US SEC Commissioner Hester Peirce Urges Specific Token Issuers to Engage in Discussions with the SEC
According to ChainCatcher, as reported by Crowdfund Insider, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce stated that certain token issuers need to engage in dialogue with the SEC. Peirce emphasized that tokenized securities are still considered securities, and market participants must take into account and comply with existing securities regulations.
She mentioned that tokens which do not provide holders with rights to the underlying securities laws and beneficial ownership may be considered a "security-based swap" product, which retail investors are not permitted to trade outside of exchanges. Peirce indicated that the SEC is prepared to work with market participants to develop appropriate exemptions and modernized rules.
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