Budd Sends Bipartisan Letter to SEC Seeking Token Clarity

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Washington, September 28, 2018 | comments

Washington D.C. – U.S. Representative Ted Budd (R-NC) released the following statement after sending a bipartisan, multi-member letter to the U.S. Securities and Exchange Commission Chairman, Jay Clayton:

“Today I sent a bipartisan letter to the Chairman of the U.S. Securities and Exchange Commission, Jay Clayton. This multi-member letter asks for the SEC to clarify the criteria they use determine when offers and sales of digital tokens should be classified “investment contracts” and therefore securities, and to also clarify what makes an offer a non-security, and most likely a commodity.”

“This letter is the byproduct of months of work and conversations with industry, trade groups, and my fellow members of Congress. Sending this letter now is one Congress can do to make sure we stop this new technology from being driven offshore. The bottom line is that we must make sure the United States of America is the world’s leader in financial technology.”

“I want to thank Representatives Davidson, Emmer, and Soto for leading this letter with me and I’d like to thank everyone who lended their names to this effort. I think everyone who signed our letter understands that financial technologies like cryptocurrency, and the underlying blockchain technology, are important and will contribute to growth of the American economy.”

View the letter here. We currently have 15 signers. We will provide you an updated PDF version with signatures on Monday after it goes out for signature.

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