It’s Time For All Crypto Fans to Join the TXSRB, Make Your Voice Heard on ICOs
There’s been no shortage of controversy surrounding ICOs the past few weeks.
We’ve seen warnings from the SEC. China outright banned ICOs. And Korea, Singapore, and Russia all issued warnings too.
But now there’s a potential solution on the horizon, the TXSRB, or The Tokens & Exchange Self-Regulating Body.
The goal of the TXSRB is to enroll the participation of the crypto community to set the rules and regulations for the community. That way the true crypto majority, and not the government or some other institution, gets to set the standards.
You can register on the website here.
The guy behind the TXSRB is John Gotts. He’s also involved in a project called Stokens. More on that in a moment.
Based on what I’ve read on the TXSRB website and from the Stokens white paper, John knows a lot of important people in the cryptocurrency space. So it does appear TXSRB is a legit project.
The TXSRB put out a “Clean List” on August 31. Those are tokens that are not considered securities.
So far on the list: BTC, BCH, DOGE, LTC, XMR, PPC, ZEC, BTS, ETH, ETC, XLM, FCT, SC, STEEM, and LBRY. I don’t believe this is a completed list yet. If you check out the Stokens whitepaper you’ll see that GAME, MGO, RADS, HMQ, BLOCK, and DASH are also non-security tokens.
It's great to see STEEM on the Clean List.
Now, be aware that there is a “Toxic List” coming out on September 14. I really don’t like their choice of words for naming this list. If the idea is to distinguish between a non-security and security token, then using the word toxic is a disservice.
But it makes sense when you learn about Stokens.
Stokens, short for security tokens, is a platform for legal, tradeable digital securities for accredited investors.
It believes it is the solution for the current ICO regulatory issues.
So if you want to stay off the toxic list you’ll want to use Stokens.
It’s a good start. But it’s really unfortunate it’s only for accredited investors. That’s not really an ideal solution when you leave the majority of investors out. Especially in crypto.
The real question in the short-term is which altcoins will make the Toxic list.
One I know for sure will be on there is Lykke (LKK). It may be a security, but I wouldn’t call it toxic.
What altcoins do you think will make the Toxic list?
For more on cryptos follow me @g-dubs and on SteemFollower
Interesting, but it sounds like it's not an official organization but rather a private company that is going to compile and maintain a list of 'safe' and 'unsafe' crypto's. Is there any news on wether exchanges will listen to the advice of this TXSRB? Any idea on wether it will be adopted?
I agree 100%. In fact when I first checked TXSRB there was no info on John Gotts or how they determined who or who wasn't on the list. Real shady. Then add in the fact John is behind Stokens, a clear beneficiary of the toxic list. But check out the Stokens white paper, John knows everyone in the industry. @stan vouched for him too. I do believe he's legitimately trying to help the industry, but the way it has been presented has just been terrible so far. Like serving up your favorite meal on a garbage lid. But if the crypto community doesn't regulate the industry the govt will, so I'm giving TXSRB a shot for now.
Oh yes, it's a good idea for sure. On paper and for bureaucratic people, in any case. These type of self-regulating bodies sometimes convince bureaucrats that things are under control.
Unfortunately, often in many industries organizations that give out 'hall marks' are many times a sham and unnecessarily creates costs where there were none before (like having to pay in order for your crypto to be reviewed, or paying annually to remain listed, etc.). I hope it doesn't go that way, but after many negative experiences with this in other industries I have become a bit cynical about such organizations.
The cynicism is well deserved. I'm still on the fence w TXSRB on whether it will be good or bad. I think some regulation or standards would benefit the industry, but like you said it may cost more than it's worth.
Anyway, it's good news to know. I'll keep my eyes open regarding this! Thanks for sharing.
well done g-dubs, once again!
Thanks!
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You got it, thanks for reading!
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