Big Money Lobbies for Ethereum in Secret. Big money venture capitalists and law firms met in secret, roughly a month ago, with the US Securities and Exchange Commission (SEC), according to two major media outlets.
Andreessen Horowitz, Union Square Ventures, along with powerhouse law firms Cooley, Perkins Coie, and McDermott Will & Emery, formed an ad hoc association, the Venture Capital Working Group. It appears to exist in an effort to influence what some see as inevitable, regulation. Almost weekly, the SEC has made noise about crypto-currencies in one form or another, and the broader ecosystem continues to debate whether to go further underground or embrace government intervention.
Online political journal Politico broke the story, insisting a group of venture capital firms with investments in digital currency-related companies has asked the SEC for a safe harbor from securities laws for certain projects. Perkins evidently led the effort, flooding the SEC with a nearly 50 page note. The note argues that while certain digital tokens sold to select investors before wider availability may qualify as securities, they should be granted protection from regulations once they are used for a non-investment purpose.
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