More than 45 delegates from major crypto companies and Wall Street firms participated in a meeting held in Washington D.C. on September 25. The panelists discussed issues surrounding Initial Coin Offerings (ICOs) and cryptocurrency regulations.
The Crypto Roundtable
Congressman Warren Davidson hosted the “crypto roundtable,” in the last legislative session week before the elections.
The roundtable provided an opportunity for industry representatives to voice their concerns involving crypto space regulations. Experts requested the lawmakers to consider the lack of regulatory clarity surrounding cryptos and ICOs.
The participants at the roundtable discussed “token taxonomy.” This aims to describe the persistent uncertainty relating to the definition of ICO tokens. Furthermore, the delegates discussed the implied regulatory framework.
At the roundtable, experts recommended instituting specific principles for customer protection and regulatory compliance. They outlined the major regulatory approaches that need implementation in conjunction with the evolving technologies.
Marvin Ammori is the General counsel at Protocol Labs. He addressed the main point of discussion. Furthermore, he emphasized a “cascade of uncertainty.” This pertains to the existing system of token classification.
Ammori referred to the challenges that the decentralized file storage project Filecoin (FIL) faces. He said that when the organization started in the year 2017, they thought that the SEC (Securities and Exchange Commission) will regard it as a security.
The Ethereum Question
Additionally, Ryan Singer, the president of the Chia Network also joined the discussion. He referred to the “Ethereum question” when the SEC stated that they will not consider ETH a security.
Singer echoed Ammori’s thoughts and stressed that the main problem of the crypto industry is the absence of clarity. There are no clear terminologies and frameworks for what is “decentralized enough,” and what is “functional enough.”
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