Over a dozen Congress members have placed their signature in a letter addressed to the US SEC for clarification of the policies used by the agency to establish the fact of the digital assets being securities in accordance with federal legislation.
One of the congressmen who signed the letter, Rep. Ted Budd, has shared the contents of the letter. According to his statement, the letter expresses the concern about the Commission’s inability to establish a definitive guideline regarding what concisely turns an initial coin offering token into a security, which makes the projects leave the United States and opt for countries that offer much clearer regulatory frameworks.
Furthermore, the Representative told that the contents of the letter, which include an opinion of not only the congressmen, but also legislators and industry trade groups, question the decision of the Commission to resort to enforcement actions as opposed to provision of official guidelines to make the regulatory framework on digital assets clear and distinct.
Also, the Chairman of the Commission is required to provide answers to certain questions concerning the legal status of initial coin offering tokens and other digital currency assets.