I guess they need some sort of an exchange for trading them?
I found this SEC token info more than a little alarming If I read it right - seems like there will be tokens falling out of the sky in the next few years !
Earlier today, I released on GitHub[1],[2] an updated version of the token safe harbor proposal that I originally suggested in February 2020.[3] The safe harbor seeks to provide network developers with a three-year grace period within which, under certain conditions, they can facilitate participation in and the development of a functional or decentralized network, exempted from the registration provisions of the federal securities laws. The updated version reflects constructive feedback provided by the crypto community, securities lawyers, and members of the public. I am grateful for the thoughtful engagement and believe it demonstrates the need for regulatory clarity in this space. There is, however, more work to be done, which is why I, as a believer in the value of drawing on decentralized knowledge, posted the safe harbor on GitHub.
Three significant changes mark the updated version. First, to enhance token purchaser protections, the safe harbor proposal now requires semi-annual updates to the plan of development disclosure and a block explorer. Second, in response to concerns about the lack of clarity at what happens at the end of the three-year grace period, the safe harbor proposal now includes an exit report requirement. The exit report would include either an analysis by outside counsel explaining why the network is decentralized or functional, or an announcement that the tokens will be registered under the Securities Exchange Act of 1934. Third, the exit report requirement provides guidance on what outside counsel’s analysis should address when explaining why the network is decentralized. The guidance is not a bright-line test, but rather attempts to strike a balance between providing a manageable number of useful guideposts while maintaining sufficient flexibility for the facts and circumstances of each network to be considered in the analysis.
Now, as a new Chairman is coming into the SEC with a new agenda, is the perfect time for the Commission to consider afresh how our rules can be modified to accommodate this new technology in a responsible manner. I invite the public to provide feedback on the updated proposal and look forward to the continued honest and open debate on how to address the issue.[4]
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