The U.S. Securities and Exchange Commission (SEC) intends to clarify when and how cryptocurrencies will be considered securities, said its Director of the Division of Corporation Finance.
During a D.C. Fintech Week conference, SEC Director of Corporation Finance William Hinman revealed their plans to publish ‘plain English’ guidance for those that wish to organise token offerings. It is set to clear up any developers’ confusion whether a token offering can be classified as a security or not, Hinman said without giving any dates as to when the guidance will be published.
Hinman elaborated during the event:
“We also will be putting out more guidance, the idea is a plain English instrument that people can look at and they’ll bring together sort of my Howey-meets-Gary speech, and that analysis … We’ll elaborate on that in a very plain English way, so ‘do I think I have a security offering,’ look at that guidance and you should be able to sort things out.”
If the developers still any questions left, they are welcome to visit SEC’s FinHub aimed to provide quick feedback and any assistance regarding FinTech and ICOs in particular.