In a Christmas present for the cryptocurrency industry, brokers who adhere to existing rules while holding security tokens in custody will not face any compliance measures for the next five years.
The US Securities and Exchange Commission listens.
At least according to an announcement made on December 23rd The SEC is responding to long-term industry complaints that no one knows who can handle security token trading.
The SEC is seeking comment on the matter and is supporting the cryptocurrency industry. Perhaps most notably, the Commission’s announcement will protect stockbrokers from compliance for the next five years.::
“In particular, the position of the Commission, which expires after a period of five years from the date of the publication of this Statement, that a stockbroker operating in the circumstances set out in Section IV is not the subject of an enforcement action by the Commission”.
Just a few weeks ago, several congressmen signed a letter to the SEC asking the commission for clarification on the matter.
This story will be updated.