Despite the uncertainty in the regulation, the Commission on securities and exchange Commission (SEC) reports that the number of sales-related token requests continues to grow steadily.
SEC data for June shows that over the past year, the Commission received 93 applications for the sale of tokens, starting with the one in August 2017 and reaching a record high of 15 cases in may.
Many applications were related to the «common agreements about future tokens» or SAFT, which essentially are the promises of the token in the future and represent a contract between developers and investors. The model was created on the principle of «Simple agreement for future assets,» or SAFE method of funding promoted by the startup accelerator Y Combinator.
However, the data from the system of collection, analysis, and retrieval of electronic data (EDGAR) the SEC contain additional information, which give an idea about the General trend. In geographical terms, perhaps, not surprising that in the United States received the largest number of applications for sale of tokens, although Japan, along with Spain and great Britain are also popular with issuers of tokens.
As for location-based startups in the U.S., the state of Delaware was a clear winner – the region accounts for the lion’s share of orders to sell tokens. This is not surprising — last year in Delaware was amended to state law, to allow trade in shares on the blockchain. In addition, over the past year, lawmakers in the region have continued to develop laws for the benefit of the blockchain and cryptocurrency.
Other popular jurisdictions included the Cayman Islands, Estonia and Bermuda. The last of them openly trying to attract startups and innovators in recent times through the development of
friendly regulation regarding cryptocurrency and ICO.
The increase in the number of applications from companies continues, despite the fact that according to some sources, the SEC has a particular stiffness at their check. However, it remains to be seen what will happen in the second half of 2018, as recent SEC comments hint at some relief from the regulator, which could do much to promote new applications.
For example, in June, SEC Chairman Jay Clayton told CNBC that issuers should «come to us», if they plan to sell tokens. In addition, in the same month, he stated that bitcoin and ether are not securities because they serve as alternatives to government currencies.
The position of the Clayton and SEC in relation to the cryptocurrency industry has always been quite hard – they were given to understand that cryptocurrencies will have to fit into the existing financial system, and that it will be minimally adapt to them. For example, in the spring of Clayton, said that the cryptocurrency market should be regulated similar to stock.
In relation to the ICO, the Commission also is known for its solid position. Last summer, the SEC equated tokens-shares of ICO securities, and in April 2018 Clayton has expressed doubts about the instrumental token, repeating its previous statement that almost all of the initial placement of tokens offered securities.
Although the SEC has not yet issued a final verdict in respect of the ICO, based on the statistics of the Commission, it doesn’t stop issuers from token attempts to become regulated projects. Most likely, this year the regulator will take a decision in relation to the ICO, which can greatly affect the cryptocurrency markets.