Fess Up: SEC Goes Easy on Cryptocurrency Companies That Cooperate
- As part of an agreement reached with the SEC in the fall, Airfox agreed to pay the agency a penalty of $250,000, to offer investors a refund of their money plus interest, and to file regular, audited financial statements moving forward, turning the startup into something of a quasi-public company.
- Santos is hoping his interaction with regulators will “open up the mind of the SEC to create new types of frameworks, like Switzerland has done,” he tells me.
- Particularly, he would like U.S. regulators to recognize different classes of crypto assets, such as “payment,” “utility,” and “asset” tokens, that fall under different legal regimes, some outside the traditional classification of securities.
- His advice to peers: “Outside of moving to Switzerland,” he says, “you have to register with the SEC.
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