ICO issuers are starting to look to jurisdictions outside the U.S. to set up shop. In an environment of regulatory uncertainty, where the U.S. Securities and Exchange Commission (SEC) has begun investigating ICOs and the industry surrounding the capital raising technology but has yet to make a formal decision of how it will regulate crypto tokens, issuers and other stakeholders are finding other jurisdictions a better bet for launching their projects.
And no other place during Blockchain Week was the topic hotter than at Token Summit III (the original event took place a year ago) on May 27 in New York City. Both on stage and off, startup founders, attorneys and investors had strong opinions about how far to go in an environment where enforcement agencies know how easy the market boom for the tokens makes it for malicious actors to spin up a fake company and bilk millions of dollars out of unwitting buyers.
That boom packed venues in New York City throughout Blockchain Week. “The reason there’s a thousand people here, it’s not blockchain technology,” Jason Fang of Sora Ventures told CoinDesk, saying he’s been going to blockchain events for years and it was all the same faces until the initial coin offering (ICO) boom.
“The difference is money. The difference is speculation.”
But not everyone felt that hype meant rushing headlong would be the right approach. For instance, Paypal’s original chief operating officer and now an investor in Craft Ventures, which incubated and backed the security token platform Harbor, David Sacks spoke to how getting compliance right led cryptocurrency exchange Coinbase to be “the first really successful company in the space.” Read more from coindesk.com…
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