The largest investment companies in the cryptocurrency sector, Andreessen Horowitz and Union Square Ventures, held a closed meeting with representatives of the Securities and Exchange Commission of the United States, during which they discussed the possibility of excluding crypto-tokens from the regulator's supervisory area. This is reported by WSJ.
The companies allegedly said that regulation could have a negative impact on innovations in the blockchain sector, and cryptocurrency tokens are not investments and, accordingly, securities. Instead, they said, tokens should be viewed as a tool to gain access to networks and services on the blockchain, or, in other words, consider "utility-tokens".
The participants of the meeting, however, do not object if the SEC intervenes in case of fraud detection.
According to sources of the publication, SEC representatives questioned whether their department could provide an exception of this magnitude.
They admitted that the SEC may be more supportive of issuing separate exceptions if the companies agree to limit the participation of individual investors in the ICO and prohibit the reselling of the tokens to third parties at a higher price.