Bloomberg Law
March 12, 2020, 4:03 PM

ANALYSIS: SEC CryptoMom’s Safe Harbor Makes Sense, In a Way

Robert Kim
Robert Kim
Legal Analyst

“It is a riddle, wrapped in a mystery, inside an enigma; but perhaps there is a key.” Winston Churchill said these famous words in October 1939, and since then, almost everyone repeating them has left out the “key” part. Similarly, critics of an unusual proposal from SEC Commissioner Hester Peirce to create a safe harbor for issuing crypto tokens have focused on its problematic details, without asking whether there is a key to making it into actual policy. The proposal actually makes sense when assessed in the latter way.

A Riddle

How can the U.S. government allow crypto entrepreneurs to ...

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