UTC-05:00,Saturday , March 28th 2020

Simple Agreement For Future Tokens May Have To Be Regulated By SEC: Former Head Of CFTC

00:09 Friday , March 27th 2020
A ruling on Mar 24 against Telegram may be the death knell for SAFT - the “simple agreement for future tokens” - a once popular idea for launching an initial coin offering, according to what Gary Gensler, former Commodity Futures Trading Commission (CFTC) chairman.
In a wide-ranging interview, Gensler, who now lectures at MIT’s Sloan School of Management, said he believes the federal court ruling means the SAFT construct won’t spare companies from securities laws. And a token still has to pass the Howey Test, a hurdle in determining whether something qualifies as an investment contract.
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