Marco Santori, the President and Chief Legal Officer of Blockchain, spoke about the recent framework released by the United States Securities and Exchange Commission [SEC] during an interview with Laura Shin for Unchained Podcast.
The interview began with Shin asking Santori about the things that have become clear with the release of the guidelines. Santori stated that the commission filled in some gaps and reconfirmed some of their “thinking that [they’ve] heard in the past”. However, he stated that the regulatory body gave out very little new information in the framework.
“[…] But, it does not mean that we didn’t learn anything. In fact, I think we did learn quite a bit. In terms of the no-action letter, probably not all that useful for most crypto entrepreneurs.”
This was followed by Santori stating that in terms of guidance, the commission only summarised their previous stance on the Howey Test. He added that it also mentioned a little bit about the Director of Division of Corporation Finance William Hinman’s brief speech on the test, and some of the factors that made a token similar to a security and less likely to be a security. Santori went on to state,
“[…] So, SEC finally put much of that in writing, adding some, removing some of the bits, but they did a little more than that. They also gave fact pattern at the very end; so, look here’s one fact pattern that we know at least for sure that within this sort of circumscribed set of facts, this thing would not be a security in our minds.”
The Chief Legal Officer further stated that the SEC mainly stressed on Director Himan’s speech, where he stated that the status of a token could be shifted from being a security to a non-security. However, the commission failed to explain the circumstances that make a token a non-security. He said,
“They reconfirmed that [shit from security to non-security] here and they gave a few different facts […] in favor of security status and against security status. So those are the little bit of meats on the bones there.”
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Basic Attention Token surges by over 6% as Ad Launch nears
The cryptocurrency market appears to be bleeding, however, few altcoins have reported small surges over the past few days, like Basic Attention Token [BAT].
The coin, on April 18 when the entire market was mostly red, surged by over 10% and was trading at $0.3618, its all-time high since July 2018. On April 20, BAT reported a growth of over 6% and was valued at $0.3947, breaking its immediate resistance.
BAT reported a market cap of $493 million and a 24-hour trading volume of $57 million. The coin noted a 6.47% rise in its price over the past day and reported a seven-day surge of 31.20%. BAT continued to register a growth of 1.18% over the past hour.
Crypto-enthusiasts speculate the reason for the surge in prices to be the launch of advertisements on the Brave Browser this month. The BAT token is essentially based on entertainment and can be obtained through a variety of advertising and attention-based services on its platform. According to Twitter user @CryptoNilla,
“They are about to launch ads this month hence the pump.”
BAT was highly traded on ZB.COM exchange as it noted a volume of $8 million via the BAT/USDT pair. The second place was taken by Binance, the largest cryptocurrency exchange as it reported a trading volume of $7 million via the BAT/BTC pair. IDCM was on the third place with $6 million in volume via the BTA/BTC pair.
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