Quick TakeCommissioner Hester Peirce’s proposed rule change would offer a three-year safe harbor for crypto projects to sell tokens subject under a new exemption within the Securities Act registration requirementsThe proposal seeks to allow projects that intend to be decentralized to raise capital with crypto tokens in compliance with the rule’s disclosure and decentralization requirements. It’s a noble aim and will be welcomed by the crypto industry, but its implementation and interpretation raise questions about what “decentralization” meansOne concern: that this rubric will create a repeat of the 2017/18 ICO craze – with the excesses it included – while inuring mostly to the benefit of a few large investors.
