US State Moves to Exempt Some Blockchain Tokens from Securities Rules

Yogita Khatri | March 01, 2019

US State Moves to Exempt Some Blockchain Tokens from Securities Rules
Lawmakers in the U.S. state of Rhode Island are seeking to exempt blockchain tokens from securities laws for some use cases. Five Democratic and Republican senators jointly filed house bill 5595 on Wednesday, proposing that the Rhode Island Uniform Securities Act should be amended to state that developers or sellers of “open blockchain tokens” are not deemed as issuers of securities and are exempt from the act. The exemption, however, should be provided under certain conditions, the lawmakers said. First, the purpose of a token should be for a “consumptive purpose” and “only be exchangeable for, or provided for the receipt of, goods, services or content, including rights of access to goods, services or content.”Secondly, developers or sellers of a token should not sell it to the initial buyer as a financial investment, they said, adding:“If the token does not have a consumptive purpose available at the time of sale, the initial buyer of the token is prevented from reselling the token until the token is available for use for a consumptive purpose.”

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