The US Securities and Exchange Commission (SEC) has given further guidance on security laws, the Howey test, and how they will apply regulation to cryptocurrency token sales.
In a speech delivered at the University of Missouri School of Law, Hester Peirce, an SEC commissioner known for supporting crypto, stated that the securities regulator was preparing “some supplemental guidance” for firms planning to launch initial coin offerings. Peirce explained that SEC’s guidance would help companies determine “whether their crypto-fundraising efforts fall under the securities laws.”
Peirce said there’s “need to tread carefully” as token sales are

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