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Token Summit Creator: SEC ICO Guidance a 'Breath of Fresh Air'

A prominent figure in the movement to encourage blockchain tokens as a funding method has lauded new SEC guidance for the industry.

Jul 25, 2017 at 11:30 p.m. UTC
Updated Sep 13, 2021 at 6:46 a.m. UTC

It might not be the first reaction you'd expect from one of the people most responsible for popularizing the use of cryptographic tokens as an investment tool.

However, the founder of the Token Summit conference that helped bring the concept to the fore of the industry believes new comments from the US Securities and Exchange Commission will do much to encourage the sector to improve. Issued today, the SEC found that tokens issued by an ethereum project called The DAO were securities, setting off shockwaves in an industry that had long been expecting such news.

Still, investor and author William Mougayar believes that the guidance offered will help "elevate the standards" of entrepreneurs seeking to leverage the funding model.

Citing recent commentary in which he has spoke out about the adverse effects of quickening growth in the sector, Mougayar called the finding that some ICOs may meet the definition of a security "well balanced" and a "breath of fresh air."

Mougayar told CoinDesk:

"The SEC poured some cold water on two key aspects that were weak links in the ICO value chain. One, the overly promotional aspects in communicating ICOs, and two, the lack of transparency in disclosing essential and non-obtuse information for consumers."

As such, Mougayar said that the published guidance from the SEC, which observers cited as rare in the scope and coordination, should do much to help the industry improve as it seeks mainstream users.

He concluded:

"The SEC position re-enforces the need for increased discipline in ICO practices."

William Mougayar image via CoinDesk Archives 

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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