation D entirely. At present Regulation A has not passed the application of approval, also did not register negotiable securities to issue in SEC by approval.
So, I agree with the viewpoint before you, at present Regulation D is the pass that issues as main negotiable securities.
2, Li Fei altogethers: The blow strength that SEC reached incident of bilk of digital money capital fund to ICO 2018 particularly strict, can deny talk about you to be opposite American ICO superintended trend analysis 2019, and what new act will superintendency layer have next?
Scott Andersen: I think 2018 it is SEC a year when begin to have standard government to ICO in the round.
Original these cases involve the 25th action in violating American con law. Expanded subsequently the action with fraudulent blame, but these negotiable securities did not undertake registering, do not belong to the limits of immunity.
The superintendency activity of SEC is patulous at the same time come to did not register the participator that register, be not adviser of the investment that register and blame to register investment firm for example, they belong to the broker that did not register to trade business and the bourse that did not register, had been close to the fact that negotiable securities sells very much, this moment needs participator to must consider other obligation. For example, if participate in negotiable securities to issue, above all, negotiable securities must be registered register or apply for exempt, if have one party,at the same time hurried pass in and out makes work to should be made an appointment with of these negotiable securities, criterion this the likelihood must be registered trade as agent business. If somebody offers the investment proposal related to negotiable securities, this person must will register to invest adviser.
Be in next 2019, the masses will be more clear realize attributive the part with negotiable securities is trade by negotiable securities committee (SEC) will undertake administrative. But apply for to make negotiable securities without any ICO now, it is OK 2019 that so I hope to be in more understanding identify need to have what requirement really through SEC.
When at present SEC is handling area piece catenary and negotiable securities token, encountered a lot of a Gordian knots. How to keep clear of for example these trading? How to keep these trade? If regard investment as adviser, how to evaluate these trading correctly? The solution of these problems can undertake settlement through a variety of means. American negotiable securities trades committee (SEC) the application that also has digital money ETF, the United States superintends orgnaization broker dealer to serve as ETF, can act as on the function bourse, come true thereby buying and selling and sell and buy digital money negotiable securities.
Altogether, 2019 SEC can continue to increase the assessment of digital money, market participator also is expecting the direct policy with new SEC, fall in the condition that accords with law of confederative negotiable securities at the same time, headway is gained in this domain.
About IEO: If be negotiable securities, must be in suffer superintendency stock exchange to undertake1, Li Fei altogethers: Exchange of a lot of mainstream number money rolled out IEO in succession a few days ago (Initial Exchange Offering) project, you how the financing means of look upon IEO? In American home, superintend to IEO should which one part has vest in code inside frame?
Scott Andersen: The problem that IEO encounters in the United States basically is to its property decide, whether does it belong to negotiable securities to issue? If the answer is affirmative, so of any types trade to must be in suffer superintendency stock exchange to undertake. When we discuss digital substance, the problem appeared: Digital asset is in the United States vest in negotiable securities, it must be in suffer superintendency stock exchange to trade, cannot make the product besides negotiable securities attribute, also cannot do business inside the bourse that superintends without registering
Below the circumstance that serves as negotiable securities, requirement any emission need to suffer in the United States inside superintendency bourse happen, but the emission that at present we do not have any sufferring to superintend bourse to be able to provide digital negotiable security. There is application of a few ETFs now, but pass without what make clear, but the business that can continue to participate in relevant number stock exchange.
2, Li Fei altogethers: Each American cities are endless to the manner of digital money exchange identical, is is at present each city superintended to bourse and card issue as before put have why be broken through and to why be broken through and make progress?
Scott Andersen: Is the United States occurrent now Where is what? Different city and area are doing different business, conceive Russia especially bright city, the problem that can see in Huaieming the city is aimed at digital asset and federal undertake contention intensely. If need to undertake the financing of internationalization raises, must abide by federal negotiable securities law. In some sense, we need law of confederative negotiable securities to raise money in capital the guidance of level.
3, Li Fei altogethers: Whether can future make hair of unified license plate of digital money exchange put a standard from whole country level?
Scott Andersen: The United States has a confederative negotiable securities to superintend an orgnaization, namely SEC, and every city has his state negotiable security superintend an orgnaization. Come for years, had made a lot of effort on the problem with each state unified law. Current condition is to have an unified federal law, a few cities use the 2nd version of law, other state uses the 3rd version of the law that other state uses, next the different version that all cities have these version.
Below this premise, each city can have more sufficient understanding to influence, the existence is unified between each city agreement between the superintendency provision that in approval place of this kind of business wants. But actually, be in some of unified trend on law of national negotiable security.
About ETF: Before the market superintends maturity, SEC won't approve the ETF of the asset that serves as mark with BTC1, Li Fei altogethers: American card inspect is met (SEC) ever overruled ETF of 9 bit money to appear on the market in August 2018 application, but the decision was changed after a day, the choice is suspensory overrule, after waiting for appraise sth through discussion, decide again. In at present superintendency system of the United States falls, what is the reason that had be bit money ETF notted adopt at present?
Scott Andersen: Main reason is to add up to compasses sex. American negotiable securities trades committee (SEC) in the bit money ETF that thinks to already was referred, bit money is the asset of mark. And SEC thinks at present these ETF do business will disobey negotiable securities to trade law 34 concerned regulation. The high uncertainty that main reason depends on market of bit money base and superintend cannot accuse, close to this SEC watch is anxious. And bit currency market is accepting control very hard inside global limits, this will bring about the bully of investment circumstance existence that participates in investor of bit money ETF by the potential risk of cheat.
American negotiable securities trades committee (SEC) the requirement is, hope the ETFs participator that owns relevant property is superintended consultative tie. In other words, the main component of bit currency market is to superintend, because want to undertake strictly checkup according to law of confederative negotiable securities, SEC will have special demand to the price of ETFs relevant asset.
What we discuss no less than in that way, bit currency market is superintending a respect immature and do not get control. So American negotiable securities trades committee (SEC) it is mature to think the market is not at present sufficient, before the market superintends maturity, will not approve the ETF of the asset that serves as mark with bit money.
A lot of sound are being talked about there will be new progress 2019, we special expect SEC is in the new act this year.
2, Li Fei altogethers: At present Han of Canada, Europe, day is considering to approve bit money exchange to trade fund (ETF) , can the manner of these countries and area affect the United States the examine and verify of follow-up of ETF of contrast spy money?
Scott Andersen: I think this can affect the United States on certain level the follow-up examine and verify of ETFs of contrast spy money. Because of the United States all the time since what go up to financial science and technology is backward very sensitive. American negotiable securities trades committee (SEC) the leader that regards global finance as the domain, proper market service should be provided for investor inside safe limits, ensure market fairness and safety. So, I think American negotiable securities trades committee (SEC) will the practice with integrated and other current country finds sound superintendency program. It is OK to believe till SEC reasonable and effective undertake superintendency to bourse, ability can approve bit money ETFs.
3, Li Fei altogethers: Is American SEC superintends digital money at present its accept? Enter negotiable securities law, do you think digital money needs separate superintendency system?
Scott Andersen: I think this is not necessary. The superintendency orgnaization that is aimed at digital money domain at present had had CFTC and SEC, they had been in the United States of door of Ministry of finance relevant provision was made in opposing the plan that wash money. Have a lot of voice discussing those who raise money of word of logarithm of a special needle to superintend an orgnaization, I think this means has a few problems:
The first, the superintendency orgnaization that raises money of word of logarithm of a special needle, can increase the attrition power that cooperates between departmental door. Current superintendency orgnaization had put forward in each respects that increase close money jurisdictional, these superintendency orgnaizations are what not be willing to abandon having is jurisdictional.
The 2nd, fewer superintendency orgnaization more the development that is helpful for increasing close money field. Adding a separate superintendency system newly to look in me so is to do not have necessary.
About STO: Already negotiable securities of a few numbers puts on record in SEC, but still be approved without any up to now1, Li Fei altogethers: STO the definition is close compasses is the ICO that change correct?
Scott Andersen: I think to look from fundamental condition, STO is OK be to close by the definition compasses the ICO that change. And STO indicates accord with absolutely 1933 " negotiable securities law " in the exempt of strict requirement. Also have a few other immunity for example Regulation D, Regulation A and Regulation Crowd Funding, the emission that will guarantee every number negotiable securities through these immunity accords with law of confederative negotiable securities.
2, Li Fei altogethers: Have ICO in the United States currently? Register for negotiable securities? If register ICO Token,be negotiable securities, what distinction will have with STO?
Scott Andersen: Already negotiable securities of a few numbers trades in American negotiable securities committee (SEC) register, but still be approved without any up to now. This and case of Regulation A exempt are similar, need submits initiative application to SEC and also pass examine.
Same the problem that this returned me to a moment ago was mentioned again. The manner of SEC is the focus that paid close attention to 2019, the guidance that how obtains prospective market development through superintendency trend and principle and combine compasses operation.
The a bitth it is content exposure. Need considers to have the exposure of additional and additional data to digital money negotiable securities, and need ensures all material be to be in obtain batch of advancement to be announced all right.
at 2 o'clock, a few problems that just mention namely. If register,be negotiable securities, who will act the part of the person that liquidate, liquidate a process to digital negotiable securities what flow be? How does effective superintendency undertake when encountering hacker incident? Illicit key is in digital negotiable securities by filch, or is digital asset needed how to be handled by the circumstance of purloin? This also is the problem that at present American negotiable securities trades to commission high level is being solved and think.
3, Li Fei altogethers: If register ICO Token,be negotiable securities, what distinction will have with STO?
Scott Andersen: Below the case that this product already was registered correctly in SEC and has won approval suppose, did not distinguish.
The sale of digital negotiable securities needs to accord with law of confederative negotiable securities, because law of confederative negotiable securities asks the negotiable securities that issues in the United States needs,be in the United States negotiable securities trades committee (SEC) register and win approval, perhaps obtain register exempt.
The idea that so we assume you put forward had come true, and ICO accords with the requirement of law of confederative negotiable securities, so the definition that it belongs to STO.
4, Li Fei altogethers: Be in China, have at present a lot of so-called the acting office department that can help Chinese company operate STO to publish whole process legally in the United States, what aptitude does the company that provides this service in the United States need?
Scott Andersen: Above all, I suggest to ensure the acting company that has business dealings has been registered legally for broker dealer. Can be in FINRA (Financial Industry Regulatory Authority of financial industry superintendency bureau) whether does inquiry of name of company of the input on the website have broker dealer aptitude.
Should notice in collaboration must with get superintendency participator cooperation, no matter be to suffer superintendency investment adviser, get superintendency manager business, allow why to prepare market capital orgnaization and individual to need to consult relevant negotiable securities lawyer in the United States of course, will assure all collect endowment behavior is lawful inside the limits of federal law undertake.
