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<ul class="summary-list"><li>A House Republican leader wants crypto network developers to be able to fundraise using tokens. </li><li>Rep. Patrick McHenry's bill backs a proposal by SEC Commissioner Hester Peirce to allow crypto start-ups time to develop networks. </li><li>McHenry introduced the <a href="https://republicans-financialservices.house.gov/uploadedfiles/tsh_xml_signed.pdf">Clarity for Digital Tokens Act of 2021</a> on Tuesday.</li></ul>A bill proposed by the top Republican on the House Financial Services Committee would allow <keyword id="12251448" type="UNKNOWN" weightage="60" keywordseo="crypto-developers" source="Orion">crypto developers</keyword> to raise money for their projects through <keyword id="12251446" type="UNKNOWN" weightage="60" keywordseo="token-sales" source="Orion">token sales</keyword> without subjecting them to certain securities laws. The <a href="https://republicans-financialservices.house.gov/uploadedfiles/tsh_xml_signed.pdf">Clarity for Digital Tokens Act of 2021</a> from Rep. Patrick McHenry supports a "safe-harbor" <a href="https://www.sec.gov/news/public-statement/peirce-statement-token-safe-harbor-proposal-2.0">proposal by SEC Commission Hester Peirce</a>. Her proposal would allow crypto startups developing "functional or decentralized" networks to use token sales to fundraise under a limited-time exemption from certain SEC regulations. McHenry's bill would amend the Securities Act of 1933 to allow initial development teams to sell tokens without registering them fully as a securities offering for three years. By the end of that time, networks would be required to show decentralization or the tokens will have to be registered as securities. "Unfortunately, our current regulatory framework threatens to push this technology - and the jobs created by this rapidly growing industry - overseas," <a href="https://www.coindesk.com/policy/2021/10/05/us-lawmaker-proposes-safe-harbor-bill-echoing-sec-commissioner-peirce/">CoinDesk quoted McHenry as saying in a statement</a>. "My bill, which builds on the great work of SEC Commissioner Hester Peirce, will help provide the necessary legal certainty to digital asset projects when they launch.McHenry, meanwhile, in a <a href="https://republicans-financialservices.house.gov/uploadedfiles/2021-10-5_letter_to_chair_gensler.pdf">letter to SEC Chairman Gary Gensler </a>on Tuesday asked the agency leader to clarify the SEC's crypto-asset agenda, posing a series of questions including: "In your view, does the SEC need additional legislative authority to regulate crypto trading platforms?"

A bill proposed by a Republican lawmaker would give crypto developers legal protection to raise money through token sales

<ul class="summary-list"><li><keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> Chair <keyword id="11896276" type="UNKNOWN" weightage="60" keywordseo="gary-gensler" source="Orion">Gary Gensler</keyword> said the agency won't impose a China-like <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> ban as that authority lies with <keyword id="11893699" type="UNKNOWN" weightage="60" keywordseo="congress" source="Orion">Congress</keyword>. </li><li>Most tokens might be some form of security, he said at an SEC oversight hearing on Tuesday.</li><li><keyword id="12255284" type="UNKNOWN" weightage="60" keywordseo="gensler" source="Orion">Gensler</keyword> fielded questions from a lawmaker who slammed him for running "roughshod" over investors.</li></ul>Gary Gensler said the <keyword id="11898794" type="UNKNOWN" weightage="60" keywordseo="securities-and-exchange-commission" source="Orion">Securities and Exchange Commission</keyword> has no plans to ban cryptocurrencies as the authority in fact lies with Congress, adding that most tokens meet the test of being some form of security.The SEC chairman made the <a href="https://www.youtube.com/watch?v=7WQ1nXb9hME">comments</a> at a House of Representatives hearing Tuesday, after Republican lawmaker Ted Budd asked whether the US securities regulator could follow China in imposing a blanket ban on cryptocurrencies."No. I mean, that would be up to Congress," Gensler said."I think that many of these tokens do meet the tests of being an investment contract or a note or some other form of security that we bring them within the investor protection remit of the SEC," he added.The concern in the crypto world is that the US government might limit or outlaw digital assets, much as it did with gold in 1933. Gensler has previously said that crypto exchanges <a href="https://markets.businessinsider.com/news/currencies/sec-gary-gensler-crypto-regulation-exchanges-coinbase-securities-lending-2021-9">need to register with the agency</a> because some of their tokens or products might be securities.The People's Bank of China <a href="https://markets.businessinsider.com/news/currencies/china-crypto-bans-cryptocurrency-transactions-forbids-foreign-exchanges-service-citizens-2021-9">declared crypto transactions illegal</a> late last month, a move that analysts said was in line with the central bank's stance over the past decade. "Our approach is really quite different," Gensler told the House Financial Services Committee.He noted the SEC is looking into how best to ensure the industry protects investors and consumers, and to follow anti-money laundering and tax compliance laws. It would also look into the <a href="https://markets.businessinsider.com/news/currencies/stablecoin-regulation-cryptocurrency-banks-biden-treasury-bitcoin-circle-tether-binance-2021-10">issues that stablecoins could raise</a>, he added.Gensler's comments echoed those made recently by Federal Reserve Chair Jerome Powell, who said the US central bank has <a href="https://markets.businessinsider.com/news/currencies/cryptocurrency-regulation-sec-gary-gensler-coinbase-fed-ban-powell-2021-10">no intention to ban cryptocurrencies</a>.At the same House hearing, Rep. Patrick McHenry <a href="https://www.youtube.com/watch?v=UAvbsZlmlRk">questioned Gensler</a> on the SEC's stance on digital assets, and lambasted him for being vague about what actually constitutes a digital asset."Some of those comments you have made have raised questions in the marketplace and made things less than clear," McHenry said. "You've made seemingly off-the-cuff remarks that move <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, you've disregarded rule-making by putting a statement out without due process, and you've essentially run roughshod over American investors."Gensler said that the agency follows the administrative procedures act, which requires a regulatory body to publish a general notice of proposed rulemaking.McHenry asked Gensler whether he had reviewed a <a href="https://www.sec.gov/news/public-statement/peirce-statement-token-safe-harbor-proposal-2.0">safe harbor proposal</a> drawn up by SEC Commissioner Hester Pierce. The proposal is aimed at providing digital network developers with a three-year grace period to develop a platform with a registration exemption from federal securities laws."Commissioner Peirce and I have talked on her thoughts around a potential safe harbor," Gensler said. "I think that the challenge for the American public is that if we don't oversee this and bring in investor protection, people are going to get hurt."Read More: <a href="https://www.businessinsider.com/altcoins-to-buy-bitcoin-ether-blockchain-digital-assets-undervalued-bofa-2021-10">Altcoins to buy: these 15 little-known and undervalued tokens could experience an ether-style surge due to significant developer interest, according to Bank of America</a>

Gary Gensler says the SEC won't bring in a China-style crypto ban, but Congress could

<ul class="summary-list"><li><keyword id="6362470" type="ORGANIZATION" weightage="60" keywordseo="sec">SEC</keyword> commissioner Hester Peirce reminded issuers not to accidentally create investment products.</li><li>Selling fractionalized <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword>s, or NFT baskets could turn them into securities, which are tightly regulated. </li><li>'<keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">Crypto</keyword> mom' Peirce also thinks the Howey test is not a good way to see if digital assets are securities. </li></ul>The Securities and Exchange Commission 'crypto mom' Hester Peirce said issuers of non-fungible tokens must be careful they do not accidentally create investment products when selling fractions, or derivatives, of these digital collectors items."People are being very creative in the types of NFTs they're putting out there," Peirce, who is an SEC commissioner and cryptocurrency supporter, said at <a href="https://www.youtube.com/watch?v=dkunmN8wbKE">Draper Goren Holm's Security Token Summit on Thursday</a>. NFTs are designed to be unique and non-fungible, so they are less likely to be securities, Peirce said. However, considering the creative approaches some issuers have been developing, people should be asking questions and being careful, she said.When selling fractions of individual NFTs, or NFT baskets, "you better be careful that you're not creating something that's an investment product, that's a security", the so-called "Crypto Mom" said. "The definition of security can be pretty broad," she said. NFTs, or non-fungible tokens, have soared in popularity recently and are selling for large sums of money. NFTs are data units, often digital content like a tweet, a meme, a piece of art, or music. <a href="https://markets.businessinsider.com/currencies/news/jack-dorsey-nft-first-ever-tweet-sold-29-million-twitter-2021-3-1030233702">Twitter founder Jack Dorsey's first ever tweet, for example, sold for $2.9 million as an NFT</a> and digital artist Beeple sold a work for almost $70 million, a <a href="https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3?utm_source=markets&amp;utm_medium=ingestgest">record high for digital art</a>. Peirce said the Howey test, which is used to determine whether or not an asset is a security, does not work well for digital assets, as its basic logic does not apply in the same way as it does to physical assets. Peirce stated the SEC is considering how, and whether, to refine her proposed safe-harbor policy and a revised plan would likely be presented soon. She said she hopes to collaborate with incoming SEC chairman Gary Gensler on this topic and is engaging with the approaches followed by other countries and regulators to help devise a potential regulatory framework. Peirce's safe-harbor policy would allow issuers of crypto assets and funds to claim exemption from SEC regulations for three years to protect them from token distribution being classed as securitization immediately. <keyword id="4228304" type="PERSON" weightage="60" keywordseo="digital-asset">Digital asset</keyword> investors and creators have shared concerns that SEC <keyword id="163506" type="ORGANIZATION" weightage="60" keywordseo="regulation">regulation</keyword> would prevent them from being able to set up a broad, decentralized financial system."I don't know how it will all play out, and again, I have a lot to learn from what's going on in Europe, also what's happening in Asia, what's happening in the Caribbean. You know, there are a lot of places that are taking much more forward-looking approaches than we and by 'forward-looking', I mean really trying to provide some clarity."

The SEC's 'Crypto Mom' Hester Peirce says selling fractionalized NFTs could be illegal

<ul class="summary-list"><li><keyword id="9747191" type="UNKNOWN" weightage="60" keywordseo="sec-chairman">SEC Chairman</keyword> <keyword id="216123" type="PERSON" weightage="60" keywordseo="Gary-Gensler">Gary Gensler</keyword> said that the <keyword id="6362470" type="ORGANIZATION" weightage="60" keywordseo="sec">SEC</keyword> and <keyword id="164129" type="ORGANIZATION" weightage="60" keywordseo="FINRA">FINRA</keyword> have to be prepared to fight <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> cases. </li><li>At the annual FINRA conference, Gensler said tighter regulations would help protect investors. </li><li>Earlier this year, SEC "crypto mom" Hester Peirce presented a safe-harbor policy to ease regulatory pressures on crypto firms. </li></ul>The Securities and Exchange Commission will tackle bad actors in crypto and has to be prepared to make cases against them to protect investors, chairman Gary Gensler <a href="https://www.sec.gov/news/speech/gensler-finra-conference?utm_medium=email&amp;utm_source=govdeliveryvery">said</a> at the annual FINRA conference on Thursday. "The SEC and FINRA should be ready to bring cases involving issues such as crypto, cyber, and fintech.", Gensler said in his remarks at the conference, indicating that the SEC would crack down on misconduct in the crypto industry. At the end of 2020, the SEC sued Ripple, a global payments firm that works with blockchain technology, and two of its executives. The SEC <a href="https://www.sec.gov/news/press-release/2020-338">said</a> they had raised $1.3 billion by selling the cryptocurrency XRP as an unregistered securities offering. The case is still ongoing and the company's management has repeatedly denied any wrongdoing. "We need to do whatever we can to ensure that bad actors aren't playing with working families' savings and that the rules are enforced aggressively and consistently," Gensler said. He reiterated the SEC would go after misconduct in all areas of the financial system. This could include "deceptive conduct by private funds, offering or accounting frauds, insider trading, market manipulation, failures to act in retail customers' best interests, reporting violations, best execution and fiduciary violations", according to the SEC chairman. Alongside equities <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>, climate change, market transparency and human capital, crypto and the gamification of investing - which is often associated with the rise in retail and crypto investing during the pandemic - were areas that Gensler would seek to address, he said. Regulations and their enforcement are key in achieving the SEC's mission of encouraging the creation of capital, ensuring investors' safety and maintaining "fair, orderly, and efficient markets," Gensler said. "We need rules of the road and a cop on the beat," he continued. Rules are there for a reason and bending them was not in the interest of consumers and could cause more harm than good, Gensler told the audience. The SEC is considering regulatory approaches towards crypto, amongst them the safe-harbor policy proposed by crypto-friendly SEC commissioner Hester Peirce, nicknamed 'crypto-mom'. Her policy would give crypto asset and fund issuers a three-year grace period in which crypto tokens would not be classified as securities. In March, Peirce said <a href="https://markets.businessinsider.com/currencies/news/sec-crypto-regulation-hester-peirce-hopes-2021-turning-point-us-2021-3-1030231694">she hoped crypto regulation would progress in 2021</a>, as regulatory bodies were too focused on the illicit activities linked to crypto technology, rather than the benefits and she hoped to collaborate with then newly installed chairman Gensler on this.

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