BREAKDOWN: On the Frontlines of the SEC Safe Harbor Proposal With CoinList CoFounder Andy Bromberg
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 10 February 2020
⏱️ 23 minutes
🧾️ Download transcript
Summary
Last week, SEC Commissioner Hester Peirce proposed Rule 195 to give token projects a 3 year safe harbor. This proposed period would allow them to distribute tokens without fear of violating securities law so long as they achieve certain standards of decentralization in that time.
Coinlist is a platform for compliant token sales. On this episode of The Breakdown, Coinlist CEO Andy Bromberg and @nlw discuss:
- The cost of regulatory clarity in the US, including projects leaving US shores
- Historic approaches to “compliant” token sales and what problems they still leave
- What Commissioner Hester Peirce’s proposed Rule 195 includes
- The potential implications for the US crypto markets
- The chances that Rule 195 comes to pass
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome back to The Breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond, with your host, NLW. |
| 0:15.0 | The Breakdown is distributed by CoinDesk. |
| 0:20.0 | Welcome back to the breakdown. |
| 0:22.4 | It is Monday, February 10th, and today we have some expert insight onto one of the biggest |
| 0:28.3 | pieces of news from last week. |
| 0:31.0 | Obviously, last week saw some pretty exciting events. |
| 0:34.6 | We had a billion dollars locked in D5 for the first time. We saw Bitcoin achieve |
| 0:40.3 | a price of 10,000, a big psychological barrier over the weekend. We saw the Federal Reserve get into |
| 0:47.1 | the central bank digital currency game more than they have before, admitting that they're, of course, |
| 0:52.9 | researching and exploring. But we also had an SEC commissioner, admitting that they are, of course, researching and exploring. |
| 0:55.6 | But we also had an SEC commissioner, Hester Pierce, who's been one of the most active and engaged |
| 1:01.2 | pro-crypto commissioners, in fact, undoubtedly the most active and engaged pro-crypto commissioner, |
| 1:06.8 | propose a new rule called a Safe Harbor Rule. Rule 195 could possibly totally change the face of |
| 1:15.5 | the crypto industry in the U.S. In short, the rule would give crypto projects three years to prove |
| 1:22.7 | that they were sufficiently decentralized such that they weren't in violation of securities law. |
| 1:28.8 | The challenge for crypto teams today who want to use a token as part of their system is that |
| 1:34.2 | they run the risk of having offered or having done an illegal securities offering. |
| 1:39.7 | Currently, you can see the SEC going back through old ICOs from the 2017-2018 vintage |
| 1:46.3 | and going after projects that were unregistered securities offerings. |
| 1:51.0 | So this safe harbor rule would actually give those teams that were operating in good faith |
| 1:57.4 | and who went through a set of disclosures the chance to actually offer tokens and not |
| 2:02.4 | just to accredited investors, which is a big shift. Now, the response has been somewhat mixed. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from CoinDesk, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of CoinDesk and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.