Jennings criticized a tough approach to the Eirerds, which was used by the US Securities and Exchange Commission (SEC) under the leadership of the former chairman Gary Gensler. The regulator considered most crypto acts unregistered securities and did not support the free distribution of tokens. Most crypto projects do not allow Americans to avoid the possible problems with the department.
“The SEC attacks on cryptocurrencies under the administration of Joe Biden were Pagubna for Americans. This led to the fact that they were excluded from Eirrov, depriving the right to own the Internet. Airdrops are not the sale of tokens. They are necessary for the functioning of blockchain projects, allowing them to achieve decentralization, ”Jennings said.
The lawyer proposed measures thanks to which the distributed tokens will not fall under the validity of laws on securities. First of all, the cryptoactive should be a network token, that is, its cost should depend on the decentralized blockchain, and not on the legal entity. Moreover, this blockchain should already function.
As for the distribution of tokens, it should be equal to all participants and not limit themselves to private or venture investors. Participation in Airrop should be either free or based on the past use of the network. Any part of the tokens allocated to insiders should be blocked for at least one year to prevent fraudulent liquidity output schemes.
Recently, the main legal adviser to Coinbase Paul Grewal called on the US authorities to legitimize staining. According to Coinbase, due to regulatory prohibitions, residents of South Carolina did not work about $ 2 million as a reward for stakeing.
Source: Bits
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