Week from Feb 2 to Feb 9 (2020) in Crypro – Svjatoslav (Svet) Sedov
My quick review of the past week’s (Feb 2 — Feb 9, 2020) events in DLT:
If we disregard BTC jumping over $10,000 yesterday then my choice for the most notable event of the week is Hester Peirce’s “Proposed Securities Act Rule 195 — Time-limited Exemption for tokens” published on the SEC site on February 6.
Basically, it proposes to exempt for the first 3 years blockchain and crypto-currencies companies from the U.S. federal securities laws.
Extract: “ … this safe harbor is intended to provide Initial Development Teams with a three-year time period within which they can facilitate participation in, and the development of, a functional or decentralized network”
The rational is that new DLT companies need more time to reach the level of decentralization necessary to avoid passing infamous Howey test.
Extract: “The application of the federal securities laws to these transactions frustrates the network’s ability to achieve maturity and prevents the transformation of the token sold as a security to a non-security token functioning on the network.”
As Jeremie DaVinci noticed in one of his videos “US government is schizophrenic by nature” 🙂 Not that I agree with that notion but it might certainly describes SEC if more members join Peirce in her noble cause.
Of course, under the present political conditions and SEC Board’s constitution it won’t happen.
Link: https://www.sec.gov/news/speech/peirce-remarks-blockress-2020-02-06
Another event, which caught my attention was Consensys second significant (14%) personnel layoff since 2017 which the company announced on February 4 (earlier, in December 2018, the cut was about 13%).
Classical corporate hypocrisy, which our industry is not (helas!) immune, prevents us from knowing what really was the cause. ConsenSys’ statement said something like: “the restructuring at ConsenSys will separate its software development business from its venture activities”, which is ridiculous, because, all Lubin’s initial idea was to create a company, which financially support Ethereum infrastructure growth.
We can only guess all it took to completely undermine ConsenSys’ “value system” was coin market going south during past two years. No surprise here.
Link: https://www.reuters.com/article/us-blockchain-consensys/major-blockchain-developer-consensys-announces-job-losses-idUSKBN1ZY2JZ
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Published at Mon, 10 Feb 2020 02:22:52 +0000
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