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New Safe Harbor Proposal for Crypto (posted by commissioner Hester Peirce)


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https://github.com/CommissionerPeirce/SafeHarbor2.0

Credit to Michellebond for the link

Some of the explanation:

(a) Exemption. Except as expressly provided in paragraph (d) of this section, the Securities Act of 1933 does not apply to any offer, sale, or transaction involving a Token if the following conditions are satisfied by the Initial Development Team, as defined herein.

    (1) The Initial Development Team intends for the network on which the Token functions to reach Network Maturity within three years of the date of the first sale of Tokens;

    (2) Disclosures required under paragraph (b) of this section must be made available on a freely accessible public website.

    (3) The Token must be offered and sold for the purpose of facilitating access to, participation on, or the development of the network.

    (4) The Initial Development Team files a notice of reliance in accordance with paragraph (c) of this section.

    (5) An exit report is filed in accordance with paragraph (f) of this section.

Edited by VanGogh
clarified title.
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  • VanGogh changed the title to New Safe Harbor Proposal for Crypto (posted by commissioner Hester Peirce)
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https://github.com/CommissionerPeirce/SafeHarbor2.0 Credit to Michellebond for the link Some of the explanation: (a) Exemption. Except as expressly provided in paragraph (d) of this sec

I'm sure there are holes that need to be filled, and words to be more granularly defined ... but this is a good starting point.  The proposals in Commissioner Peirce's entire document should defi

h) Tokens Previously Sold. An Initial Development Team that prior to the effective date of this rule sold Tokens pursuant to a valid exemption from registration or sold in violation of Section 5 of the Securities Act of 1933 as determined in a Commission order pursuant to Section 8A of the Securities Act of 1933 that does not identify any other violations of the federal securities laws may rely on this section if the conditions of paragraph (a) are satisfied. The notice of reliance required by paragraph (c) of this section must be filed as soon as practicable.

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