Blockchain regulation: Speedbumps, roadblocks and superhighways
For example, on July 10, 2019, the SEC qualified Blockstack’s offering of Stacks (STX) tokens under Tier 2 of Regulation A. However, for U.S. purchasers, as of August 2020, there is no authorized exchange or alternative trading system, or ATS, where investors can actually buy, sell or trade the tokens. Money service businesses, such as exchanges and wallet custodians, must register with not only the Financial Crimes Enforcement Network but also many of the states in which they operate.
For example, the New York Department of Financial Services, or New York DFS, has rapidly responded to innovations by licensing technology-based money transmitters under New York’s money transmitter law and digital currency exchanges under New York’s financial services law. In August, the New York DFS greenlit a number of tokens for sale, trade and custody, allowing licensed digital currency businesses to deal in these tokens without prior approval.
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