Recently, Joey Garcia and DLT Partner, Jonathan Garcia, have contributed the Gibraltar chapter of the U.S. Chamber of Digital Commerce’s ‘Understanding Digital Tokens: Market Overviews and Proposed Guidelines for Policymakers and Practitioners’. The publication is the first instalment of a ‘comprehensive set of token and ICO guidelines’ produced under the leadership of former commissioner at the US Securities and Exchange Commission, Paul Atkins, and former CFTC Commissioner and Chair, James Newsome. The project has brought together 350+ industry specialists including economists, executives, lawyers and analysts within the Chamber of Digital Commerce’s Token Alliance.
The Token Alliance notes that “the versatility of tokens has proved a challenge for U.S. regulators. The sheer number of unique characteristics that tokens may represent means that much work remains to be done to understand their potential and functionality. A digital token can be a security, a currency, a commodity, property, or even a hybrid of these characteristics. Some have even suggested that a token may initially represent one functionality, such as a security, and then shift and represent another, such as a commodity. When it comes to the regulatory treatment of a token, this very versatility can be baffling at best.’ The Token Alliance also acknowledges the fact that the recognition by other countries (including Gibraltar) of the potential of this technology makes the need for the US to develop a regulatory environment to welcome it more urgent.
The link to the Chamber of Digital Commerce’s report on Understanding Digital Tokens can be accessed here