Discover and read the best of Twitter Threads about #networkmaturity
Most recents (2)
One issue w/ @HesterPeirce's proposed #token #safeharbor is what to do with platforms that do not reach "#networkmaturity." Are those #tokens then securities? Is all prior trading of those tokens impropoer? A potential solution to unscramble this egg: Force all trading of
those issuer's tokens to be conducted on a custodial platform (ATS lite?) where the issuer can freeze the tokens and if, after 3 years, the issuer hasn't reached "network maturity," and then be forced to disgorge back to buyers. /2
Is this better or worse than simply requiring the use of an #ATS? Is it more reasonable to steer folks to RegA+ rather than to require issuers to run or contract for centralized mini-exchanges? (this would be more compelling if more A+'s made it thru qualification) /3
Kudos to @HesterPeirce for proposing a safe harbor- manna for the starving fundraisers. A few keystone questions: how should "#networkmaturity" (perhaps a better gloss on "reliance on the efforts of others" than "#decentralization") be measured?
@HesterPeirce if /when an existing security emerges through the #networkmaturity test, should it no longer be traded on an #ATS/NSE? What's the transition plan for the magical day when the security- nymph throws off its shell to emerge a beautiful non -security instrument?
@HesterPeirce transparency and disclosure are critical to our securities regime; the disclosure contemplated (based on reports from the speech) would be a massive improvement. However, most investors can't read code. Should third party audits be part of this disclosure? What scope audits?
