Investors met with SEC to discuss crypto exemption

Major crypto industry investors Andreessen Horowitz and Union Square Ventures reportedly held a private meeting with U.S. Securities and Exchange Commission officials to discuss the exemption of blockchain-based tokens from the agency’s oversight.

The Silicon Valley-based venture capital firms and their special counsel met with senior officials from the SEC’s Division of Corporate Finance and the offices of some commissioners on March 28, the Wall Street Journal reported today.

The companies apparently argued that regulation could suppress blockchain innovation, and posited that cryptographic tokens do not constitute investments (and therefore securities). Instead, they argued, tokens are a means of accessing blockchain-based services and networks, or in other words are so-called “utility tokens,” the report said.

 

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